COMPANY NEWS IN BRIEF
Huawei elevates GovTech AfricaIn a resounding testament to its commitment to technological advancement, Huawei emerged as the principal sponsor of the prestigious GovTech conference, held at the Durban International Convention Centre.
This annual gathering stands as the foremost Information and Communications Technology (ICT) symposium on the African continent, drawing luminaries and experts from diverse sectors.
The central theme of this year's GovTech Conference revolved around the transformative potential of adopting a platform business model within the public sector. The overarching objective: to catalyse efficiency in transactional processes and the conception of innovative business solutions.
However, the narrative was undeniably coloured by the spectre of corruption that has long haunted South Africa's public and private institutions. This pervasive concern prompted the probing question of whether a platform-based business framework could indeed herald a more ethical era in South African commerce.
Huawei, as the principal patron of the GovTech gathering, demonstrated its unwavering dedication to this paradigm shift through a dazzling exhibition. A visually arresting pavilion beckoned attendees, featuring an array of ten state-of-the-art smart televisions that showcased an eclectic spectrum of technological solutions.-Fin24
Vodacom slips amid Ethiopia hit
South Africa's biggest mobile operator Vodacom reported on Monday its acquisition of Vodafone Egypt, the largest acquisition in its history, helped lift revenue over a third to about R73 billion in its half-year to end-September.
Excluding this, group service revenue grew 7.9%, the group reported, while headline earnings per share declined 4.2%, largely attributable to a start-up loss in Ethiopia, higher interest rates, as well as the effects of a deferred tax asset recognised in Tanzania in the prior year.
The group cut its dividend just over a tenth to 305c per share, about a R6.34 billion payout for a group valued at about R213 billion on the JSE. In late morning trade, Vodacom's shares slipped 5% and have fallen by almost 16% in the last year.
South African service revenue grew 4% to R30.7 billion, with Vodacom describing this as "credible" given the state of the economy. Data traffic in SA was up over 45%, supported by smartphone penetration and network availability, with data customers growing 8.5% to 25.8 million. Its South Africa customer base grew 3.8% to 47.2 million.
Vodacom has spent R4.5 billion over four and a half years to mitigate the effects of load shedding, saying on Monday its network availability was "best in class."-Fin24
Mediclinic launch an independent probe
Another former Mediclinic employee has accused the hospital group of manipulating patient bills for financial benefit.
The person – who spoke to News24 on condition of anonymity – shared correspondence that reflects that Mediclinic employees made billing changes to patients’ records.
This comes after News24 revealed in August that a person claiming to be a former Mediclinic employee sent detailed information to more than 50 principal officers of some of South Africa's largest medical schemes, alleging widespread manipulation of patients' clinical coding (which is used for medical scheme claims) at six hospitals.
The whistleblower alleged that, at one hospital, there had been multiple incidents in which the coding on the account of a patient who died in the emergency room had been altered to reflect an ICU death instead. This is because the fixed fees associated with emergency room deaths are lower than ICU-related fees.
The second whistleblower confirmed to News24 that they had found evidence of a similar incident.-Fin24
Premier Foods reports half-year profit rise
Blue Ribbon owner Premier Foods, which returned to the JSE in March, said on Monday its maiden results were lifted by a strong performance from its bakery division. Amid capacity improvements, its profits picked up, even though it saw flat volumes as it sought to provide some relief for consumers.
Revenue increased by 7.1% to R9.4 billion and net profit just over 6% to R424 million in the six months to end-September, with the group reporting a strong performance from its Millbake division, which includes bread, flour, maize products, instant breakfast porridge, other baked goods,
Core profit in this part of the business rose just over 27% to R930 million, about 93% of its total, with the company saying its new mega-bakery in Pretoria had now been operating for a full twelve months and is "on track to deliver its business case." The company has previously said the new facility, operating at full capacity, had been commissioned within budget and was delivering both cost savings and improved bread quality.
Premier is a fast-moving consumer goods group with roots dating back to 1820, and its brands include Snowflake flour, Iwisa maize meal, Super C sweets, and Lil-lets SA, which produces feminine hygiene products. Premier Group returned to the JSE on 24 March 2023 after 18 years as an unlisted company after being unbundled by majority owner Brait.-Fin24
Cilo Cybin now targeting December listing
Cilo Cybin Holdings is finally coming to market following an initial delay, with the medicinal cannabis group’s long-awaited listing on the JSE’s AltX on schedule to take place before the end of the year.
The five-year-old group, which will join as a special purpose acquisition company (SPAC) initially, is targeting a mid to late December listing at the very latest, but is hopeful this will happen even sooner, says CEO Gabriel Theron.
Theron told News24 this week it had secured the requisite R50 million minimum funding from its backer, Malaysian-based ALPS Global Holding Berhad (ALPS) to list as a SPAC. It was also finalising all the relevant paperwork to set the ball rolling for an early to mid-December listing.
A SPAC, which is generally backed by big business names, lists on a bourse with no commercial operations and with the express purpose of raising money for potential acquisitions or takeover targets.
Theron said the plan after listing as a SPAC was for the group to acquire its first target asset, namely the business Cilo Cybin Pharmaceutical and its 2 500m2 facility in Midrand. Following this, it would look to graduate to the JSE’s main board.-Fin24