Shares of ailing telecommunications company Telkom this week fell over 30% after announcing it would impair its assets by R13-billion.
“The board is considering an impairment of assets charge in respect of the group’s cash-generating units, namely Openserve, Telkom Consumer, Gyro and BCX,” Telkom said.
Ninety One reports billions in net outflows
Ninety One this week reported that it suffered net outflows of £10.6-billion (R257-billion) during its financial year ended March 2023.
The asset management firm reported a 20% drop in profit after tax to £163.8-million for its 2023 financial year. In addition, the company said its assets under management decreased by 10% to £129.3- billion by the end of March 2023, down from £143.9-billion.
Afrimat reports a decline in annual profit
Afrimat this week announced that its annual profit for the year ended February declined 14% to R665-million. On the other hand, the mining company reported a 5% increase in annual revenue to R4.9-billion.
“The group continues to remain resilient. This strategy enabled the group to largely compensate for factors such as poor market sentiment, inflationary cost pressures, electricity supply interruptions by Eskom.”
Purple Group seeks to raise R105m through share issue
This week, Purple Group, which owns Easy Equities, announced it would raise R105-million through the issue of shares.
“Certain Purple Group shareholders, representing 27.12% of the company’s issued ordinary shares, have provided irrevocable commitments to follow their rights in full.”
Sanlam Investment Holdings is the underwriter of the offer.
Pan African Resources solar facility cuts costs
This week, gold mining company Pan African Resources announced it expected to achieve cost savings of R26-million in year one and an average of R40-million per year over the life of its Barberton Mines’ Fairview solar facility. In addition, the facility will reduce 22 000 tons of carbon dioxide emissions a year. It said it had two feasibility studies on the go to add more solar energy capacity.
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