COMPANY NEWS IN BRIEF
Sasol to regulate emissions from SecundaChemicals and energy group Sasol said on Monday it has received final approval to regulate the emissions from its Secunda operation on load of emissions rather than concentration. The National Air Quality Officer (NAQO) last year refused Sasol's application in this regard, but in April, Minister of Forestry, Fisheries and the Environment Barbara Creecy upheld the appeal, which was required for final regulatory approval, which was received on 26 July. Sasol will apply to the local licensing authority to incorporate the limits into the atmospheric emissions licence for its Secunda Operations, which will enable lawful operations from 1 April 2025 to the end of March 2030. After paring earlier gains, Sasol was up only about 1% in late-afternoon trade. It has fallen by over a fifth so far in 2024.
-FN24-
Pan African to meet production guidance
Mid-tier gold miner Pan African Resources reported on Monday that it met its production guidance for its year to end-June, when gold output picked up 6.2% to 186 039 ounces. The group had guided between 186 000 and 190 000 ounces in June, having narrowed the range in May, and upping the lower end from 180 000. A delay in commissioning the ventilation shaft for hoisting at Evander 8 underground operations adversely impacted production in the last two months, resulting it not achieving the higher end of production guidance and also negatively impacted unit costs. "Work is now scheduled to be completed in the coming weeks, after which the full benefits of the improved ore flow will achieve the planned increased production profile," it said. Pan African also announced that CFO Deon Louw will be departing at the end of September, having served in the position since 2015. Marileen Kok, who has been group financial manager since 2020, will replace him. Pan African was up almost 2% on Monday afternoon and has more than doubled in the past year.
-FIN24-
PepsiCo to sell Marmite
PepsiCo SA is selling its popular Marmite and Bovril brands in SA, along with the business unit that produces them, to a privately owned Canadian-based company called Lallemand. Lallemand, which is pursuing the transaction through its South African affiliate Rymco, which owns Anchor Yeast, will acquire the two household brands along with PepsiCo's Savoury Food Ingredients business unit. The transaction is expected to close in the fourth quarter of 2024 and is subject to approval from SA's competition authority. New York-based Pepsi had acquired local brands, including Marmite, in 2020 following its about R24 billion acquisition of Pioneer Foods. The Savoury Food Ingredients business unit, based in Johannesburg, produces Marmite and Bovril for sale to southern African consumers through retail outlets and through wholesalers serving the informal retail market. It also produces savoury food ingredients, including brewer's yeast extract and hydrolysed vegetable protein-based flavourings, which is used by both SA manufacturers and international customers.
-FIN24-
South Africa to review financial rules
South Africa is getting closer to publishing long-awaited changes to its financial rules and has earmarked over-the-counter derivatives for greater scrutiny, alongside unlisted financial market activity. Regulators have been undertaking a financial market review for several years and "are at the point where we are able to put through some of those recommendations," said Financial Sector Conduct Authority executive director Olano Makhubela. Proposals include putting the oversight of unlisted market activity on the same footing as listed activity to improve transparency, protect participants and reduce market risk, Makhubela said. The FSCA is also weighing more monitoring of OTC activity in foreign exchange, repurchase agreements, forwards and swaps, he said. It has already introduced regulations for margin rules and is now focusing on a capital framework regime for non-bank derivative providers.
-Bloomberg-
UAE to award first lottery licence
The United Arab Emirates has awarded a lottery license for the first time, potentially taking another step toward legalising casinos and other kinds of gaming in a market that's being closely eyed by Las Vegas operators. The country's General Commercial Gaming Regulatory Authority said a firm called The Game LLC will operate under the banner of the UAE Lottery. The company, it said, is a "a commercial gaming operator specialising in game development, lottery operations, and gaming-related content."
-Bloomberg-