COMPANY NEWS IN BRIEF

Implats finally gains control of RBPlatImpala Platinum has at last gained a controlling share of Royal Bafokeng Platinum after acquiring the Public Investment Corporation's (PIC) 9.26% shareholding in the company.The PIC's share, together with additional acquisitions, results in Implats gaining majority control of RBPlat with a current shareholding of 55.46%, the platinum miner announced on Wednesday morning."Securing control of RBPlat solidifies a stronger, more sustainable future for the Rustenburg region, the North West province and the South African PGM sector – collectively a major employer in the mining sector and a key driver of economic activity for the country", said Implats CEO Nico Muller in a statement."It will contribute to job security for more than 42 000 Impala Rustenburg employees and contractors, and stability for the more than 495 000 people who depend on its mining activities and social contributions. With more years of continuous operation at scale, the intensity of benefits will continue for longer, delivering tangible socio- economic benefits for the region and its communities."In terms of Implats' commitments to key stakeholders, the majority shareholding now triggers a series of significant public interest benefits for South Africa.-Fin24Pioneer acquires remaining stake in FuturelifePepsiCo South Africa's subsidiary Pioneer Foods has acquired the remaining half of Futurelife Health it does not own, eight years after buying its initial stake in the maker of nutrient-dense breakfast cereals and snacks.The South African unit of snack and drinks giant PepsiCo said on Tuesday the Competition Commission recommended the conditional approval of the acquisition earlier this month, with the Competition Tribunal issuing an order to approve the merger on Monday.It said the transaction is subject to a few administrative conditions’ precedent, which are "standard for a transaction of this nature", adding it was expected to be close and be effective in the first week of July.The value of the transaction has not been disclosed. It is taking place via Pioneer Foods, which produces brands such as Weet-Bix, Bokomo and Sasko, and which was acquired by PepsiCo in 2020.Futurelife was founded by Paul Saad in 2007 with the group's original Futurelife Smart Food developed as a "scientifically formulated, balanced, nutritious convenient food, which contains Moducare".Moducare is a daily immune supplement made from a patented blend of plant sterols and sterolins. Over time, the group developed a broader product range."Futurelife is an innovative brand within the cereals market, and we believe its product basket will complement our current portfolio," said PepsiCo South Africa CEO Riaan Heyl in a statement.-Fin24Sibanye-Stillwater inks deal for wind farm Sibanye-Stillwater has concluded its first power purchase agreement and achieved financial close for an 89MW wind energy project in the Northern Cape, which will be the largest private wind farm constructed in South Africa to date.The JSE-listed precious metals miner on said on Monday clean energy will be generated by the Castle Wind Farm, located near the town of De Aar, and will supply Sibanye's South African operations via a wheeling agreement with Eskom.Construction of the wind farm is expected to commence next month and is scheduled for commercial operation in early 2025.“This marks our first major step in delivering over 550MW of our renewable project portfolio and is a significant milestone in our journey to carbon neutrality by 2040," said Sibanye-Stillwater CEO Neal Froneman in a statement. "The project will not only play a pivotal role in reducing carbon emissions and mitigating climate change but also results in cost savings on electricity and provides energy security benefits for Sibanye-Stillwater's SA operations."-Fin24Pepkor profits hit by poor summer fashion mixPEP and Ackermans-owner Pepkor reported a double-digit fall in earnings on Tuesday as cash-strapped South Africans focused on buying essentials and held back on more discretionary items such as clothing.Also, its summer clothing range did not go down well with shoppers. Performance in Ackermans was negatively impacted by the suboptimal merchandise mix in its summer 2022 range. Corrective action was implemented within the confines of product lead times, and improved performance should be visible towards the end of winter and in summer 2023.The JSE-listed retailer, which also owns Tekkie Town and JD Group, among other brands, reported a 4% increase in revenue to R43.8 billion in the six months ended March, but saw operating profit decline 9.8% to R5.1 billion and headline earnings per share slide almost 12%.Like-for-like sales fell 2%, weighed down by an 8.3% fall at Ackermans, while Pep grew sales 0.5%.Pepkor CEO Pieter Erasmus said high levels of unemployment, rising inflation and disruptions in social grant payments are hitting consumer spending, adding customers "are telling us that they are compelled to prioritise their spending on essential items."-Fin24Nvidia tops US$1 trillion in market value Chip company Nvidia exceeded US$1 trillion in market value Tuesday as Wall Street stocks mostly rose, following an agreement between President Joe Biden and Republican House Speaker Kevin McCarthy to avoid a US debt default.All three major indices were in positive territory, while Nvidia jumped more than seven percent on bullish sentiment over its role in artificial intelligence breakthrough technology.About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2% at 33 021.07.The broad-based S&P 500 climbed 0.4% to 4 223.64, while the tech-rich Nasdaq Composite Index gained 1.1% to 13 116.93.The weekend deal, reached after weeks of frantic negotiations, faces opposition from the progressive and hard-right wings of Biden and McCarthy's respective parties.The basic framework of the deal lifts the debt ceiling, currently at US$31.4 trillion, for two years -- enough to get past the next presidential election in 2024.-Fin24

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