Pet care comes under the spotlight, Eskom left in the dark
WOOLWORTHS has entered the pet-care market with the acquisition of a 93.45% stake in privately owned pet retailer Absolute Pets from Sanlam Private Equity and Absolute Pets management. Established in 2005, Absolute Pets has an online presence, pet spas, other pet services and more than 150 stores countrywide.
Woolworths said the acquisition will accelerate its strategy in the sector, positioning it to become the end-to-end pet-care destination of choice.
PEPKOR’S group revenue for the year to September rose 7.7% to R87.4bn, the retailer said on Thursday. The owner of PEP and Ackermans said its businesses gained market share in key product categories. PEP achieved gains in babies, adults and home, while Ackermans gained share in schoolwear, younger girls and lingerie.
TASHAS will open its first outlet in London this month, the restaurant chain said this week. Started by Natasha Sideris, it opened its first restaurant in Atholl, Sandton, in 2005 and now has 16 outlets in South Africa, five in the United Arab Emirates and recently opened its first Flamingo Collection in Saudi Arabia.
ESKOM was likely to post a net loss of R23.22bn for the year ending March 2024, its interim CEO Calib Cassim said this week. However, it should be the last year of major losses. “[Losses] should then drop significantly in 2025,” he said. Eskom reported a R23.94bn loss for the year to March 2023.
SUGAR producer Tongaat Hulett this week reported a basic loss from continuing operations of R1.07bn, up from a R762m loss in 2021. The unaudited and unreviewed financial results were released more than a year after the company was suspended from the JSE. Tongaat was placed in business rescue in October last year. Three companies have submitted bids for the struggling company.
IN light of the weak metal price environment, the Impala Platinum board this week agreed to a zero salary increase and recruitments have been frozen across the group, CEO Nico Muller said. The company has also cut discretionary spending in its corporate office and operations, and voluntary severance packages are proposed in the former.