Latest news with #R3bn
IOL News
5 days ago
- Business
- IOL News
Spar Group explores sale of Spar Switzerland and Appleby Westward Group
The entrance to a Spar grocery shop. The group has predicted flat to slightly lower earnings growth of its continuing operations for the 26 weeks to March 28, 2025 Image: Africa News Agency (ANA) The Spar Group said Thursday it is exploring the sale of Spar Switzerland and Appleby Westward Group (AWG), the regional distribution business in the southwest of England. The group announced in a trading statement for the 26 weeks ended March 28, 2025, in which flat to lower interim earnings growth was forecasted, that the decision to divest from the businesses had followed a strategic review of its European operations. Consequently, Spar Switzerland and AWG would be classified as discontinued operations in the financial statements. Regarding AWG, Spar's board said they were in talks with a UK-based business regarding AWG, which was well positioned to develop and grow AWG in South West England. In Switzerland, "established parties with business interests in the region and experience in European food retail and distribution," were being engaged with, the board said. 'The group approach has been to engage parties whose interests align with the growth ambitions of the local management teams and retailer partners, and will ensure continuity for employees, suppliers and customers,' Spar's directors said. Interim diluted headline earnings per share (Heps) for Spar Southern Africa and Spar Ireland, excluding the results of Spar Switzerland and AWG, were expected to decline between 0% and 10%, to between 409.4 cents to 454.9 cents, compared with 454.9 cents previously. Diluted Heps for group total operations were expected to decline by between 34% to 24%, to between 275.9 cents to 317.8 cents a share. The board said the Southern Africa groceries and liquor segment delivered modest top-line growth, while operating profit maintained solid momentum. The KwaZulu-Natal distribution centre continued a positive trajectory, with improved profitability. This, with a focus on cost discipline, translated into modest operating margin expansion on a comparable basis. Ireland delivered a resilient performance in a tough trading environment, supported by improved gross profit and operating margins in local currency terms, as well as reduced interest expenses driven by lower gearing. These were partially offset by adverse foreign currency translation effects. Total impairments of about R4.2 billion were recognised, including R3bn in Switzerland and R1.2bn in AWG. The impairments take into account the fair value of the disposal groups, less costs to sell.
TimesLIVE
16-05-2025
- Business
- TimesLIVE
World's first commercial-scale e-methanol plant opens in Denmark
The world's first commercial-scale e-methanol plant began operations in Denmark on Tuesday, with shipping giant Maersk set to buy part of the production as a low-emission fuel for its fleet of container ships. The shipping sector is under pressure to find new sources of fuel after most countries gave their backing to measures to help meet the International Maritime Organisation's targets towards eliminating carbon emissions by 2050. Zero-emission shipping fuels, such as green ammonia and e-methanol, which are produced using renewable energy, have tended to be more expensive than conventional fuel largely because they are not produced at scale. 'We expect we will have a price parity with fossil methanol around 2035,' Knud Erik Andersen, CEO of Denmark's European Energy, told Reuters. Located in Kasso in southern Denmark, the new plant, which has cost an estimated €150m (R3bn), will produce 42,000 metric tons, or 53 million litres, of e-methanol per year, said its joint owners Denmark's European Energy and Japan's Mitsui. Maersk will be a major customer of the Kasso plant. It operates 13 dual-fuel methanol container vessels that can be powered with fuel oil and with e-methanol and has ordered another 13 vessels.
The Citizen
04-05-2025
- Business
- The Citizen
Acsa loses appeal for control of baggage screening services at airports
Acsa wants to take control of baggage screening and has issued a R3.15 billion tender for it. The Airports Company of South Africa (Acsa) and the South African Civil Aviation Authority (SACAA) have suffered a legal blow in their battle with Aviation Co-ordination Services (ACS) to take control of baggage control screening. This comes after the Gauteng High Court dismissed the urgent appeal by Acsa and SACAA on Friday, which barred it from bidding for or purchasing baggage screening equipment. Judgment on airport equipment The court judgment by Jude Twala upholds the high court's order on 5 November 2024, requiring Acsa and SACAA to allow ACS to replace the relevant equipment at OR Tambo and King Shaka International Airports while a main review case is still before the courts. It confirmed that the critical replacement of old hold baggage screening (HBS) equipment may proceed at the international airports, which is needed to ensure public safety and airport efficiency. ALSO READ: Acsa interdicted from adjudicating and awarding R3bn tender Acsa baggage services In May 2023, Acsa announced plans to terminate ACS's more than two-decade role in providing baggage screening services. It said it intended to take over these services directly. Acsa argued that it was supposed to be responsible for the baggage services, and that ACS had been running the services without a formal tender, which means Acsa was in breach of the procurement rules for state-owned entities. However, ACS contends that the airline is responsible for providing HBS services at airports, with ACS legally mandated by the airlines to operate and manage the services. ACS appeal In response, ACS approached the courts to review and set aside Acsa's decision to insource HBS services, including issuing a R3.15 billion tender for HBS equipment and force SACAA to approve the replacement of four backup baggage screening equipment at OR Tambo and King Shaka airports. In November last year, the court ordered that SACAA must approve the replacement and allow the process to be completed within 10 days of the order being made. Acsa and SACAA then sought to suspend these directives through an appeal, arguing that they should not be enforced while broader legal proceedings, mainly the review of Acsa's plan to insource HBS services, are ongoing. However, the High Court judgment on Friday dismissed this appeal, affirming that these orders remain operational and enforceable during the review process. 'The replacement of these units is essential to maintaining uninterrupted, internationally compliant baggage screening services at South Africa's major airports. We are pleased that the court has recognised the urgency and importance of this work, and that we can now move forward in the interests of all airline passengers,' said Duke Phahla, CEO of ACS. ACSA tenders Acsa has a fraught history of dealing with large tenders. In August last year, despite stating that there were no allegations of irregularities, Acsa suspended its chief information officer in relation to a technology tender. Mthokozisi Mncwabe had been placed on precautionary suspension after 'prima facie evidence of wrongdoing' was uncovered in a biometric and digital identity technology project. This came despite Acsa previously stating before the High Court that there were no irregularities in the procurement processes. The contract, worth R115 million, was awarded to French multinational technology company IDEMIA, with a requirement that at least 30% of the value be subcontracted to a South African, black-owned enterprise. IDEMIA partnered with the local company InfoVerge, but the relationship eventually deteriorated. Security tender Also last year, the court halted Acsa from awarding an airport security tender to a non-compliant service provider since 2018. This followed allegations made by the South African Transport and Allied Workers' Union (Satawu) that Acsa unlawfully awarded the contract to Checkport SA, 'a foreign-owned company that has no requisite expertise'. NOW READ: Acsa wants a look over in fight over baggage screening services
