The Daily Update: 27 June

The latest updates from the JSE and NYSE over the past 24 hours.

South Africa

Naspers Limited- Annual results announcement for the year ended 31 March 2023

• Revenue: $6,778 million (2023) compared to $6,294 million (2022).
• Operating loss: $1,384 million (2023) compared to $985 million (2022).
• Earnings per ordinary share: 1,968 cents (2023) compared to 4,207 cents (2022).

Naspers Limited & Prosus

• Naspers and Prosus intend to remove the Cross-Holding Structure.
• The announcement states that the removal of the structure will enable the continuation of the share repurchase program announced by the Group.
• Shareholders have expressed dissatisfaction with the situation.
• Prosus will sell its minimal holding of Naspers shares, resulting in the removal of the Cross-Holding Structure.
• The transaction is expected to be implemented in Q3 of 2023.
• Naspers will retain control of Prosus with a 72% voting interest.
• Naspers will remain a tax resident in South Africa, and Prosus will remain a tax resident in the Netherlands. Prosus will continue to be a Controlled Foreign Company of Naspers.
• The costs for implementing the proposed transaction are expected to be minimal and pertain to advisory fees.

Merafe Resources Limited- Ferrochrome price announcement for the third quarter of 2023

• The European benchmark ferrochrome price for the third quarter of 2023 has been settled at 151 US cents per pound, a decrease of 12.2% from the second quarter of 2023.

Exxaro Resources Limited- Finance Director s Pre-close Message

• Coal production and sales volume are expected to decrease by 4% and 7% respectively due to reduced demand from Eskom and logistical constraints.
• A new Coal Supply Agreement (CSA) is under negotiation with Eskom for the Matla mine.
• Capital expenditure for 1H23 in the coal business is expected to be about 8% lower due to project completions and capital optimization.
• The group has net cash of R12.0 billion as of 31 May 2023, indicating sufficient liquidity.
• Seaborne thermal coal prices have remained under pressure due to weak demand in Europe and Northeast Asia.
• Seaborne iron ore prices were initially supported by positive market sentiment but declined after China's announcement to potentially limit steel production.
• Coal prices declined, resulting in increased demand for South African coal from India.
• Capital expenditure is expected to be lower in 1H23, with a decrease in sustaining and expansion capital.

The U.S.

Microsoft

• Microsoft CEO Satya Nadella said internally last year that the company is aiming to reach $500 Billion in revenue by FY 2030, more than doubling from its current size according to recent court filings.

Robinhood

• Robinhood is laying off 7% of its full-time workforce.

Amazon

• Amazon has announced an estimated investment of $7.8 billion by 2030 to expand their data center operations in Ohio.