COMPANY NEWS IN BREIF

Barclays finally exits AbsaBarclays raised nearly R10.7 billion from the sale of its remaining stake in Absa, exiting an investment it made in 2005 and marking its second retreat from the region. The London-based bank offered about 63 million ordinary shares, which is 7.4% of Absa’s issued share capital. The placement priced at R169 a share, according to a statement, representing a 5.1% discount to Wednesday’s close.Barclays has more than a century of sometimes stormy history in Africa. The bank withdrew from South Africa during apartheid protests in the 1980s, then had ambitions to become the pre-eminent bank in sub-Saharan Africa when it took a controlling stake in Johannesburg-based Absa in 2005. However, the British firm beat a global retreat after the financial crisis and announced in 2016 it would gradually sell its shares in Absa, which was by then renamed Barclays Africa. In April, Barclays cut its holding in half. Barclays still has an investment banking and private banking presence in South Africa. Citigroup Inc. and Morgan Stanley are among the co-bookrunners for the sale, alongside Barclays and Absa themselves. -Fin24Truworths posts record profitTruworths posted a record profit in the year to end-June, thanks in part to strong sales growth at its UK business and renewed credit appetite in South Africa. Truworths saw its headline earnings per share climb by almost 50% to 779.8 cents – eclipsing the highest previous profit in 2016 (667.6 cents)."There have been no material acquisitions by the group since 2016, so the results are reflective of organic rather than acquisitive growth, driven by an improved sales performance, strong gross profit margins and a continued focus on expense management," Truworths said in a statement.A final cash dividend of 205 cents per share was declared, bringing the annual dividend to 505 cents per share – 44% higher than in 2021.Sale of merchandise rose 9.1% to R17.9 billion. Its UK fashion footwear retailer Office increased sales by almost 14% in rand terms, to R4.5 billion. In pounds, sales were up almost 17%,For the first eight weeks of the new financial year, its UK sales rose by 11% in pound. But the company still expects to shrink its UK trading space by 4% in coming months, and warned that the country’s consumer spending will only come under more pressure amid growing inflationary pressures, compounded by rising interest rates and an anticipated slowing of the economy. In the past year, it closed six Office stores. -Fin24Shell exploration rights decision set asideA high court has set aside a decision by Mineral Resources and Energy Minister Gwede Mantashe to grant Shell an exploration right, which would have allowed it to conduct a seismic survey off the Wild Coast.The ruling was handed down in the Makhanda High Court on Thursday, following a two-day hearing in May.Wild Coast communities and non-profit organisations asked the court to block the proposed seismic survey, which they believe would cause irreparable harm to the environment, as well as to livelihoods and cultural and spiritual practices of communities. They also raised concerns about oil and gas exploration contributing to climate change, which they believe the minister did not consider.The applicants wanted the court to set aside an exploration right granted to Impact Africa in 2014, which was later transferred to Shell. They also wanted the court to set aside the subsequent renewals of the right in 2017 and 2021.The court found issues with the efforts taken to consult with communities, which it believes fell short. It also noted areas which the minister did not properly consider."It is demonstrably clear that the decisions were not preceded by a fair procedure; the decision-maker failed to take relevant considerations into account and to comply with the relevant legal prescripts," the judgment read. -Fin24Uber Eats stops deliveries in some areasUber Eats will stop delivering food orders to parts of Soweto starting next week, the company said.The platform told Fin24 that this was due to safety risks to drivers who made food deliveries in the following areas of Soweto: Emdeni South, Mzimhlope, Zola, Peenyvile, Diepkloof hostel, Dobsonville, Davelin, Pimville, Noordgesig, Dube hostel, and Meadowlands hostel. "It is with great disappointment that starting 5 September 2022 deliveries in some areas of Soweto will not be available due to the safety risks that continue to threaten the businesses of delivery people," said Sub-Saharan Africa Uber Eats head of operations Charles Mhango. "As a company that prioritises the safety of users on the platform, we have engaged rigorously with delivery people through roundtables and surveys to better understand the realities they face on the ground when it comes to safety," said Mhango."Merchants in these areas continue to be fully operational on the Uber Eats app and [customers] can still place their orders. However, these are limited to pick-up due to the delivery service being temporarily closed," Mhango said.The Gauteng e-Hailing Partners Council spokesperson Nkosinathi Zwane said that drivers were hopeful that a local platform could fill the gap left behind by Uber Eats - with arrangements that would be more beneficial for drivers. -Fin24

COMPANY NEWS IN BREIF

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