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Busy week for SA Inc
Nerve-wracking time for Tongaat, banking issues at Ayo, another pot of gold for African Rainbow and a ârevoltâ at Glencore. 00:01
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Sweet paypackets for Tongaat executives eclipsed by Glencore CEO s extremely excessive deal. Image: Supplied
The Tongaat share price staged a remarkable recovery on Friday although the 11.4% bounce that day was not enough to see it reclaim all the territory it lost earlier in the week following the sugar and property companyâs worrying update on its debt restructuring.
No doubt many of the shareholders will have heaved a sigh of relief that the share price slide stopped at R8, well above the 12-month low of R4.50.
Ayo Technology imperilled as court rules FNB case not urgent
The high court in Johannesburg has ruled that Ayo Technology Solutions’ bid to overturn First National Bank’s decision last month to close the JSE-listed technology group’s banking facilities will not be heard on an urgent basis.
This is according to a report by Business Live (paywall), which said the decision could now imperil the Iqbal Surve-linked technology group, which faces having its bank accounts closed on 3 May.
FNB’s decision to terminate Ayo’s banking facilities follows a similar decision last year by Absa. FNB has declined to provide any reasons for its decision, citing client confidentiality when contacted for comment by TechCentral earlier this month.
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