COMPANY NEWS IN BRIEF

SA's competition authority approves Heineken’s merger

South Africa's highest competition authority has finally approved Dutch brewer Heineken's R40 billion tie-up with JSE-listed liquor group Distell nearly a year-and-a-half after the deal was first officially announced.

Distell, which owns brands such as Savanna, Hunter's Dry and Amarula, said the decision by the Competition Tribunal to green-light the deal, with some conditions, marked an important milestone, with the transaction now expected to be completed in April.

The conditions imposed by the body would be made available on the Competition Tribunal's website in due course, it said, adding they aligned "broadly" with those proposed by the Competition Commission when it gave approval in November.

Heineken said in a statement that welcomed the ruling that the decision marks the final regulatory approval for the deal.

Heineken CEO and executive board chairperson Dolf van den Brink said the group was "delighted the Competition Tribunal has approved the deal".

The brewer was "committed to being a strong partner for growth and making a positive impact in the communities in which we operate", he said.

Heineken said the approval gives the go-ahead for an "ambitious package" of public interest commitments including ongoing business investment, broad-based black economic empowerment, job creation, localisation and supplier development.-Fin24

MTN ups dividend by 10%

Africa's largest mobile operator MTN has upped its 2022 dividend by double digits, as it continues to benefit from higher demand for data on the continent.

MTN's reported headline earnings rose 16.9%, while it upped its final dividend by 30c (10%) to 330c per share.

Group revenue rose 15% in constant-currency terms to R196.5 billion to end-December, MTN reported, with data revenue jumping almost a third, while fintech revenue climbed 14%.

Subscribers increased by 6% year-on-year to 289.1 million, growing 4.4% in South Africa to 36.5 million. Active data subscribers jumped by 12%. Active Mobile Money (MoMo) users increased by 21% to 69.1 million.

MTN had battled with SIM registration issues in both Ghana and Nigeria. In South Africa, it struggled with load shedding, estimating it cut core profit in SA by R695 million - or 3.4%.

It has been investing in new equipment to deal with power outages, including batteries, and is now shifting to using more of its own power, CEO Ralph Mupita said on Monday.

But Mupita added that South Africa network sites, unlike those in other countries, often had limited space around them. The company has implemented a comprehensive network resilience plan, which it hopes to complete by the end of May.-Fin24

Sibanye retrenches only 168 staff

Almost 170 employees have been retrenched following a consultation process at Sibanye-Stillwater's Beatrix 4 shaft and Kloof 1 plant.

The company said the consultations – which were held in accordance with Section 189 of the Labour Relations Act – were constructive and helped to minimise jobs losses caused by the closure of the two gold operations, which originally threatened the jobs of 1 959 employees.

According to Sibanye, 136 employees accepted transfer opportunities to available positions at other group operations in the SA region; 552 employees were granted voluntary separation or early retirement packages; and natural attrition accounted for 103 less affected employees.

"Regrettably 168 employees could not be accommodated, or chose not to participate in the agreed avoidance measures, and as such will be retrenched," Sibanye said in a statement late on Thursday.

This number includes 39 learners who will be given the opportunity to complete their training, as well as 59 employees who declined what Sibanye described as a "reasonable alternative position within the company".-Fin24