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Market winds fail to catch Griffin's unf... US giant to take a dip in local pool in... Randgold rises like a phoenix from a byg... Offshore gems sparkle in the Q Data crow... CelTron to list on JSE venture secto... Coca-Cola set to pour hundreds of millio... |
COMPANY DIGESTSTOCKS & STOCKS Construction group Stocks & Stocks, which this week reported a flat 4% rise in attributable income to R16-million for the six months to end-October, is to list its hotels and resorts division separately on the JSE in March with an initial market capitalisation of R250-million. Chief executive officer Bart Dorrestein says the listing on the JSE's hotels, beverages and leisure sector will raise R110-million of new capital from institutional investors who have been invited to take a 45% slice. The group has healthy order books and earnings growth is forecast in the second half.
MIDAS Despite a doubling of its tax bill, a solid operating performance enabled automotive products distributor Midas to turn in a 34% rise in attributable income for the six months to December. Headline earnings of 45,9c (35,1c) a share are up 31%. Turnover rose marginally to R208,4-million (R208,1-million) as a result of difficult trading conditions, but operating efficiencies boosted operating income by 15% to R12,1-million (R10,5-million). An interim dividend of 10c was declared. GRINCOR Grindrod Unicorn Group lifted attributable earnings by 38% to R54,5-million for the year to December. The Durban-based shipping, transport and investment group's core businesses showed strong growth, which boosted trading income from R108,2-million to R160,3-million. Earnings rose to 72,5c (54,1c) a share and dividends increased 12% to 21,5c a share. Headline earnings, after adjustment for the sale of shares and goodwill write-offs, were 23% higher at R50,7-million.
FOODCORP Foodcorp has sold its Hanni Leathers division for R52,5-million to Seton SA, a subsidiary of Seton Company of the USA, the largest automotive leather producer in the world. The price will be settled in cash and Seton shares. APPOINTMENTS Woolworths managing director Syd Muller has been appointed executive chairman of Woolworths Holdings, which plans to list on the JSE. Meanwhile, Gary May, previously managing director of Ogilvy & Mather (Cape), has been appointed chief executive officer of liquor company W&A Gilbey.
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