COMPANY NEWS IN BRIEF

Implats plans to delist RBPlatImpala Platinum (Implats) has finally completed its long-won acquisition of Royal Bafokeng Platinum (RBPlat), having closed its offer to shareholders and garnering more than 98% of the company's share capital.Implats said that the open offer to all RBPlat shareholders closed on Friday and was accepted by shareholders holding more than 121.4 million RBPlat shares. This has resulted in Implats holding an aggregate of 98.35% of RBPlat’s issued ordinary share capital.In line with the provisions of the Companies Act, Implats will now seek to compulsorily acquire all of the RBPlat shares not already held by it in which event RBPlat will become a wholly-owned subsidiary of Implats. An application will then be made for the termination of the listing of RBPlat shares on the JSE.Amongst those shareholders who sold into the Implats offer is Northam Platinum, which had in 2021 shocked the markets when it acquired close to 35% in RBPlat with an aim to eventually gain control of the company.Northam even announced its own proposed all-share offer in November 2022, but never issued a circular, ultimately pulling its offer in April, citing a fall in metal prices.-Fin24Kumba cuts dividend as interim earnings fallKumba Iron Ore has cut its interim dividend by over 20%, in line with falling earnings on the back of lower commodity prices and softer sales caused by logistics woes.The miner declared an interim dividend of R22.60 on Tuesday, down from R28.70 in the first half of 2022.The dividend represents a payout ratio of 75% of headline earnings, which declined 17% from R11.59 billion in the first half of 2022 to R9.6 billion in the six months to end June 2023.While the average realised price for Kumba's high-quality product was 4% above the benchmark at US$106 per tonne – this was lower than the US$136 per tonne realised in the comparative half last year.Logistics troubles with Transnet Freight Rail, caused by derailments and cable theft, have led to already low levels of finished stock at Saldanha Bay Port declining further, resulting in sales decreasing by 4%.Production, however, increased by 6%, driven by the Kolomela mine's 22% increase and stable performance from the Sishen mine, which helped to improve unit costs."Kumba recorded a solid operational and financial performance in the first six months while continuing to drive for zero harm and the elimination of fatalities. We delivered an earnings before interest, tax, depreciation and amortisation (EBITDA) of R19.8 billion and an EBITDA margin of 52%," said Kumba CEO Mpumi Zikalala.-Fin24H&M sues fast fashion rival SheinFast-fashion retailer Shein is being sued by rival Hennes & Mauritz (H&M) for copyright infringement in Hong Kong, where the litigation aimed at mitigating the threat posed by its Chinese rival has been underway since 2021.Zoetop Business Co, the Hong Kong-based entity that previously owned Shein, is among the defendants, as is Shein Group, according to a writ of summons issued in July 2021 and recently obtained by Bloomberg News. Stockholm-based H&M asked for unspecified damages and an injunction to stop Shein from infringing on its copyright and trademarks. Details of the filing, including photos of dozens of items from swimwear to sweaters that H&M said was evidence that Shein stole its designs, were released to the public after a hearing at the Hong Kong High Court on June 21. The next hearing is slated to take place on July 31. H&M confirmed having filed lawsuit against Shein in Hong Kong, claiming the latter "in multiple cases has infringed on our designs", according to a spokesperson of the Swedish fashion retailer. Shein declined to comment on pending litigation.The Hong Kong Court heard the case for the first time last September, and the judge has allowed Shein to defend H&M’s claim on copyright infringement, according to a separate court document released in May.-Fin24

COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-25

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COMPANY NEWS IN BRIEF

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Namibian Sun 2024-11-25

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