COMPANY NEWS IN BRIEF

Prosus to trim Tencent stakeProsus NV, the Dutch-based technology investor, on Monday reported a 20% fall in its core headline earnings, a non-standard measure, for its financial year and also announced a major share repurchasing programme.The company plans to release its profit and loss figures later in the day.The core headline earnings of the financial year ended March 31 came in at US$3.7 billion, compared with US$4.9 billion reported in a year-ago period."The macro-economic and severe geopolitical challenges in the second half of the year have presented significant headwinds," Chief Financial Officer Basil Sgourdos said in a statement.Prosus and South Africa&#039;s Naspers, which owns a controlling stake in the Dutch company, said they were launching an open-ended share repurchasing programme, under which they would sell down the massive 28.9% stake Prosus holds in Chinese software giant Tencent, owner of WeChat, worth more than US$100 billion.They also announced the sale of a stake in Chinese e-commerce company JD.com, which had been distributed to owners of Tencent, raising proceeds US$3.7 billion. -ReutersSteinhoff grows global earningsRetailer Steinhoff says its global operations focusing on "everyday value" in Africa and Europe grew in the first half of the year, while its smaller furniture and bed operations in Australia and New Zealand saw revenue fall. It is unaudited results for the six months ended March 2022, Steinhoff also warned of "volatility and unpredictability" caused by the war in Ukraine, which borders three of Steinhoff&#039;s largest markets in Eastern Europe. The group&#039;s share price dropped by 6% on Friday afternoon. "The markets within which the group operates are likely to remain volatile in the near term, due to the situation in Ukraine, ongoing global inflationary pressures and other regional challenges," Steinhoff said. The retailer said that in the first half of the year, global revenue grew by 12% from €4.6 billion in 2021 to €5.1 billion this year. Earnings before the deduction of interest, tax and amortisation (EBITA), meanwhile, increased by 13% to €760 million, up from €675 million last year. -Fin24Sinovac’s Covid-19 shot registeredSinovac Biotech’s Coronavac Covid-19 vaccine has been registered for use in South Africa, the national health products regulator said. "The South African Health Products and Regulatory Authority (SAHPRA) registered the Covid-19 vaccine, Coronavac, on 14 June 2022, with conditions. The registration was done in terms of Section 15(6a) of the Medicines and Related Substance Act 101 of 1965," it said in a statement on its website on Friday.The vaccine has a shelf-life of two years when stored between 2 and 8 degrees celsius, SAHPRA said.The vaccine was approved with conditions last year, one of which was that it was subject to final clinical study results. In the Friday statement, the regulator said the side effects of the Coronavac, as outlined in clinical trial evidence, were usually mild or moderate and cleared within a few of days after vaccination. The news comes as Covid-19 restrictions including the mandatory wearing of masks indoors are lifted. -Fin24Tongaat loses Magister as capital raise saviourTongaat’s contentious deal with Mauritius-based Magister Investments is off the table, leaving a R2 billion hole in the group’s recapitalisation plan.In 2021, Magister committed to underwriting R2 billion of Tongaat’s R5 billion rights offer. The deal was meant to be finalised by the end of June, once certain conditions were fulfilled.But Magister’s hearing, which was due to take place before the Takeover Special Committee, has resulted in both parties calling the deal off.In a statement on Friday evening, Tongaat said due to the longer than anticipated timelines of the hearing before the committee and Zimbabwean Competition and Tafiff Commission approval, it was clear that the conditions would not be met by the end of June."Little purpose will be served in waiting until 30 June 2022 for the Underwriting Agreement to expire by effluxion of time. Tongaat Hulett and Magister have accordingly agreed to terminate the underwriting agreement with effect from today, 24 June 2022," Tongaat stated.At the heart of Magister’s hearing, was a ruling by the Takeover Regulation Panel earlier this month that meant the deal couldn’t go forward, due to its finding that Magister and some third parties had acted in concert when purchasing shares ahead of a shareholder vote.-Fin24

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