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Clover Industries shares soar on $359m buyout offer

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Shares of Clover Industries Ltd jumped over 20 per cent on Monday after it announced a 4.8 billion rand ($358.99 million) buyout offer from a consortium of companies, including Brimstone Investment Corporation Ltd and the executive management of Clover.

The proposed deal from Milco SA Proprietary Ltd offers 25 rand per share to the dairy company’s shareholders, a 25 per cent premium to Clover’s closing share price on Friday.

Clover, which processes products such as yoghurt, beverages, cheese and olive oil, had in October said it was in talks with an unnamed firm that intended to acquire all its shares, just as it was recovering from a drought and depressed milk prices.

The company, which spun off its raw milk business last year, has focused on developing higher margin, value-added branded food and beverages to move away from lower-margin commoditised dairy products.

(Reuters/NAN)

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BUSINESS

Mboweni: I don’t want to control SARB

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Minister of Finance Tito Mboweni told reporters ahead of his 2019 Budget speech in Cape Town on Wednesday that he had great confidence in the South African Reserve Bank’s abilities to run its own affairs independently and did not want these powers transferred to his office.

In a veiled reference to the Economic Freedom Fighters’ proposed South African Reserve Bank Amendment Bill, Mboweni said there were more pressing things to worry about in Government than taking control of the SA Reserve Bank.

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“The central bank is a credible organisation and it must be applauded for its work and given the space to continue to do its work. I don’t want to influence the central bank or the governor (Lesetja Kganyago). In fact, I feel like he writes to me too often. I’m fine with what I have to do,” said Mboweni.

This comes as the African National Congress has made varying remarks on the matter of nationalising the SA Reserve Bank, with Deputy President David Mabuza saying in a written reply to Parliament that nationalisation needs not undermine the SA Reserve Bank’s independence.

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Ramaphosa vows to recoup cash stolen from #StateCapture

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esident Cyril Ramaphosa vowed that his government would recover money stolen through state capture and bring those involved to book. Picture: Simphiwe Mbokazi
Cape Town – President Cyril Ramaphosa vowed that his government would recover money stolen through state capture and bring those involved to book.
Addressing the National House of Traditional Leaders in Parliament on Tuesday, Ramaphosa said the state capture project ran deep.

“Our priority must be to uncover all of these networks and expose their activities, bring those responsible to book, recover all stolen funds and take decisive measures to ensure this never happens again,” said Ramaphosa.

The president described chapter nine institutions as the shock absorbers that derailed state looting.

Ramaphosa said there was a need to strengthen chapter nine institutions in the fight against corruption and ensure checks and balances in a democracy.

It was the report of former public protector Thuli Madonsela that recommended in 2016 that a judicial commission of inquiry into state capture be established to get to the bottom of the problem.

Madonsela had also said Chief Justice Mogoeng Mogoeng must appoint a judge to chair the commission.

Ramaphosa said the evidence from the Zondo Commission was concerning to them.

Bombshells have been dropped by former Bosasa chief operations officer Angelo Agrizzi implicating high-ranking ANC officials in corruption.

Bosasa has been dumped by the banks and applied for voluntary liquidation.

Some ANC ministers and ex-ministers have been implicated in the state-capture project allegedly driven by the Guptas.

Ramaphosa said they had identified this problem as one of the priorities they needed to deal with.

He said chapter nine institutions and other institutions of democracy had been keys in ensuring the rule of law.

The country needed to protect these institutions, he said, noting the Constitution of South Africa had ensured that institutions supporting democracy were enshrined in the country, to prevent the erosion of democracy and the rule of law.

Ramaphosa also said they would soon be tabling a Bill on the National Health Insurance.

The Bill has been in the making for a while since the government started introducing National Health Insurance (NHI) a few years ago.

Health Minister Aaron Motsoaledi has said many countries who have implemented NHI, including the UK and Qatar, had gone through a tough phase, but had succeeded in the end.

He said South Africa would also succeed.

Finance Minister Tito Mboweni was expected on Wednesday to announce plans on

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MTN Slashes Prepaid Data Rates in South Africa

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MTN has slashed its out of bundle (OOB) data rate by up to 75 percent for prepaid customers. The mobile operator will also be doubling selected prepaid voice and data bundles for the next two months.

Prepaid customers currently not making use of data bundles will pay just 29c per megabyte for their data usage, while customers that do purchase data bundles will pay 49c per megabyte for their OOB data usage.

“We have consistently been reducing the cost to communicate in recent years, but we want to do more for our customers and by tackling the issue of OOB pricing, we know we are addressing a real pain point for the millions of South Africans that support MTN,” said MTN South Africa Chief Executive Officer, Godfrey Motsa.

Motsa said the imminent release of much-needed spectrum was an important milestone in South Africa’s telecommunications history and was reason for optimism.

“More spectrum will be an important contributor to helping further drive down the cost to communicate and by slashing our OOB pricing, MTN is showing our commitment to our customers and to the future of this industry,” Motsa said.

Due to the size of the MTN subscriber base, the solution will be rolled out to all prepaid customers over a seven day period, starting at midnight on January 31. MTN has 23,7 million prepaid customers.

In addition to the reduced OOB pricing, MTN today also announced it will be doubling selected prepaid customer’s voice and data bundles for the whole of February and March.

“The MTN Double Your Bundle promotion gives our customers the ability to stay connected longer and for less,” said Mapula Bodibe, Executive for MTN SA’s Consumer Business.

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