Five things making headlines in SA today

Here’s what caught our attention on Wednesday:

1. Harmony Gold completes placing

Harmony Gold has managed to place 55 055 050 ordinary shares with new and existing institutional investors at R19.12 per share. A total of R1.05 billion in proceeds have been raised as a result of the placement, according to a statement on Sens. On Tuesday, Reuters reported that Harmony Gold planned to use the proceeds to pay part of an outstanding bridge loan, worth R1 billion for the acquisition of Moab Khotsong mine. Once admission is completed, Harmony Gold’s issued share capital will comprise 500 250 845 ordinary shares.

2. MTN in hot water over Iranian license

Documents have been seized from the offices of mobile phone operating company, MTN, over a disputed Iranian license. The Hawks pursued the case on Tuesday. Turkey-based cell company, Turkcell launched a lawsuit worth $4.2 billion against MTN in 2012, Reuters reported. Turkcell alleges that MTN used ‘wrongful influence and bribery’ to win the license. MTN however rejects all claims. 

3. Sacci business confidence

The South African Chamber of Commerce and Industry (Sacci) will release its Business Confidence Index on Wednesday. According to data from Trading Economics, business confidence decreased to 96 index points in April, from 97.60 index points in March.

Update to follow.

4. Eskom rightfully delays IPP signing

In an investigation, energy regulator, Nersa found that power utility, Eskom had the right to delay the signing of power purchase agreements with 27 renewable energy independent power producers (IPP). Amid the investigations, it was also found that Eskom, however, failed to provide budget quotes on the IPP within the time set. Moneyweb is reporting that Eskom delayed signing, because it needed to engage on tariff matters with the Department of Energy.

5. Junior mining indaba

The Junior Mining Indaba sees its second and final day on Wednesday. The annual indaba is an event that seeks to discuss the future of mining in South Africa, and also seeks to get more investors and entrepreneurs involved in the positive development of mining in South Africa.