SA Corporate Update

South Africa

MTN Group:The telecom group, in its results for FY12, indicated that its revenue grew 10.9% annually to R135.11bn. Diluted headline EPS came in at R10.82, a 2.1% increase compared to the previous year, buoyed by solid organic growth in its South African market.

RMB Holdings:In its 1H13 results, the company stated that net income rose 15.8% to R2.47bn, compared to the same period a year ago. Diluted headline EPS climbed 30.0% to R1.73 from the comparable period prior year.

MMI Holdings:The financial services group, in its results for 1H13, reported that net insurance premiums received increased to R12.59bn from R9.63bn recorded in the comparable period prior year. Diluted core headline EPS was 16.0% higher at R0.94, compared to the corresponding period last year, on the back of stock market gains and reduced costs.

Pinnacle Technology Holdings:In its results for 1H13, the company stated that its revenue rose 14.5% to R3.13bn, compared to the same period last year. Diluted headline EPS jumped to R0.94 from R0.78 posted in the comparable period a year ago.

Times Media Group:The media and entertainment company, in its trading statement for six months ended 31 December 2012, indicated that it expects a loss of 17.00c/share compared to EPS of 42.00c reported in the comparative period last year. Headline EPS is expected to be 28.00c, unchanged from the corresponding period prior year.

Bidvest Group:The company stated that it has agreed with Brandcorp Holdings not to proceed with its acquisition of Brandcorp Holdings, as certain conditions precedent were not met.

Tiger Brands:The company announced that Competition Commission has approved of it acquisition of Mrs Ball’s Chutney business from Unilever South Africa for R475.00mn, effective 1 April 2013.

Lonmin:The platinum miner announced that all the workers belonging to the Association of Mineworkers and Construction Union who went on an illegal strike at the Marikana mine demanding the closure of the offices of rival union, National Union of Mineworkers, have returned to work.

Eqstra Holdings:The company announced that it has agreed to terms and conditions for the compensation of certain costs for the two week period during which Rio Tinto Benga had issued a force majeure suspending operations at the Benga mine, which prevented the transport of coal to the port of Beira. The company stated that it would soon recommence mining operations at the Benga mine, as the Sena railway line has been re-opened.

FirstRand has double-digit growth goal:Firstrand said in its 1H13 results that it expects to finalise its R746.20mn acquisition of a 75.0% stake in Merchant Bank of Ghana within the next two months and is confident it can sustain double-digit growth in earnings in the 2H13, although the growth pace is expected to ease.

Buildmax shares soar on update:The company indicated that headline EPS for FY13 are expected to rise to between 20.00c and 25.00c - nearly five times the previous year’s 5.50c/share.

Thank you Anchor Capital

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