While the bank’s West African-associate weighed on 2017 earnings, a turnaround last year helped mitigate challenging conditions at home. Nedbank has benefitted from a turnaround at its Ecobank Transnational International (ETI) associate as growth in its home market continues to stagnate.
S12J refers to a section of The Income Tax Act. This section allows an investor to deduct the full cost of their investment into an approved s12J company against their taxable income. This benefit is available to individuals, companies and trusts and can be utilised against normal income as well as Capital Gains tax.
The unbundling and listing of MultiChoice will result in Naspers shareholders holding a direct interest in the video entertainment business. Naspers expects to unbundle and list its MultiChoice business on the JSE by the end of February if all goes according to plan. In a pre-listing statement, the global internet and media business said shares in the video entertainment business would start trading on the JSE on 27 February.
The video entertainment group says it will focus on returning its loss-making operations outside of South Africa to profitability as it prepares for a February listing. MultiChoice will list on the JSE at the end of next month in a move that will position Africa’s biggest pay-TV operator for further growth across the continent.
Shareholders affected by the odd-lot offer will receive R276.48c per share, to be paid out in the next few weeks. Nedbank has set the price at which it will buy back shares from the hundreds of thousands of Old Mutual shareholders who received equity in the bank as part of the break up of Old Mutual Plc.
The automotive group says its own listing will provide shareholders with an opportunity to participate directly in its success. Motus Holdings lists on the JSE today ending a multi-year journey to create more value for shareholders of Imperial Holdings. The automotive group has been unbundled from parent company Imperial Holdings, which changes its name on 5 December to Imperial Logistics.