Business brief | Pick n Pay crashes again, while Vodacom gets bitten by the consumer watchdog
Retailer Pick n Pay dominated the news on Wednesday, slumping after reporting its first-ever interim loss. Vodacom, meanwhile, was hit with a R1 million fine for its arduous cancellation process by the consumer protection watchdog, while EOH CEO Stephen van Coller looks set to depart in 2024 after more than five years righting the ship.they won't be getting an interim dividend and may not be getting a final one in 2024 either.
Despite weak economic conditions in SA, the group, whose services include automation, security or data analytics, said it was boosted by its international business, notably seeing demand in the Middle East. Valued at about R900 million on the JSE, EOH has been battling with its debt pile over the past few years, but successfully concluded a R500 million rights issue in February, and has inked refinancing agreements with lenders.
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