Business In The News South Africa

Illovo SA appoints Mamongae Mahlare as first woman MD

JOHANNESBURG, January 17 – Sugar producer Illovo Sugar South Africa (Illovo SA) on Wednesday, appointed Mamongae Mahlare as managing director (MD) with effect from March 1, 2018. Mahlare will succeed Dave Howells who, after nine years as local MD, had chosen to take up the opportunity of a new role within the broader Illovo Sugar Africa Group as corporate and external […]

Business In The News South Africa

Scandal-hit KPMG appoints new chairman

JOHANNESBURG, January 17 – Audit firm KPMG South Africa on Wednesday said it had appointed Professor Wiseman Nkuhlu, the country’s first black chartered accountant, as chairman of the board as the company tries to restore its credibility after becoming embroiled in the controversy around the wealthy Gupta family last year. The appointment comes after Ahmed Jaffer resigned […]

Business In The News South Africa

Furniture retailer Lewis wins approval to acquire United Furniture Outlets

JOHANNESBURG, January 17 – Furniture retailer Lewis said on Wednesday competition authorities had granted approval for it to acquire United Furniture Outlets. “All the conditions precedent to the acquisition have now been met and the acquisition is accordingly unconditional. The acquisition will be accounted for by Lewis with effect from 1 February 2018,” the company […]

Business In The News South Africa

Retailer Shoprite says interim turnover up 6.3 percent

JOHANNESBURG, January 16 – Retail group Shoprite said on Tuesday its turnover increased by 6.3 percent for the six months to December 2017, compared to 14 percent previously, with operations outside South Africa declining. Shoprite said Supermarkets RSA, the group’s primary business, increased sales by 7.8 percent for the period, but the Supermarkets Non-RSA operating […]

Business In The News South Africa

Woolworths says group sales up 2.5 pct in first 26 weeks of 2018 financial year

JOHANNESBURG, January 15 – South African retailer Woolworths Holdings Limited said on Monday group sales for the first 26 weeks of the 2018 financial year increased by 2.5 percent over the previous period. The company said in South Africa, Woolworths Fashion, Beauty and Home sales decreased by 0.2 percent , with comparable store sales 3.4 […]

Business In The News South Africa

Property firm NEPI Rockcastle says distributable earnings per share to rise 17 percent

JOHANNESBURG, January 12 – Commercial property investor and developer NEPI Rockcastle said late on Thursday it expected its distributable earnings per share for the year ended December 31 to be approximately 17 percent higher than the previous year.   The company, which is listed on the JSE securities exchange but based in the Isle of […]