NATIONAL NEWS - Here’s what caught our attention on Monday:
1. Sacci business confidence
The year kicks off with some December 2018 stats.
The South African Chamber of Commerce and Industry will be releasing its business confidence index for December 2018 on Monday. Business confidence rose to 96.1 in November, following two previous consecutive increases in October and September.
2. MTN execs awarded shares
MTN group executives have been awarded R117 million in shares, which were issued under the group’s 2015 performance share plan (PSP) and vest in December 2021. The shares are being distributed between eight group executives. Group director and CEO, Rob Shuter received over 400 000 shares valued at R38.3 million at market price.
Read: MTN Group execs awarded R117m in shares
3. Texton shareholders against PIC’s BEE share buyback
Shareholders of Texton Property Fund have voted against a share buyback from the Public Investment Corporation following the defaulting of its loan by a BEE consortium. Moneyweb is reporting that the PIC decided to call in the loan by exercising a put option. The CEO of Texton says the PIC may now need to take a legal route since shareholders voted against the share buyback.
Read: Texton shareholders vote against BEE share buyback from PIC
4. Looking ahead in 2019
The new year seems to be a promising one in terms of political events and economic development. The May elections will be pivotal to the process, with the ANC going ahead with preparations for its manifesto. Other aspects to watch out for in 2019 are the process of land expropriation without compensation, development in the property sector and perhaps stricter governance within South Africa’s parastatals.
5. Rand update
A boost from emerging markets helped the rand strengthen on Friday. On Monday the rand reached the R13 mark, sitting at R13.96 at 8:37.
