Corporate Updates

South Africa

Growthpoint Properties:The real estate company, in its 1H13 results, stated that its revenue came in at R2.87bn, a 15.2% rise from the comparable period last year. Headline EPS increased to R0.45 from R0.26 reported in the corresponding period prior year.

Imperial Holdings:In its results for 1H13, the logistics group reported that its revenue climbed 17.9% to R45.26bn, compared to the corresponding period previous year. Diluted headline EPS was 15.4% higher at R7.94 from the comparable period a year ago, helped by growth its auto unit.

Intu Properties:The real estate investment trust, in its FY12 results, indicated that its revenue stood at GBP525.70mn, a 1.9% increase from last year. Diluted headline EPS rose to 13.40p from a loss of 13.30p/share posted a year ago. Separately, the company announced that it has agreed to acquire Midsummer Place Shopping Centre, Milton Keynes from Legal & General property for a total cash consideration of GBP250.50mn, before expenses.

MMI Holdings:In its trading statement for 1H13, the financial services company indicated it expects diluted EPS and diluted headline EPS to be between R0.85 and R1.00, representing an increase of between 60.0% and 80.0% from the comparable period previous year. Diluted core headline EPS is expected to be between R0.90 and R1.00, representing a rise of between 10.0% and 20.0% from the corresponding period last year.

Santam:The insurance company, in its FY12 results, indicated that gross written premium came in at R19.38bn, a 9.5% rise compared to prior year. However, diluted headline fell 18.1% annually to R9.84, hurt by weaker underwriting results and a tax charge related to a special dividend paid during the year.

Grindrod:In its results for FY12, the company stated that its revenue stood at R27.26bn, a 24.0% drop from the last year. However, diluted headline EPS surged 22.1% to R1.21, compared to a year ago, boosted by growth in its freight services and financial services divisions.

Grand Parade Investments:The company, in its results for 1H13, indicated that its revenue came in at R240.94mn, an 11.4% rise compared to the same period last year. Adjusted headline EPS grew 12.3% to 15.86c from the comparable period prior year.

Metrofile Holdings:In its results for six months ended 31 December 2012, the company stated that its revenue was 11.5% higher at R281.72mn, compared to a year ago. Headline EPS rose 18.8% to 12.00c from the last year.

Pan African Resources:The mining company announced that Chief Executive Officer, Jan Nelson, has resigned from his position, effective 1 March 2013. Meanwhile, the company has appointed Ron Holding and Cobus Loots as joint interim Chief Executive Officers, until a successor is appointed.

Anglo American seeks $5.00bn loan:Mining giant, Anglo American, is raising a new $5.00bn, five-year syndicated loan to refinance existing loans, banking sources said. The loan is being arranged by Anglo American and bank co-ordinators Commerzbank and Mizuho.

D-Day for Eskom tariff decision:Eskom has asked for a 16.0% increase in electricity prices in each of the next five years, which will more than double the price, taking it from R0.61/kWh hour in 2012/13, to R1.28 /kWh in 2017/18.

Digicore Discovery deal pays off as margins slip:Vehicle tracking device provider DigiCore’s deal with Discovery to supply “insurance telematics” devices to monitor driver behaviour helped grow sales 12.0% to R448.50mn, it reported in its interim results for the six months ended December 2012.

JSE-listed companies to benefit from headquarter tax regime extension:The Treasury has extended the benefits of its headquarter tax regime to JSE-listed companies. It said on Wednesday ahead of South African Finance Minister, Pravin Gordhan’s budget speech in Parliament that the proposals were intended to support South African companies that wanted to expand into the rest of Africa and incentivise them to manage their African and offshore operations from South Africa.

Thank you Anchor Capital

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