Latest news with #R800m
TimesLIVE
14-05-2025
- Business
- TimesLIVE
Durban Chamber of Commerce backs Lenmed's vision for medical tourism and economic growth
Organised business believes the new Lenmed eThekwini Acute Rehabilitation Centre is a powerful vote of confidence in Durban's 'resilience, economic stability, and long-term growth potential'. Durban Chamber of Commerce and Industry CEO Palesa Phili said at a time when 'everyone was very jittery' about investing in Durban and KwaZulu-Natal, the Lenmed Group went ahead with investments. During the 2021 July unrest, which swept through KwaZulu-Natal and parts of Gauteng, fires and violence raged around the hospital in the Queen Nandi Drive vicinity. 'We believe this investment will position Durban favourably and contribute to the economic growth and job creation of our city. "Most importantly, it will also create vast opportunities from the health sector,' Phili told local dignitaries, government officials and business leaders at the official opening on Monday. The chamber hopes to partner with the facility to boost medical tourism in the city. 'We need to start pushing medical tourism to bring more medical tourists into our city. Because we have establishments such as this, we are ready to take care of all types of medical issues that any tourist may encounter. We look forward to that partnership,' she said. The purpose-built 41-bed with five acute beds unit is designed to support patients in the critical early phases of recovery after complex medical events such as stroke, spinal cord injury, neurosurgery, cardiac events, major trauma and other debilitating conditions. It offers interdisciplinary, team-based rehabilitation services, led by a dedicated team of physiotherapists, occupational therapists, speech therapists, and rehabilitation nurses working alongside specialists. Lenmed Group CEO Amil Devchand said the new unit was the group's 20th facility. 'Apart from the tremendous growth projects we've seen at this hospital over the years, there are several others under way. 'We're also in the fortunate position of having a strong and robust growth pipeline, with nearly R800m set to be deployed across our other facilities over the next two to three years. There are not many healthcare groups, or businesses, that have the confidence to execute at this scale,' he said. However, government and regulators need to recognise the value of the private healthcare sector, Devchand said. 'There is much more that can be done. We continue to be hopeful government and regulators will recognise the tremendous asset that lies within the private healthcare sector, just as they have done in other industries, in the interest of strengthening the national healthcare delivery platform. 'Let us aim for a solution that is not political or populist, but one that is sustainable, built on evidence and data, and truly capable of making a difference to the people of this country. We stand ready to collaborate and partner in this regard,' he said. Niresh Bechan, CEO at eThekwini Hospital and Heart Centre, said the R78m state-of-the-art acute rehabilitation unit provided 'a full continuum of care without referring patients elsewhere, significantly enhancing the patient's care journey and experience'. 'This holistic approach ensures patients receive not only medical management and supervision of underlying conditions but also emotional and psychological support, family education and care training. Our goal is to maximise functional independence, restore quality of life and facilitate safe, timely discharge back into the community.'
Yahoo
20-02-2025
- Business
- Yahoo
Amplats announces additional $851m cash dividend ahead of demerger
Anglo American Platinum, commonly known as Amplats, has announced an additional cash dividend of R59 per share, amounting to a total payout of R15.7bn ahead of its planned spin-off into a stand-alone entity. This move is likely to help optimise its financial position before the split, ensuring that both the parent company and the newly separated entity have appropriate capital structures. The cash payout is supplementary to a final dividend of R3 per share, or around R800m. This move comes despite the company experiencing a 40% decline in annual profit, amounting to approximately R8.4bn, due to lower prices of platinum-group metals (PGMs). Amplats CEO Craig Miller, during a call with journalists, confirmed that the additional dividend will be funded from the company's net cash reserves, which stand at around R17.6bn, reported Reuters. Miller highlighted the sustained demand for PGMs, primarily from the automotive industry, and noted that the slowdown in the rollout of battery electric vehicles, which do not use these metals, would continue to benefit Amplats. Miller also pointed out that the reduction in investment in new South African PGM mines could lead to future supply constraints. CFO Sayurie Naidoo reinforced the company's financial stability, stating: 'All our assets are cash generative and therefore we expect by the end of the year we will still be in a cash neutral position.' Naidoo also expressed confidence in the company's ability to execute its strategy under various price scenarios. Amplats reported a 4% increase in sales volumes to 4.1 million ounces in 2024 and a 13% reduction in all-in sustaining cost to $986 per 3E (platinum, rhodium and palladium) ounce, surpassing the target of $1,050. The company also generated R14.6bn in operating free cash flow, an increase from R3.2bn in 2023. The demerger from parent company Anglo American is scheduled to be completed by June, following Anglo American's restructuring strategy after it rejected a $49bn takeover bid from BHP last year. Anglo American is also in the process of divesting its coal, nickel and De Beers diamond units, while planning to retain a 19.9% stake in Amplats post-demerger. Ahead of the separation, Amplats is establishing an independent capital structure to maintain a robust balance sheet, which will support its strategic priorities and allow shareholders to participate in value creation. The company has assured that there will be no changes to its capital return policy following the demerger and intends to keep leverage below 1.0x net debt/EBITDA (earnings before interest, taxes, depreciation and amortisation) throughout the economic cycle. "Amplats announces additional $851m cash dividend ahead of demerger" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
