COMPANY NEWS IN BRIEF
SA's Old Mutual pays out R2.7 billion
South African insurer Old Mutual paid out R2.7 billion (US$193 million) worth of Covid-19 related death claims in the first quarter, leaving about R1.3 billion in reserves set aside to help it manage the pandemic.
The numbers reflect the impact of a severe second wave of infections, but South Africa's curbs are at their lowest level as it once again faces a spurt in cases, fanning fears of a third wave as the colder months of winter approach.
"We continue to closely monitor our claims experience as future waves and their impacts remain uncertain," Old Mutual said in a trading update.
The update did not give earnings forecast, but the firm said its measure of operating profit was up 48% in the three months to March 31, at R1.8 billion.
This was due to factors such as benefits from a stronger performance in the local equity market, fewer bad debts and cost control, it said, adding that it was on track to deliver its cost-saving target of 750 million by the end of 2022.-Nampa/Reuters
WhatsApp sues India government
WhatsApp has filed a lawsuit in Delhi against the Indian government seeking to block regulations coming into force on Wednesday that experts say would compel the California-based Facebook unit to break privacy protections, sources said.
The case, described to Reuters by people familiar with it, asks the Delhi High Court to declare that one of the new rules is a violation of privacy rights in India's constitution since it requires social media companies to identify the "first originator of information" when authorities demand it.
While the law requires WhatsApp to unmask only people credibly accused of wrongdoing, the company says it cannot do that alone in practice. Because messages are end-to-end encrypted, to comply with the law WhatsApp says it would have break encryption for receivers, as well as "originators", of messages.
Reuters, which first reported the story on Wednesday, could not independently confirm the complaint had been filed in court by WhatsApp, which has nearly 400 million users in India, nor when it might be reviewed by the court.
The people with knowledge of the matter declined to be identified because of the sensitivity of the issue. A WhatsApp spokesman declined to comment. - Nampa/Reuters
Vectura agrees takeover by Carlyle
Vectura Group, a British pharmaceutical company focused on inhaled medicines, said yesterday it had agreed a 958 million-pound (US$1.36 billion) takeover by global investment firm The Carlyle Group.
Shareholders will receive 136 pence in cash plus a dividend of 19 pence for each share under the terms of the offer, representing a 32% premium on the ex-dividend closing price of the stock on Tuesday, Vectura said.
Vectura's Chairman Bruno Angelici said the company had made strong progress since embarking on a strategy in 2019 to become a leading inhalation-focused CDMO, or contract development and manufacturing organisation.
He said that while the board remained confident in the fundamentals of the group and its strategy, the "attractive offer" secured future value for shareholders in cash.
Vectura has 13 key inhaled and 11 non-inhaled products marketed by partners with global royalty streams, and a diverse partnered portfolio of drugs in clinical development. Its partners include Novartis, GSK, Bayer, Chiesi, Almirall, and Tianjin KingYork.-Nampa/Reuters
De La Rue annual profit soars
De La Rue posted a 61% surge in annual profit after printing more bank notes and cutting costs under a turnaround plan, with the new financial year off to a good start as performance met the company's expectations.
The more than 200-year-old company, which has been struggling with high debt levels, cut net debt by half to 52.3 million pounds (US$74.05 million) at the end of March, helped by its 100 million pounds equity raise in July.
Minting Kenyan shillings to Sri Lankan rupees, De La Rue's currency division has benefited from the pandemic as central banks worldwide had to print trillions of dollars’ worth of notes to reboot their crisis-hit economies.
"We see a strong pipeline of business for FY 2021/22 and continue to expect to deliver the full financial and operational benefits of the Turnaround Plan during the year," said Chief Executive Officer Clive Vacher.
The company has been trying to turn around its fortunes since it lost a contract to make Britain's new passports in 2018, with Vacher leading the effort to refocus on polymer notes to replace paper. - Nampa/Reuters
Norwegian Air raises fresh capital
Norwegian Air has raised the 6 billion Norwegian crowns (US$714.07 million) it targeted through the sale of perpetual bonds, new shares and a rights issue, the company said.
Courts in Ireland and Norway had demanded the budget airline raise at least 4.5 billion crowns as part of a scheme to emerge from bankruptcy protection in the two countries on May 26.
The private placement of new shares raised 3.73 billion crowns and was "significantly oversubscribed", the firm said in a statement.
The perpetual bond sale added 1.88 billion crowns from current creditors, while the rights issue to existing shareholders was oversubscribed and the final results are to be settled on May 25, the company said.
The capital injection enables Norwegian Air to exit the restructuring process it began in December last year. The courts in Oslo and Dublin last month gave their approval for Norwegian to sharply cut its debt by converting it to stock so long as it raised the 4.5 billion crowns.
The company then decided to try and raise an additional 1.5 billion crowns to bolster its resources further as the pandemic continues to curb travel. - Nampa/Reuters
South African insurer Old Mutual paid out R2.7 billion (US$193 million) worth of Covid-19 related death claims in the first quarter, leaving about R1.3 billion in reserves set aside to help it manage the pandemic.
The numbers reflect the impact of a severe second wave of infections, but South Africa's curbs are at their lowest level as it once again faces a spurt in cases, fanning fears of a third wave as the colder months of winter approach.
"We continue to closely monitor our claims experience as future waves and their impacts remain uncertain," Old Mutual said in a trading update.
The update did not give earnings forecast, but the firm said its measure of operating profit was up 48% in the three months to March 31, at R1.8 billion.
This was due to factors such as benefits from a stronger performance in the local equity market, fewer bad debts and cost control, it said, adding that it was on track to deliver its cost-saving target of 750 million by the end of 2022.-Nampa/Reuters
WhatsApp sues India government
WhatsApp has filed a lawsuit in Delhi against the Indian government seeking to block regulations coming into force on Wednesday that experts say would compel the California-based Facebook unit to break privacy protections, sources said.
The case, described to Reuters by people familiar with it, asks the Delhi High Court to declare that one of the new rules is a violation of privacy rights in India's constitution since it requires social media companies to identify the "first originator of information" when authorities demand it.
While the law requires WhatsApp to unmask only people credibly accused of wrongdoing, the company says it cannot do that alone in practice. Because messages are end-to-end encrypted, to comply with the law WhatsApp says it would have break encryption for receivers, as well as "originators", of messages.
Reuters, which first reported the story on Wednesday, could not independently confirm the complaint had been filed in court by WhatsApp, which has nearly 400 million users in India, nor when it might be reviewed by the court.
The people with knowledge of the matter declined to be identified because of the sensitivity of the issue. A WhatsApp spokesman declined to comment. - Nampa/Reuters
Vectura agrees takeover by Carlyle
Vectura Group, a British pharmaceutical company focused on inhaled medicines, said yesterday it had agreed a 958 million-pound (US$1.36 billion) takeover by global investment firm The Carlyle Group.
Shareholders will receive 136 pence in cash plus a dividend of 19 pence for each share under the terms of the offer, representing a 32% premium on the ex-dividend closing price of the stock on Tuesday, Vectura said.
Vectura's Chairman Bruno Angelici said the company had made strong progress since embarking on a strategy in 2019 to become a leading inhalation-focused CDMO, or contract development and manufacturing organisation.
He said that while the board remained confident in the fundamentals of the group and its strategy, the "attractive offer" secured future value for shareholders in cash.
Vectura has 13 key inhaled and 11 non-inhaled products marketed by partners with global royalty streams, and a diverse partnered portfolio of drugs in clinical development. Its partners include Novartis, GSK, Bayer, Chiesi, Almirall, and Tianjin KingYork.-Nampa/Reuters
De La Rue annual profit soars
De La Rue posted a 61% surge in annual profit after printing more bank notes and cutting costs under a turnaround plan, with the new financial year off to a good start as performance met the company's expectations.
The more than 200-year-old company, which has been struggling with high debt levels, cut net debt by half to 52.3 million pounds (US$74.05 million) at the end of March, helped by its 100 million pounds equity raise in July.
Minting Kenyan shillings to Sri Lankan rupees, De La Rue's currency division has benefited from the pandemic as central banks worldwide had to print trillions of dollars’ worth of notes to reboot their crisis-hit economies.
"We see a strong pipeline of business for FY 2021/22 and continue to expect to deliver the full financial and operational benefits of the Turnaround Plan during the year," said Chief Executive Officer Clive Vacher.
The company has been trying to turn around its fortunes since it lost a contract to make Britain's new passports in 2018, with Vacher leading the effort to refocus on polymer notes to replace paper. - Nampa/Reuters
Norwegian Air raises fresh capital
Norwegian Air has raised the 6 billion Norwegian crowns (US$714.07 million) it targeted through the sale of perpetual bonds, new shares and a rights issue, the company said.
Courts in Ireland and Norway had demanded the budget airline raise at least 4.5 billion crowns as part of a scheme to emerge from bankruptcy protection in the two countries on May 26.
The private placement of new shares raised 3.73 billion crowns and was "significantly oversubscribed", the firm said in a statement.
The perpetual bond sale added 1.88 billion crowns from current creditors, while the rights issue to existing shareholders was oversubscribed and the final results are to be settled on May 25, the company said.
The capital injection enables Norwegian Air to exit the restructuring process it began in December last year. The courts in Oslo and Dublin last month gave their approval for Norwegian to sharply cut its debt by converting it to stock so long as it raised the 4.5 billion crowns.
The company then decided to try and raise an additional 1.5 billion crowns to bolster its resources further as the pandemic continues to curb travel. - Nampa/Reuters
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