Flash Briefing: Exxaro announces buyback; Barak whistleblowers; Sinovac shots for SA; Magufuli dies thumbnail

Flash Briefing: Exxaro announces buyback; Barak whistleblowers; Sinovac shots for SA; Magufuli dies

  • Exxaro Resources has announced increased revenue of almost R29bn for the year ended in December. Net operating profit dropped by a third. Headline earnings per share dropped slightly and the company declared a final dividend. After the disposal of Exxaro’s shareholding in Tronox Holdings, the proceeds will be used for a special dividend and a R1.5bn share buyback programme.
  • African Rainbow capital’s intrinsic net asset value per share dropped over the half-year ended in December. It says intrinsic portfolio value increased over the period. TymeBank has signed on close to 3 million customers, half of which were active at the end of the year. Rain saw a fair value increase of around R380mn. Cash in the ARC Fund increased to over R400mn.
  • After recent news that South African finance company Barak Fund Management is seeking approval to restructure its $4bn fund, because half of its assets are tied up in illiquid investments across Africa, it has emerged that employees had previously raised the alarm over the valuation of assets and the quality of collateral. The firm says its compliance officer found no wrongdoing when allegations of impropriety were investigated.
  • China’s Sinovac Biotech Company may be able to supply South Africa with as many as five million doses of its Covid-19 vaccine within weeks of securing regulatory clearances. This is according to the drug maker’s local partner, Numolux. The vaccines could be delivered two to three weeks after approval is granted, says CEO Hilton Klein.
  • Tanzanian President John Magufuli, who was criticised for his denialism of the coronavirus pandemic, has died only five months after he won a second term in a disputed election. He was 61. Vice President Samia Hassan announced that Magufuli had died from a heart ailment, in hospital.

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