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Condensed consolidated unaudited interim financial results to 30 June 2017 and cash dividend declaration
AECI Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/002590/06)
Tax reference number 9000008608
(“AECI” or “the Company” or “the Group”)
Share code: AFE
ISIN: ZAE000000220
Condensed consolidated unaudited interim financial results and
cash dividend declaration for the half-year ended 30 June 2017
Highlights
Resilient overall performance in a difficult environment
Profit from operations +19%
HEPS +32% to 386c
Good cash generation continued
Safety performance: TRIR of 0,43
Interim ordinary cash dividend of 138cps declared
Strategic investment in renewable chemistry
Income statement
2017 2016 2016
First First
% half half Year
R millions Note change unaudited unaudited audited
Revenue 2 (7) 8 478 9 068 18 596
Net operating costs (7 801) (8 497) (17 261)
Profit from operations 19 677 571 1 335
Share of profit of equity-
accounted investees, net
of tax 20 28 28
Profit from operations and
equity-accounted investees 16 697 599 1 363
Net finance costs (85) (128) (215)
Interest expense (98) (154) (270)
Interest received 13 26 55
Profit before tax 612 471 1 148
Tax expense (188) (146) (336)
Profit for the period 424 325 812
Profit for the period
attributable to:
— Ordinary shareholders 407 309 777
— Preference shareholders 1 2 3
— Non-controlling interest 16 14 32
424 325 812
Headline earnings are derived from:
Profit attributable to
ordinary shareholders 407 309 777
Impairment of goodwill — — 28
(Reversal)/recognition of
impairment of property,
Plant and equipment — (5) 54
Loss on disposal of equity-
accounted investee 1 — —
(Surplus)/loss on disposal of
property,
Plant and equipment (1) (5) 9
Foreign exchange losses on net
investments in
Foreign operations — 14 17
Tax effects of the above
items — (3) (21)
Headline earnings 407 310 864
Per ordinary share (cents):
Headline earnings 32 386 293 818
Diluted headline earnings 377 290 800
Basic earnings 32 386 292 735
Diluted basic earnings 377 289 720
Ordinary dividends declared 2 138 135 300
Ordinary dividends paid 300 260 395
Statement of comprehensive income
2017 2016 2016
First First
half half Year
R millions unaudited unaudited audited
Profit for the period 424 325 812
Other comprehensive income net
of tax
Items that may be reclassified
subsequently to profit or loss:
— Foreign currency translation
differences (76) (172) (376)
— Effective portion of cash flow
hedges 1 — (3)
Items that may not be reclassified
subsequently to profit or loss:
— Remeasurement of defined-benefit
obligations (6) — —
Total comprehensive income for the
period 343 153 433
Total comprehensive income
attributable to:
— Ordinary shareholders 329 141 405
— Preference shareholders 1 2 3
— Non-controlling interest 13 10 25
343 153 433
Statement of changes in equity
2017 2016 2016
First First
half half Year
R millions unaudited unaudited audited
Total comprehensive income for
the period 343 153 433
Dividends paid (342) (286) (435)
Change in ownership percentage 11 — —
Share-based payment reserve (14) 7 45
Shares repurchased — (39) (39)
Equity at the beginning of the
period 9 046 9 042 9 042
Equity at the end of the period 9 044 8 877 9 046
Made up as follows:
Ordinary share capital 110 110 110
Reserves 1 197 1 445 1 280
Foreign currency translation reserve 1 016 1 288 1 086
Other reserves — — (1)
Share-based payment reserve 181 157 195
Retained earnings 7 591 7 203 7 523
Non-controlling interest 140 113 127
Preference share capital 6 6 6
9 044 8 877 9 046
Reconciliation of weighted average number of shares
2017 2016 2016
First First
half half Year
Millions unaudited unaudited audited
Weighted average number of ordinary
shares at the beginning
Of the period 131,9 132,4 132,4
Weighted average number of unlisted
ordinary shares held by consolidated EST (10,1) (10,1) (10,1)
Weighted average number of contingently
returnable ordinary shares held by CEDT (4,4) (4,4) (4,4)
Weighted average number of shares held by
consolidated subsidiary (11,9) (11,9) (11,9)
Weighted average number of shares
repurchased during the period — (0,2) (0,3)
Weighted average number of ordinary shares
for basic earnings per share 105,5 105,8 105,7
Dilutive adjustment for potential ordinary
shares 2,6 1,2 2,3
Weighted average number of ordinary shares
for diluted earnings per share 108,1 107,0 108,0
Statement of financial position
2017 2016 2016
At 30 Jun At 30 Jun At 31 Dec
R millions Note unaudited unaudited audited
Assets
Non-current assets 7 368 7 918 7 538
Property, plant and equipment 3 925 4 168 3 990
Investment property 139 139 140
Intangible assets 200 243 211
Goodwill 1 534 1 593 1 541
Pension fund employer surplus
accounts 497 730 583
Investments in associates 188 232 194
Investments in joint ventures 296 298 327
Other investments 29 28 25
Deferred tax 560 487 527
Current assets 7 754 7 587 8 282
Inventories 3 057 3 173 3 174
Accounts receivable 3 362 3 279 3 342
Other investments 153 69 190
Loans to joint ventures — 40 —
Assets classified as held for
sale 3 — — 60
Tax receivable 117 85 51
Cash 1 065 941 1 465
Total assets 15 122 15 505 15 820
Equity and liabilities
Equity 9 044 8 877 9 046
Ordinary share capital and
reserves 8 898 8 758 8 913
Non-controlling interest 140 113 127
Preference share capital 6 6 6
Non-current liabilities 2 390 2 819 2 324
Deferred tax 287 355 254
Non-current borrowings 1 601 1 763 1 600
Contingent consideration 60 74 58
Non-current provisions and
employee benefits 442 627 412
Current liabilities 3 688 3 809 4 450
Accounts payable 3 096 3 074 4 148
Current borrowings 471 699 162
Loans from joint ventures 67 34 75
Tax payable 54 2 65
Total equity and liabilities 15 122 15 505 15 820
Statement of cash flows
2017 2016 2016
First First
half half Year
R millions unaudited unaudited audited
Cash generated by operations 1 102 1 122 2 328
Dividends received 55 45 46
Interest paid (95) (150) (238)
Interest received 13 26 55
Tax paid (269) (421) (636)
Changes in working capital (822) (275) 488
Cash outflows relating to
defined-benefit costs (12) (13) (27)
Cash outflows relating to non-current
provisions and employee benefits (40) (26) (76)
Settlement of performance shares (43) (23) (22)
Cash (utilised in)/available from
operating activities (111) 285 1 918
Dividends paid (342) (286) (435)
Cash flows from operating activities (453) (1) 1 483
Cash flows from investing activities (223) (270) (452)
Acquisition of investments (3) (10) (5)
Loans with joint ventures and associates
(repaid)/raised (8) (41) 41
Proceeds from sale of business 30 — —
Proceeds on disposal of property, plant
and equipment, investment property
and intangible assets 19 17 14
Additions of property, plant and
equipment, investment property and
intangible assets (261) (236) (502)
Net cash (utilised)/generated before
financing activities (676) (271) 1 031
Cash flows from financing activities 323 (857) (1 549)
Share repurchase — (39) (39)
Proceeds from disposal of partial
interest in a subsidiary 11 — —
Borrowings raised 462 1 098 1 110
Borrowings repaid (150) (1 916) (2 620)
Net decrease in cash (353) (1 128) (518)
Cash at the beginning of the period 1 465 2 114 2 114
Translation loss on cash (47) (45) (131)
Cash at the end of the period 1 065 941 1 465
Industry segment analysis
First half unaudited
2017 2016
R millions External revenue
Explosives 3 655 4 105
Specialty chemicals 4 682 4 807
Property 141 156
Group services and inter-segment — —
8 478 9 068
Profit from operations
Explosives 262 220
Specialty chemicals 518 573
Property 43 44
Group services and inter-segment (146) (266)
677 571
Operating assets
Explosives 4 445 4 779
Specialty chemicals 7 284 7 337
Property 321 281
Group services and inter-segment 167 198
12 217 12 595
R millions 2017 2016
Inter-segment revenue
Revenue
Explosives 19 49
Specialty chemicals 227 176
Property 47 39
Group services and inter-segment (293) (264)
— —
Depreciation
and amortisation
Explosives 165 185
Specialty chemicals 129 131
Property 4 4
Group services and inter-segment 4 6
302 326
Operating liabilities
Explosives 1 203 1 165
Specialty chemicals 1 764 1 783
Property 63 53
Group services and inter-segment 66 73
3 096 3 074
R millions 2017 2016
Total segment revenue
Revenue
Explosives 3 674 4 154
Specialty chemicals 4 909 4 983
Property 188 195
Group services and inter-segment (293) (264)
8 478 9 068
Impairment reversal
Explosives — (5)
Specialty chemicals — —
Property — —
Group services and inter-segment — —
— (5)
Capital expenditure
Explosives 149 147
Specialty chemicals 81 67
Property 10 3
Group services and inter-segment 21 19
261 236
Operating assets comprise property, plant and equipment, investment
property, intangible assets, goodwill, inventories, accounts receivable
and assets classified as held for sale. Operating liabilities comprise
accounts payable.
Other salient features
2017 2016 2016
First First
half half Year
R millions unaudited unaudited audited
Capital expenditure 261 236 502
— expansion 90 77 183
— replacement 171 159 319
Capital commitments 393 277 233
— contracted for 113 71 62
— not contracted for 280 206 171
Future rentals on property, plant and
equipment leased 403 271 443
— payable within one year 105 84 123
— payable thereafter 298 187 320
Net borrowings 1 1 007 1 521 297
Depreciation and amortisation 302 326 626
Gearing (%) 2 11 17 3
Current assets to current liabilities 2,1 2,0 1,9
Net asset value per ordinary share (cents) 8 093 7 966 8 107
ZAR/US$ closing exchange rate (rand) 13,05 14,72 13,73
ZAR/US$ average exchange rate (rand) 12,90 15,43 14,72
1 Current and non-current borrowings less cash.
2 Borrowings less cash, as a percentage of equity.
Notes
(1) Basis of preparation and accounting policies
The condensed consolidated unaudited interim financial results are
prepared in accordance with International Financial Reporting Standards,
IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee and Financial
Pronouncements as issued by the Financial Reporting Standards Council,
and the requirements of the Companies Act of South Africa. The accounting
policies applied in the preparation of these condensed consolidated
unaudited interim financial results are in terms of International
Financial Reporting Standards and are consistent with those applied in
the previous consolidated annual financial statements.
The preparation of these condensed consolidated unaudited interim
financial results for the half-year ended 30 June 2017 was supervised by
the Financial Director, Mr KM Kathan CA(SA) AMP (Harvard). The condensed
consolidated financial results have not been audited or reviewed by the
Company’s auditor, KPMG Inc.
(2) Revenue includes foreign and export revenue of R2 893 million
(2016: R3 351 million).
(3) The disposal of Olive Pride, a business that was part of the
Specialty Chemicals segment and which was classified as held for sale at
31 December 2016, was completed on 1 April 2017. The assets disposed of
were transferred initially to a separate legal entity, Clover Pride
Proprietary Limited (“Clover Pride”), that was wholly-owned by the Group.
Subsequent to the transfer of the assets, the Group’s shareholding in
Clover Pride was reduced through the sale of a 51% stake to Clover S.A.
Proprietary Limited for a total consideration of R30 million.
The Group’s remaining 49% stake in Clover Pride is treated as an equity-
accounted investee in terms of IAS 28 Investments in Associates and Joint
Ventures, and it is part of the Specialty Chemicals segment.
The sale agreement provided for continued trading by the business
throughout the disposal process, resulting in movements in its held-for-
sale asset values between the previous reporting date and the date of
disposal.
The carrying amount of total assets sold was:
2016 2017 2017
R millions At 31 Dec Movements At 1 Apr
Goodwill 27 1 28
Property, plant and equipment 1 — 1
Intangible assets 21 — 21
Inventory 11 (3) 8
Total assets disposed of 60 (2) 58
Exchanged for:
— trade loan with associate 4
— investment in associate 24
Proceeds on disposal 30
Surplus/(shortfall) on disposal —
(4) Provisions and contingent liabilities
The investigation process undertaken by the Competition Commission of
South Africa (“the Commission”) in 2014, into collusion by Akulu Marchon
(“Akulu”) and a competitor, has been concluded. Both parties concluded
separate settlement agreements with the Commission. Akulu will pay a
penalty of R13 905 600 on or about 14 August 2017 and a provision was
raised in respect of this amount. Akulu has also agreed to and
implemented behavioural remedies which will be applied across the Group.
The Group is involved in various legal proceedings and is in consultation
with its legal counsel, assessing the outcome of these proceedings, on an
ongoing basis. As proceedings progress, the Group’s management makes
provision in respect of legal proceedings where appropriate. Litigations,
current or pending, are not likely to have a material adverse effect on
the Group.
(5) The Group entered into various sale and purchase transactions with
related parties in the Group in the ordinary course of business on terms
that are no more and no less favourable than transactions with unrelated
external parties. The nature of these transactions were consistent with
those previously reported. All transactions and balances with these
related parties have been eliminated appropriately in the consolidated
results.
(6) The Group measures forward exchange contracts at fair value using
inputs as described in level 2 of the fair value hierarchy. The fair
values for forward exchange contracts are based on quotes from brokers.
Similar contracts are traded in an active market and the quotes reflect
the actual transactions on similar instruments. The carrying values of
all other financial assets and liabilities approximate their fair values
based on the nature or maturity period of the financial instrument. There
were no transfers between levels 1, 2 or 3 of the fair value hierarchy
during the half-year ended 30 June 2017.
(7) The condensed consolidated unaudited interim financial results do
not include all of the disclosures required for full financial statements
and should be read in conjunction with the consolidated financial
statements for the year ended 31 December 2016.
Commentary
Financial performance
AECI delivered a resilient overall performance in an environment that was
extremely difficult, particularly in South Africa. Activity in the local
manufacturing sector slowed further and the strength of the rand exchange
rate against major currencies offset moderate increases in commodity
chemical prices. This had a negative impact on the Group’s overall revenue.
In the agricultural sector, more normalised weather patterns in Southern
Africa’s summer rainfall regions enabled a recovery. In the Western Cape,
however, the effects of the persistent drought remain of grave concern.
Conditions in the local and international mining sector improved, with some
commodity price increases providing the stimulus for higher mining output
year-on-year.
HEPS grew by 32% to 386 cents (2016: 293 cents) and profit from operations
increased by 19% to R677 million (2016: R571 million). Revenue declined by
7% to R8 478 million (2016: R9 068 million). 34% of total revenue was
generated outside of South Africa.
In the prior corresponding period results were negatively affected by the
settlement cost of AECI’s post-retirement medical aid liability. The effects
of these adjustments are summarised in the table below:
June 2017 June 2016 % change
Profit from Profit from Profit from
operations HEPS operations HEPS operations HEPS
(Rm) (cps) (Rm) (cps)
Reported 677 386 571 293 19 32
PRMA settlement
cost 11 7 136 93
Underlying
performance 688 393 707 386 (3) 2
The Board has declared an interim cash dividend of 138 cents per ordinary
share, 2% higher than the 135 cents declared for the six months ended
30 June 2016.
Safety
The aspiration remains zero harm to employees and contractors. The 12-month
rolling Total Recordable Injury Rate (“TRIR”) was 0,43, an encouraging
improvement on the 0,45 at the end of 2016. The TRIR measures the number
of incidents per 200 000 hours worked.
Segmental performance
Explosives
AEL Mining Services (“AEL”) achieved an excellent improvement of 19% in
profit from operations, which increased to R262 million (2016: R220 million).
This was in spite of lower ammonia prices and a stronger ZAR/US$ exchange
rate year-on-year, which affected revenue and the trading margin. The
segment’s revenue was 11,6% lower at R3 674 million (2016: R4 154 million).
Of this, 60% was generated in hard currency outside of South Africa. The
trading margin was 7,1% (2016: 5,3%), reflecting the benefits of good cost
control and a beneficial product and customer mix. Overall explosives
volumes were flat.
In South Africa, explosives volumes were 1% higher thanks to market share
gains in the iron ore and uranium mining sectors as well as improved
activity in coal mining. Volumes of initiating systems were 3% higher
owing to opportunistic sales by AEL after a competitor declared
force majeure.
Volumes in the rest of Africa were down 2,4%, mainly as a consequence of
business having been lost in Egypt at the end of 2016. Less buoyant gold
mining activity in West Africa, owing to the effects of heavy rainfall
and lower mining production efficiencies, also had an impact. Volumes
remained robust in Central Africa and, in Southern Africa there was a
pleasing performance from the business in Botswana. AEL was awarded
five new contracts in East and West Africa. The deployment of
assets to service these has commenced.
Overall volumes in Asia Pacific declined by 1,5%, primarily because of
extreme weather events in Australia early in the year. Both the Indonesian
and the Australian businesses remained profitable. One new contract was
secured in Indonesia and one in Australia. Both contracts will commence
towards the end of the year.
Capital expenditure in the segment was well controlled at R149 million.
R118 million of this related to replacement capital expenditure, mainly
for the planned statutory shutdown of No. 11 Nitric Acid Plant that is
underway. The balance of the expenditure was mostly in support of new
business gained.
Specialty Chemicals
Revenue declined by 1,5% to R4 909 million (2016: R4 983 million). Profit
from operations was R518 million (2016: R573 million) and the trading
margin was 10,5% (2016: 11,5%). Overall volumes declined by 2,4%.
In addition to the further slowdown in South Africa’s manufacturing
sector and the effects of a stronger local currency, the segment’s
results were also impacted by:
* lower exports of mining chemicals by Senmin, due to delayed orders
from a key customer. These orders will be dispatched in the second
half of the year;
* the closure by Huntsman Tioxide of its manufacturing operations at
Umbogintwini, in November 2016. This company was a major user of
Chemical Initiatives’ sulphuric acid. Although a portion of the lost
volumes was placed in the market, the impact on the business was
nonetheless significant;
* lower sales of agrochemicals in the Western Cape by Nulandis, because
of drought conditions.
ImproChem, AECI’s water treatment business, delivered a solid performance
thanks to higher demand after a normalised rainfall season in South
Africa’s inland provinces as well as strong sales to the public water
sector in several African countries.
There were good results from Experse, which supplies emulsifiers to the
explosives manufacturing industry and specialty coatings to the fertilizer
industry. Export growth in both divisions was particularly pleasing.
At Lake Foods, there was a promising improvement in performance owing to
the strict focus on cost control and better efficiencies.
Capital expenditure was R81 million. Of this, R49 million was for
expansion - including a portion of the projected total R90 million
investment in the 4 000 tonnes a year capacity expansion at Senmin’s
xanthates plant. Xanthates are used in the extraction of gold, platinum
and copper. The project is expected to come on line in the second half
of 2018.
Acquisition opportunities for the segment continue to be pursued and
a number of processes in this regard are underway.
Property
Revenue was R188 million (2016: R195 million) and profit from operations
was R43 million, slightly lower than 2016’s R44 million. Key in this regard
were the effects of the Huntsman Tioxide closure on the services business
at Umbogintwini. Good occupancy rates at this site and at Modderfontein
were maintained.
Cash utilisation
Cash available from operating activities reflected an outflow of R111 million.
Historically, the Group’s first-half working capital performance is weaker
than that in the second half-year. In the current period this trend was
exacerbated by a lower level of buying by Group businesses, resulting in
lower trade payables at the end of the reporting period. Furthermore,
customers delayed their remittances at the end of June. This increased the
trade accounts receivable amount. The management of accounts receivable
remained challenging as large customers continued to seek extended payment
terms. The net working capital to revenue ratio increased to 18,5%
(2016: 17,9%).
The management of fixed capital expenditure remained disciplined, with the
Group again targeting spend at least in line with the depreciation and
amortisation charge. Total capital expenditure was R261 million
(2016: R236 million). Of this amount, R91 million was invested in expansion
projects.
Cash interest cover was at 14,6 times (2016: 8,4 times), with the improvement
due mainly to lower levels of debt in the period. Accordingly, the net interest
cost decreased to R85 million (2016: R128 million).
Future segmental reporting
In 2014, AECI revised its strategy and developed five key growth pillars,
namely Mining, Water, Agriculture, Food, and a Chemicals Cluster. These
pillars, have since been the focus of AECI’s integrated reporting. Progress
has been made in managing Group businesses in terms of these pillars and,
as indicated in the announcement of the Company’s financial results for 2016
on 28 February, the process of altering internal reporting to reflect this is
underway. Management reporting is being structured by pillar and the same
restructuring will apply to reporting of the financial statements for the
full 2017 financial year.
Competition Commission
In December 2014, the Competition Commission of South Africa (“the Commission”)
initiated an investigation relating to collusion between Akulu Marchon and a
competitor. AECI cooperated fully with the Commission throughout the
investigation, which has been concluded. In terms of the settlement reached
with the Commission, the Group will pay a penalty of R13,9 million, in
August, in full and final settlement of the matter. Furthermore, awareness
of the importance of good governance and business practices is being reinforced
Group-wide.
Strategic investment
In 2016, the Group initiated projects aimed at identifying potential new
products and markets that could contribute to the acceleration of itsgrowth.
In line with this, a strategic investment of US$5 million (R65 million)
was made in Origin Materials (“Origin”) after the reporting date. Origin
is a privately-owned company in the US with new technology in renewable
chemicals.
The investment positions AECI to take advantage of the global shift towards
renewable products and to benefit from opportunities in the renewable and
bio-based chemicals industries. Scale-up of Origin’s technology to a pioneer
production plant is scheduled for completion at the end of 2018.
Outlook
The Group’s pillar strategy will be leveraged to expand its geographic
footprint and market reach through organic growth and acquisitions.
Global mining is gaining momentum and this is positive for the Explosives
segment, which has an extensive footprint and a broad spectrum of customers
in this sector. Furthermore, market share gains and new contracts secured,
are expected to benefit performance.
In South Africa, no significant acceleration of growth in the manufacturing
sector is anticipated. Growth in the agrochemicals business will depend on
rainfall patterns. AECI’s mining chemicals business has a good pipeline of
export orders, however, and there are also opportunities for
growth in the water treatment sector.
These factors, together with sustained focus on managing working capital
and capital expenditure, as well as cost containment, should support an
improved performance in the second half of the year.
Any forecast information included in this announcement has not been
reviewed and reported on by the Company’s external auditors.
Khotso Mokhele Mark Dytor
Chairman Chief Executive
Woodmead, Sandton
26 July 2017
Directors: K D K Mokhele (Chairman), G W Dempster, M A Dytor
(Chief Executive), Z Fuphe, G Gomwe*, K M Kathan (Executive),
R J M Kgosana, L L Mda, A J Morgan, R Ramashia.
Group Company Secretary: E N Rapoo
*Zimbabwean
Notice to shareholders
Declaration of interim ordinary cash dividend no. 167
Notice is hereby given that on Tuesday, 25 July 2017, the Directors of
AECI declared a gross interim cash dividend of 138 cents per share, in
respect of the six month period ended 30 June 2017. The dividend is payable
on Monday, 4 September 2017 to holders of ordinary shares recorded in the
register of the Company at the close of business on the record date, being
Friday, 1 September 2017.
The last day to trade “cum” dividend will be Tuesday, 29 August 2017 and
shares will commence trading “ex” dividend as from the commencement of
business on Wednesday, 30 August 2017.
A South African dividend withholding tax of 20% will be applicable to all
shareholders who are not either exempt or entitled to a reduction of the
withholding tax rate in terms of a relevant Double Taxation Agreement,
resulting in a net dividend of 110,40000 cents per share to those
shareholders who are not eligible for exemption or reduction. Application
forms for exemption or reduction may be obtained from the Transfer
Secretaries and must be returned to them on or before Tuesday,
29 August 2017.
The issued share capital at the declaration date is 121 829 083 listed
ordinary shares, 10 117 951 unlisted redeemable convertible B ordinary
shares and 3 000 000 listed cumulative preference shares. The dividend
has been declared from the income reserves of the Company.
Any change of address or dividend instruction must be received on or
before Tuesday, 29 August 2017.
Share certificates may not be dematerialised or rematerialised from
Wednesday, 30 August 2017 to Friday, 1 September 2017, both days
inclusive.
By order of the Board
EN Rapoo
Group Company Secretary
Woodmead, Sandton
26 July 2017
Transfer Secretaries
Computershare Investor Services (Pty) Ltd
Rosebank Towers
15 Biermann Avenue
Rosebank
2196
Computershare Investor Services PLC PO Box 82
The Pavilions Bridgwater Road Bristol BS 99 7NH England
Registered Office
First floor, AECI Place
24 The Woodlands Woodlands Drive Woodmead
Sandton
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
1 Merchant Place, cnr Fredman Drive and Rivonia Road, Sandton, 2196
Date: 26/07/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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