Latest news with #R50bn
The Citizen
4 days ago
- Business
- The Citizen
Ayo fined over breach of listing rules
JSE has fined the company R500 000. JSE-listed Ayo Technology Solutions has been fined R500 000 for not releasing a Sens announcement with full details of a share buyback after agreeing to a settlement agreement with the parties on 23 March 2023. On Thursday, the JSE said in a Sens update that the fine is wholly suspended for five years, provided the technology company is not found to be in breach of similar provisions of the listings requirements during the suspension period. Read: Ayo suspended from JSE This comes after Ayo announced that its parent company, Sekunjalo Investment Holdings, led by controversial businessman Iqbal Survé, planned to buy out minority shareholders before the company delisted. In the Sens, Ayo said Sekunjalo will acquire the offer shares, a maximum of 155 331 790 shares, for which valid acceptances are received prior to the closing date of the offer, for a total offer consideration of R80 772 531. Read: Iqbal Survé's R50bn grand plan for Ayo [Apr 2019] In February 2025, the JSE suspended trading in Ayo shares for failing to publish its annual report for the year to August 2024. 'I believe we have done everything within our power to ensure compliance with the listings requirements, however, the release of our results is contingent on the external quality reviewer, the independence and process of which we respect,' said Ayo CEO Amit Makan in a statement. Read: Ayo shareholders agree to repay R619m to PIC [Jun 2024] For this new offence, the JSE says the company was found to be in breach of paragraph 11.25 of the listings requirements, and the purpose of these requirements is to ensure that a repurchase of shares by a company from specifically named parties is conducted transparently and fairly. The stock exchange says this rule highlights the need to keep investors informed by sharing important updates on Sens, especially when it could impact investment decisions or share value. Read: Ayo shareholders agree to repay R619m to PIC 'The JSE finds it unacceptable that Ayo failed to immediately inform shareholders that it had agreed to repurchase its shares from the parties as part of the settlement agreement.' The company's shares have dropped to 40c, down 99% from the peak of R45 in 2017. This article was republished from Moneyweb. Read the original here.
TimesLIVE
21-05-2025
- Business
- TimesLIVE
Sars gets R4bn to hire army of debt collectors
Finance minister Enoch Godongwana has allocated R4bn to the South African Revenue Service (Sars) in the current financial year to help it strengthen its capacity to collect more tax revenue. The tax authority will immediately use the money to hire more than 1,000 debt collectors to claw back up to R50bn per year in revenue owed to Sars. Godongwana made the announcement when he tabled the 2025/2026 budget in parliament on Wednesday, his third attempt since February. The two previous budget proposals, the first on February 19 and the second on March 12, were rejected by some ANC ministers, parties in the government of national unity (GNU) including the DA and the Freedom Front Plus, and those outside the GNU including the EFF and MK Party. They had clashed over Godongwana's proposals to raise VAT, since dumped after the DA and the EFF challenged the matter in court. Godongwana's latest budget documents show Sars collected R95bn during the previous financial year of 2024/2025. 'Over the medium term expenditure framework (MTEF) period [of three years], the agency will receive an additional R7.5bn relative to the baseline. Part of the allocation is expected to increase debt collection by R20bn to R50bn per year. 'The potential revenue is not included in the revenue estimates. However, the performance of Sars will be monitored by assessing the change in the amount of cash collected, which will be published monthly.' Godongwana had previously allocated R3.5bn to Sars during the medium budget policy statement in November last year. The allocations will also see Sars investing in new technology, data science and artificial intelligence to beef up its capacity to collect more money. Sars commissioner Edward Kieswetter has previously called on National Treasury to allocate it more resources for it to go after tax dodgers. At a pre-budget briefing, Kieswetter said he would hire up to 1,700 debt collectors to chase billions owed to Sars. 'In April we hired 500. We've used April to train and upskill them. From June 1 we'll bring a further 250 and that takes us to about 750,' Kieswetter said. Sars was aiming to collect at least R120bn in total tax debt in the MTEF period. Less for early retirement spending and defence amid DRC withdrawal Godongwana has reduced allocations to the government's early retirement programme. The early retirement plan is aimed at reducing the number of public servants by encouraging government employees aged 55 and above to retire early without incurring early withdrawal penalties. The early retirement package has been cut from R11bn to R5.5bn from this year up to 2027. 'Discussions with organised labour on the process are under way in the Public Service Co-ordinating Bargaining Council (PSCBC). The allocation will be revisited on the conclusion of the consultations as part of the next budget process, though functions that are not parties to the PSCBC process, such as the department of defence, can proceed with implementation.' Allocations to the department of defence have been cut by R2bn due to the 'expedited schedule for withdrawal' of SANDF troops from the Democratic Republic of the Congo.
TimesLIVE
05-05-2025
- Business
- TimesLIVE
Gold Fields to buy Australia's Gold Road in A$3.7bn deal
Gold Fields will acquire Gold Road Resources in a sweetened deal valuing the Australian miner's equity at A$3.7bn (R44bn), Gold Road said on Monday, as sky-high bullion prices drive a wave of tie-ups. Gold Road's shares rallied as much as 12% on the offer, which was pitched at a 14.5% premium to the company's last closing price. The buyout will allow Gold Fields to consolidate ownership over the low-cost, long-life Gruyere gold mine in Western Australia, which it operates under a joint venture with Gold Road. It is the third notable deal in six months in the sector that is one of the hottest spots globally for mergers and acquisitions, as rising geopolitical uncertainties power a record rally in the yellow metal. Australian gold miner Northern Star Resources agreed in December to buy De Grey Mining in an all-share deal worth A$5bn (R59.3bn), while Ramelius Resources said it would take over smaller peer Spartan Resources to build a combined A$4.2bn (R50bn) group. Under the terms announced on Monday, Gold Road shareholders will receive a fixed cash consideration of A$2.52 (R30) per share and a variable cash component equal to the full value of the each shareholder's stake in Northern Star Resources. That was up from Gold Fields' offer in March of A$2.27 cash per share plus the variable cash component which Gold Road rejected as "highly opportunistic". As of Friday's close, the deal equates to A$3.40 (R27) per Gold Road share. Gold Fields said on May 2 it was in active discussions with Gold Road but did not immediately respond to a request for comment on Monday outside of normal office hours.
Zawya
03-04-2025
- Business
- Zawya
South Africa's Vukile expands aggressively in Europe, signals more growth
South Africa's well-known specialist retail real estate investment trust, Vukile Property Fund delivered a strong pre-close trading update for its financial year ended 31 March 2025, underscoring its dealmaking dexterity, strategic expansion and robust operational delivery. Vukile confirmed it is on track to meet its full-year guidance of 2% to 4% growth in funds from operations (FFO) per share and 6% growth in dividends per share (DPS). Reflecting strong business momentum and high-quality earnings, Vukile also provided preliminary guidance on FFO and dividend per share growth for FY26 of at least 6%, based on conservative assumptions and without anticipating any need for new equity capital. The transformative year has been underpinned by strategic execution. Driven by disciplined dealmaking and decisive capital deployment, Vukile's gross asset value now exceeds R50bn. Through its 99.5%-held Spanish subsidiary Castellana Properties, Vukile grew its asset base in Spain and Portugal by nearly 60%. It exited its investment in Lar España at an impressive profit of €82m, swiftly redeploying capital to acquire the iconic Bonaire Shopping Centre in Spain's Valencia province at a compelling cash-on-cash return of over 8%, avoiding cash drag and securing sustainable earnings from a top-quality asset. Adding a new engine of growth to its strategy, Vukile entered Portugal with four high-quality retail acquisitions. A fifth deal is well advanced and already fully funded. All-in-all, the Iberian portfolio grew around 60% over the 12 months, cementing Vukile's dominant position across two of Europe's strongest economies − Spain and Portugal. Approximately two-thirds of Vukile's assets and 60% of earnings are now offshore. Strategic growth and optimisation In South Africa, Vukile acquired a 50% stake in Mall of Mthatha (formerly BT Ngebs) in May 2024, where early turnaround performance has exceeded expectations. The mall's vacancy rate has decreased dramatically from 18% to just 1.8%. These assets were acquired at a favourable point in the cycle, expanding Vukile's footprint and growing its Iberian portfolio with strategically aligned, high-performing assets that are delivering strong cash flows with further upside through targeted asset management. 'We've come through a phase of explosive growth. Now, we're focused on integration, optimisation and crystallising value from these assets. Vukile remains open to opportunities but will prioritise deepening value within its current footprint, and for the time being we don't expect to raise capital,' confirms Laurence Rapp, chief executive officer of Vukile Property Fund. Operational strength has stood out across Vukile's portfolio of high-performance, strategically located shopping centres, with limited exposure to new competition and strong pricing power. In South Africa, like-for-like net property income (NPI) grew 6.4%, vacancies remain below 2%, and 84% of rental reversions were positive or flat. The portfolio has recorded growth in both sales and footfall. The cost-to-income ratio reduced to 15%, with ongoing progress in solar and water initiatives enhancing sustainability metrics and efficiencies. In the Iberian portfolio, like-for-like NPI increased by almost 2% and with various value-add projects now complete, significant upward momentum can be expected in the year ahead. Vacancies in both portfolios remain below 2%. Positive rental reversions were a standout 23.6% in Spain and 6.15% in Portugal. Sales grew 4.3% in Spain and 6.7% in Portugal. 'With a well-hedged balance sheet, minimal near-term debt expiries of just 2% maturing in FY26 and strong liquidity, Vukile is closing FY25 in an exceptionally positive position,' says Rapp.
