COMPANY NEWS IN BRIEF
Competition watchdog gives Shoprite more timeThe Competition Tribunal agreed to give Shoprite as much time as its rival, Pick n Pay, to phase out controversial exclusive lease agreements.
However, it dismissed the rest of the proposed changes sought by SA's largest grocery retailer, saying Shoprite failed to make a convincing argument.
This comes after a previous ruling that exclusivity clauses on lease agreements would no longer be enforceable against small and independent retailers.
Historically, exclusive lease agreements signed with property developers and other landlords have allowed large retailers to operate exclusively in shopping centres, preventing competitors and smaller independents - including historically disadvantaged individuals - from entering the same properties.
Shoprite had applied to the tribunal in December to amend its consent agreement on phasing out the exclusive leases, saying it wanted this brought in line with the deal offered to Pick n Pay. It argued that the terms of Pick n Pay's agreement were more favourable because the latter was granted until December 2026 to phase out exclusive leases.
Shoprite – which was the first retailer to reach a voluntary agreement with the commission – had to do away with exclusive leases by the end of 2024.-Fin24
Premier Fishing set to delist
Premier Fishing and Brands is set to delist on 1 August following a buyout offer to minority shareholders by Sekunjalo Investment Holdings, the firm founded and chaired by Iqbal Survé.
In December 2022, African Equity Empowerment Investments (AEEI), a company Sekunjalo controls, had offered R1.60 to minority shareholders collectively holding 6.14% of Premier, representing a more than 60% premium to group's shares just before the offer was made.
An independent expert - Exchange Sponsors - found the offer fair and reasonable for participants, determining a value range for the shares of between 124c and 166c.
Sekunjalo had taken over the offer from AEEI, with shareholders voting in favour of the scheme in June.
Premier has previously said its board is of the opinion that its listing was no longer benefitting the group, due to the illiquidity and low free float of its shares, as well as the substantial administrative costs and management burden.-Fin24
Sasol set to appeal as its bid
Chemicals and energy group Sasol said on Wednesday its application to have its sulphur dioxide emissions from boilers at Secunda judged on mass and rate rather than concentration has been denied, though it will be appealing to the Department of Forestry, Fisheries and the Environment.
In June 2022, the group had applied to the National Air Quality Officer seeking to be regulated by a load-based emission limit, rather than a limit based on concentration promulgated in March 2020 under the Minimum Emission Standards (MES) of the Air Quality Act. This alternative regulation would be from the beginning of April 2025 onwards.
Sasol said in a statement that over the past five years it had spent more than R7 billion on emission-reduction projects at Secunda, Sasolburg and Natref, and had achieved MES compliance for 98% of its emission sources at these operations. The only remaining challenge was achieving the concentration-based limit for sulphur dioxide emissions from the boilers at Secunda.
Sasol is the largest greenhouse gas emitter in South Africa after Eskom, and its Secunda plant, where it produces synthetic fuel, is the largest single-site emitter in the world.-Fin24