COMPANY NEWS IN BRIEF
JSE warns Sasfin shares could be suspended
The JSE has warned shareholders of Sasfin Holdings that the company’s shares could be suspended by end-October if it fails to publish its audited financial results by that date.
Sasfin announced on 29 September that the publication of its annual financial results for the year ended 30 June 2023 had been delayed due to a delay in the finalisation of the audit process but that it expected this to be done on or before 13 October. The JSE requires that companies listed on the bourse publish their results within three months of their financial year-end.
However, Sasfin missed the 13 October target date and instead issued another statement notifying shareholders of a further delay in its financials due as the external audit had still not been concluded.
"The company expects to release its results by the end of the month," Sasfin said in the statement.
Sasfin’s communication to shareholders on 29 September nevertheless indicated that the group had experienced an increase in total income driven by its core banking and asset management businesses.
Nevertheless, the company said its earnings had been negatively impacted by higher impairments due to South Africa’s challenging economic environment and increased costs, though it stated that capital adequacy and liquidity ratios remained healthy.-Fin24
BMW powered by hydrogen fuel to be trialled
BMW's iX5 Hydrogen, an electric vehicle powered by hydrogen fuel cells, is expected to be trialled in the South African market in early 2024.
The vehicle will take less than five minutes to be refuelled – unlike battery electric vehicles, which take longer to charge up – and can cover as much as 500km.
The vehicle – which emits zero emissions – is the collaborative work of BMW, Anglo American and Sasol. The three companies on Monday signed a new agreement at the country's second Green Hydrogen Summit in Cape Town. The Memorandum of Cooperation will see them working together to leverage green hydrogen as a fuel in the transport space.
Green hydrogen is produced when water is split into oxygen and hydrogen through a process called electrolysis. The electricity for the process is produced by renewable energy like wind or solar. Green hydrogen is considered a low-carbon energy source compared to fossil fuels like coal, gas and oil.
Sasol will provide the green hydrogen gas that is used for a fuel cell that powers the electric vehicle designed by BMW. Anglo American's platinum group metals (PGMs) are part of the components in the fuel cell.-Fin24
BAT uses nicotine-infused rooibos
Big Tobacco firms including British American Tobacco (BAT) are selling heat sticks made from nicotine-infused substances such as rooibos tea, countering an incoming European Union ban on flavoured heated tobacco products.
While the sticks mark a new way to inhale the addictive drug, health experts warn that their safety is unclear.
The industry has produced "heat-not-burn" sticks containing tobacco for years, aiming to avoid the toxic chemicals released via combustion.
These "reduced risk" products, which are placed in a device to heat them, have helped offset falling demand for traditional cigarettes due to rising health awareness and heavy taxation in some markets.
British American Tobacco (BAT) has now gone a step further, launching a version of its sticks containing nicotine-infused Rooibos tea instead of tobacco in nine European markets, including Germany and Greece. The company plans to roll the product out globally, it told Reuters.
The move provides "adult nicotine users and smokers with the widest possible range of reduced-risk products," BAT said in a statement.-Fin24
Eskom sub-contractor arrested
An Eskom sub-contractor was arrested last week for allegedly trying to solicit a bribe from a coal transport company at the Camden power station in Mpumalanga.
The suspect, who was arrested on 11 October, was a sub-contractor for the power utility's Eskom Rotek Industries subsidiary, which does construction, maintenance and transportation services.
Eskom said on Tuesday that he stopped a coal truck driver headed to the station, and alleged the driver had off-loaded higher-grade coal somewhere else, and mixed it with rocks. He jumped into the truck with the driver and showed him three rocks he claimed came from the truck. The suspect then said he would halt the truck, along with two others in the queue.
"The suspect then demanded that the driver contact his employer. The driver contacted his supervisor at the coal transporting company who then spoke to the suspect who attempted to solicit a bribe by requesting a sum of R6 000 (R2 000 for each truck), after which he would allow the coal to be offloaded," Eskom said.
"Despite the supervisor not acceding to the suspect’s demands, the trucks were allowed to off-load the coal." Eskom said the coal that was delivered was the correct grade.-Fin24
The JSE has warned shareholders of Sasfin Holdings that the company’s shares could be suspended by end-October if it fails to publish its audited financial results by that date.
Sasfin announced on 29 September that the publication of its annual financial results for the year ended 30 June 2023 had been delayed due to a delay in the finalisation of the audit process but that it expected this to be done on or before 13 October. The JSE requires that companies listed on the bourse publish their results within three months of their financial year-end.
However, Sasfin missed the 13 October target date and instead issued another statement notifying shareholders of a further delay in its financials due as the external audit had still not been concluded.
"The company expects to release its results by the end of the month," Sasfin said in the statement.
Sasfin’s communication to shareholders on 29 September nevertheless indicated that the group had experienced an increase in total income driven by its core banking and asset management businesses.
Nevertheless, the company said its earnings had been negatively impacted by higher impairments due to South Africa’s challenging economic environment and increased costs, though it stated that capital adequacy and liquidity ratios remained healthy.-Fin24
BMW powered by hydrogen fuel to be trialled
BMW's iX5 Hydrogen, an electric vehicle powered by hydrogen fuel cells, is expected to be trialled in the South African market in early 2024.
The vehicle will take less than five minutes to be refuelled – unlike battery electric vehicles, which take longer to charge up – and can cover as much as 500km.
The vehicle – which emits zero emissions – is the collaborative work of BMW, Anglo American and Sasol. The three companies on Monday signed a new agreement at the country's second Green Hydrogen Summit in Cape Town. The Memorandum of Cooperation will see them working together to leverage green hydrogen as a fuel in the transport space.
Green hydrogen is produced when water is split into oxygen and hydrogen through a process called electrolysis. The electricity for the process is produced by renewable energy like wind or solar. Green hydrogen is considered a low-carbon energy source compared to fossil fuels like coal, gas and oil.
Sasol will provide the green hydrogen gas that is used for a fuel cell that powers the electric vehicle designed by BMW. Anglo American's platinum group metals (PGMs) are part of the components in the fuel cell.-Fin24
BAT uses nicotine-infused rooibos
Big Tobacco firms including British American Tobacco (BAT) are selling heat sticks made from nicotine-infused substances such as rooibos tea, countering an incoming European Union ban on flavoured heated tobacco products.
While the sticks mark a new way to inhale the addictive drug, health experts warn that their safety is unclear.
The industry has produced "heat-not-burn" sticks containing tobacco for years, aiming to avoid the toxic chemicals released via combustion.
These "reduced risk" products, which are placed in a device to heat them, have helped offset falling demand for traditional cigarettes due to rising health awareness and heavy taxation in some markets.
British American Tobacco (BAT) has now gone a step further, launching a version of its sticks containing nicotine-infused Rooibos tea instead of tobacco in nine European markets, including Germany and Greece. The company plans to roll the product out globally, it told Reuters.
The move provides "adult nicotine users and smokers with the widest possible range of reduced-risk products," BAT said in a statement.-Fin24
Eskom sub-contractor arrested
An Eskom sub-contractor was arrested last week for allegedly trying to solicit a bribe from a coal transport company at the Camden power station in Mpumalanga.
The suspect, who was arrested on 11 October, was a sub-contractor for the power utility's Eskom Rotek Industries subsidiary, which does construction, maintenance and transportation services.
Eskom said on Tuesday that he stopped a coal truck driver headed to the station, and alleged the driver had off-loaded higher-grade coal somewhere else, and mixed it with rocks. He jumped into the truck with the driver and showed him three rocks he claimed came from the truck. The suspect then said he would halt the truck, along with two others in the queue.
"The suspect then demanded that the driver contact his employer. The driver contacted his supervisor at the coal transporting company who then spoke to the suspect who attempted to solicit a bribe by requesting a sum of R6 000 (R2 000 for each truck), after which he would allow the coal to be offloaded," Eskom said.
"Despite the supervisor not acceding to the suspect’s demands, the trucks were allowed to off-load the coal." Eskom said the coal that was delivered was the correct grade.-Fin24
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