[ad_1]
October 1st
Two women occupy positions of CEO and CFO at Spur
Val Nichas has been appointed as the new CEO of Spur Corporation, which also owns Panarottis, John Dory’s, RocoMamas and Hussar Grill. Nichas was previously the executive manager of quick service restaurants at Famous Brands, which owns Steers, Debonairs Pizza, Wimpy, Mugg & Bean, Fishaways and Milky Lane.
Spur also announced that its chief financial officer, Phillip Matthee, has requested to retire from his current position for personal reasons. He will assume a senior operational role within the group’s finance department.
In her place, Cristina Teixeira, previously CFO of Group 5 and the Consolidated Infrastructure Group, will occupy her place.
Christo Wiese resigns as president of Shoprite after 41 years
Christo Wiese will retire as President of Shoprite next month. Wiese has been the president of Shoprite since 1979, and will be followed by the president of Absa, Wendy Lucas-Bull. Last year, shareholders who owned 61% of the company’s shares voted against his re-election as president.
Wiese was once the richest man in South Africa, Bloomberg reported. But much of his wealth was lost after he traded Pepkor for Steinhoff stock. It was its largest shareholder at the time when 90% of its share value was wiped out and is currently suing Steinhoff for R59 billion.
Rand to the best level in a week
The rand reached R16.67 / $ this morning, its best level in a week. The coin has recovered from a low of R17.23 a couple of days ago. Risk appetite improved overnight amid renewed hopes for a US stimulus deal.
Furthermore, South Africa’s trade surplus increased in August, with the country exporting R38.9 billion more than it imported. Exports increased almost 9% compared to a year ago.
Dollar / rand exchange rate. Source: XE
Great day for the spectrum
Icasa is expected to publish an invitation today for telcos to request spectrum. Mobile operators have long blamed a lack of spectrum for high data prices in South Africa.
In July 2016, Icasa invited applicants for spectrum licenses, but the courts halted the process. The government argued that its spectrum policy had not yet been finalized and that the sale ran the risk of benefiting only large companies with access to capital.
Capitec recovers after results
Capitec’s share price gained another half a percent in the early hours of Thursday, after a rally of more than 5% yesterday. His share price rose above R1,000 after he published his results.
Capitec’s overall earnings fell 78% to R650 million in the six months to the end of August.
The group wrote down 5.8 billion rand on bad debts and rescheduled payments for 7.5 million rand in loans.
“Banking customer revenues were negatively affected by the lockdown and decreased by 25% in April 2020 compared to March 2020. By August, revenues had returned to March 2020 levels,” Capitec said.
Its share price is still 30% below its highest level for the past year, but has doubled from recent lows.
Capitec share price. Source: Google
Receive a daily update on your cell phone with all our latest news – click here.
Receive the best of our site by email daily: Click here.
Also from Business Insider South Africa:
[ad_2]
