COMPANY NEWS IN BRIEF

Engen may be up for sale againMalaysian state energy company Petroliam Nasional has revived a sale of Engen, South Africa’s largest fuel station chain, people familiar with the matter said.Petronas is working with advisers to solicit bids for its controlling stake in the fuel retail business, which could fetch about US$2 billion, according to the people. It’s attracting interest from suitors including oil trading giants Trafigura Group, and Vitol Group in the Netherlands, the people said, asking not to be identified because the information is private. Petronas has been exploring options for its 74% stake in Engen on-and-off for some years, though the process appears to be gaining fresh momentum. The Malaysian firm is now inviting bidders to make second-round offers, the people said. Deliberations are ongoing, and there’s no certainty the suitors will proceed with binding offers, the people said. A spokesperson for Trafigura declined to comment. Representatives for Engen and Vitol didn’t immediately respond to requests for comment. “As part of good business governance and conduct, Petronas continuously reviews its portfolio,” the Malaysian company said in an emailed statement. “Petronas values Engen as an important part of its global business. Our priority for Engen is to ensure business continuity to allow it to sustain and grow.”Engen’s second-largest shareholder, South African investment firm Phemani, has also been considering reducing its 26% stake, Bloomberg News reported in May. Phemani, founded by former MTN CEO Phuthuma Nhleko, has approached potential buyers including Royal Bafokeng Holdings, people with knowledge of the matter said at the time. -Fin24Harmony swings into loss as profits plummetHarmony Gold reported a R1 billion loss for the year ended in June as profits plummeted 120%. This was in comparison to a profit of R5.12 billion in the previous year.Harmony, which mainly operates old and deep gold mines in South Africa, on Tuesday reported a 2% increase in revenue to R42 billion for the year ended in June, while the average gold price received increased by 5% to R894 218 per kilogram.Group gold production for the period decreased 3% year on year to 46 236kg mainly as a result of safety-related stoppages, mining constraints and supply chain disruptions at operations in South Africa. Production at Harmony's Papua New Guinea operation was severely impacted by the overland conveyor belt failure at Hidden Valley and geotechnical instability.Group all-in-sustaining costs of R835 891 per kilo was also higher than Harmony's upper end guidance of R835 000 per kilogram. Net debt increased by R215 million to reach R757 million.Despite the loss, the company declared a final dividend of 22c per share. Harmony CEO Peter Steenkamp said the group had managed to end the year on the front foot."The strong fourth quarter has carried through into the new financial year, and I am confident we will again deliver on our strategic objective of safe, profitable ounces in financial year 2023," he said.-Fin24Pepkor CEO steps downPepkor CEO Leon Lourens will step down at the end of next month, and will be replaced with the company's previous CEO Pieter Erasmus. On Monday, the company said Lourens, who is in his fifties, informed the board that he was taking an early retirement. Erasmus served as Pepkor's CEO from 2001 to 2017. Erasmus, who is in his mid-fifties, was appointed as a non-executive director in January this year after resigning from the board in 2019. According to Pepkor's website, he is currently a director of investment holding company Vista Group. Lourens will remain with the company until the end of March next year. Lourens has been with Pepkor for 32 years, and served as CEO for almost five years.Pepkor said that Lourens helped the company through the repercussions of the Steinhoff crisis, the pandemic, the 2021 civil unrest and the 2022 KwaZulu-Natal floods."Under his stewardship, the group successfully navigated these challenges and continued to deliver commendable results. Leon was also instrumental in the conclusion of Pepkor’s acquisition of the Brazilian-based retailer, Grupo Avenida."-Fin24Sea Harvest earnings knocked by fishing quotasFishing Group Sea Harvest's earnings have taken a knock following a "challenging" half-year.The group released its interim results for the six months ended 30 June this year. While the group managed to grow revenue by 29% to R2.7 billion, compared to the same period last year, its shareholder earnings took a knock of 10% to 65 cents.The group's share price, which opened at R12.45 on Monday, dropped 7.47% to R11.47 shortly after markets opened. Just before 10:00 it had picked up again to around R12.44.In a notice to shareholders, Sea Harvest explained that quota losses from the Fishing Rights Allocation Process, significant input cost pressure, and supply chain disruptions contributed to a challenging environment.Notably, its South African fishing segment faced a 10% decrease in the available hake quota volumes, a significant increase in the price of fuel, and a stronger rand, the notice indicated. Revenue still increased 8% to R1.42 billion – mainly due to "firm export markets" and strong pricing. However, increased selling and distribution expenses linked to local and export freight rates ate into operating profits for the segment, which was down 25% to R236 million.During the same period, Sea Harvest completed its acquisition of Australian marine company MG Kailis – for R765 billion. Sea Harvest said the acquisition is a "significant step" in its international seafood growth strategy – specifically focusing on high-value seafood species.-Fin24

COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-26

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COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-26

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