MUSTEK LIMITED - Audited summarised consolidated financial results for the year ended 30 June 2018

Release Date: 30/08/2018 08:30
Code(s): MST
 
Wrap Text
Audited summarised consolidated financial results for the year ended 30 June 2018

Mustek Limited
Incorporated in the Republic of South Africa
Registration number: 1987/070161/06
Share code: MST
ISIN: ZAE000012373
"Mustek" or  "the Group"
Audited summarised consolidated financial results for the year ended 30 June 2018


Headline earnings per share up 28.2% to 104.15 cents
2017: 81.26 cents

Net asset value per share up 15.4% to 1 348.54 cents
2017: 1 169.08 cents

Dividend per share up 37.5% to 22.00 cents
2017: 16.00 cents

Net cash generated from operations up 4.8% to R239.69 million
2017: R228.78 million

Commentary
Corporate information
Mustek is a public company incorporated and domiciled in South Africa. The main business of Mustek, its subsidiaries,
joint ventures and associates is the assembling, marketing and distribution of Information Communication Technology
(ICT) products and services. 

Basis of preparation
The audited summarised consolidated financial information for the year ended 30 June 2018 has been prepared in
accordance with the framework concepts and measurement and recognition requirements of International Financial Reporting
Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial 
Reporting Pronouncements as issued by the Financial Reporting Standards Council, and as a minimum contain the information
required by IAS 34 Interim Financial Reporting, the Listings Requirements of the JSE Limited and the requirements of the
Companies Act of South Africa. The audited consolidated financial statements and this set of summarised financial 
information, which are based on reasonable judgements and estimates, have been prepared using accounting policies that 
comply with IFRS. The accounting policies are consistent with those applied in the consolidated financial statements 
for the year ended 30 June 2017.

Audit report
Mustek’s independent auditor, Deloitte & Touche, has issued an unmodified opinion on the consolidated financial
statements and this set of summarised consolidated financial statements for the year ended 30 June 2018. The audit 
was conducted in accordance with International Standards on Auditing. The directors take full responsibility for the 
preparation of this provisional report and the financial information has been derived from the consolidated  financial 
statements and are consistent in all material aspects with the consolidated  financial statements. Their unmodified 
audit report for this set of summarised consolidated financial statements and the consolidated  annual financial 
statements are available for inspection at the company’s registered office. The auditor’s report does not necessarily 
report on the information contained in this announcement. Shareholders are therefore advised that in order to obtain a 
full understanding of the nature of the auditor’s engagement, they should obtain a full copy of the auditor’s report, 
together with the accompanying financial information from the issuer’s registered office. Any reference to future 
financial performance included in this announcement has not been reviewed or reported on by the company’s auditors.

                                                                         Audited       Audited    
                                                                         30 June       30 June     
Headline earnings and dividend per ordinary share                           2018          2017                                                             
Weighted number of ordinary shares in issue                           77 802 385    91 003 326    
Ordinary shares in issue                                              73 000 000    83 000 000    
Dividend per ordinary share - paid (cents)                                 16.00         15.00    
Dividend per ordinary share - proposed (cents)                             22.00         16.00                                             
Headline earnings per share (cents)                                       104.15         81.26    
Reconciliation between basic and headline earnings (R000)                                         
Basic earnings attributable to owners of the parent                       79 807        73 091    
Group’s share of loss on disposal of property, plant and equipment           434           391    
Group’s share of loss on impairment of goodwill                                -           468    
Group’s share of loss on disposal of investment                              792             -    
Headline earnings                                                         81 033        73 950    
Net asset value per share (cents)                                       1 348.54      1 169.08    

Fair value measurement of financial instruments
Fair value measurements of financial assets and liabilities are analysed as follows:
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical
  assets or liabilities;
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that
  are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); 
  and
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or
  liability that are not based on observable market data (unobservable inputs).
  
                                                           Audited       Audited    
                                                           30 June       30 June     
                                                              2018          2017    
Financial assets and liabilities                  Level       R000          R000    
Held-for-trading: Foreign currency assets                 
These financial assets consist of foreign 
currency forward contracts and options, 
and are measured using discounted cash flows. 
Future cash flows are estimated based on the 
observable yield curves of forward interest 
rates at the end of the reporting period, as 
well as contract interest rates. The 
revaluation of these assets are included in 
foreign currency losses                               2     31 077         2 602                        
Held-for-trading: Foreign currency liabilities           
These financial liabilities consist of foreign 
currency forward contracts and options, and 
are measured using discounted cash flows. 
Future cash flows are estimated based on 
the observable yield curves of forward 
interest rates at the end of the reporting 
period, as well as contract interest rates. 
The revaluation of these assets are included 
in foreign currency losses                            2     12 668         4 481       
Available-for-sale: Other investments and loans           
This financial asset consists of shares held 
in Zinox Technologies Limited. The inputs used 
to measure the fair value of this investment 
are the Group’s share of the net asset value 
of Zinox Technologies Limited. As the fair 
value approximates the carrying value of 
this asset, no revaluation was done during 
the reporting periods presented                       3          -        18 742                                                    

Operating results
The Group’s revenue increased by 8.2% to R5.67 billion (2017: R5.24 billion) mainly as a result of strong growth in
new products and services added to the Group’s portfolio over the last five years.

The gross profit percentage increased to 14.0% (2017: 12.6%) predominantly due to reduced sales to mass retailers
and a reduction in aged stock that sells at lower margins.

The Rand depreciated by 16.7% or R1.96 against the Dollar during the last quarter of the financial year. This sudden
movement negatively impacted the results and unrealised forex losses of R42.7 million (2017: R3.5 million) were 
recorded and included as part of foreign currency losses. A substantial portion of this loss will be recovered 
through a combination of higher selling prices and forward exchange contracts entered into after year-end at amounts 
lower than the 30 June 2018 closing rate of R13.71. 

Distribution, administrative and other operating expenses increased by 11.7%. Share appreciation rights are revalued
at each reporting period and a share-based payment expense of R6.7 million (2017: R1.4 million income) was included 
in distribution, administrative and other operating expenses. Bonuses amounting to R7.0 million (2017: Rnil) also 
contributed to the increase.

Net finance charges decreased from R87.3 million to R76.6 million and the reduction in inventory and accounts
receivable levels contributed to this saving. Working capital management continues to be a driver of profitability 
and is currently receiving management’s full attention.

An improved performance from Sizwe Africa IT Group Proprietary Limited and a reduced loss from Yangtze Optics Africa
Holdings Proprietary Limited (YOA) saw the contribution from associates increase. Management believes that YOA will 
be profitable in the 2019 financial year after securing and starting to supply a leading fibre company towards the 
end of the financial year.

Mustek’s headline earnings per share is 28.2% higher at 104.15 cents (2017: 81.26 cents) and basic earnings per share
is 27.7% higher at 102.58 cents (2017: 80.32 cents).

Cash flow
The improvement in working capital levels contributed to cash generated from operations of R239.7 million (2017:
R228.8 million). Management continues to focus on optimal working capital management as it remains a driver of 
profitability in our industry.

Inventory days improved by 15.8% to 72.3 days (2017: 85.9 days).

Trade and other receivable days improved by 17.9% to 62.5 days (2017: 76.1 days).

Transformation
Following an audit by an accredited verification agency, Mustek achieved a level 1 BBBEE rating, using the 
amended ICT sector codes.

Management has continued to meaningfully extend its initiatives in employment equity, skills development and 
corporate social investment during the period. The Group is committed to a process of further transformation and 
economic empowerment of its stakeholders, while continuing to ensure the sustainability and prosperity of the 
Group in a competitive market sector.

Board of directors
No changes were made to the board during the period under review.

Corporate activities
On 5 October 2017, Mustek disposed of its 20% investment in Zinox Technologies Limited (Zinox), a company 
incorporated in Nigeria for a cash consideration of R14.4 million. Prior to the transaction, Zinox declared a 
dividend of R3.5 million to the company and the total loss on the disposal of Zinox amounted to R0.8 million.

After acquiring a 99-year notarial lease on land in Cape Town for R9.6 million in the previous financial year, the
Group spent a further amount of R24.7 million developing the site and is planning to relocate its Cape Town offices 
to the new premises during November 2018. It is estimated that a further R10.3 million will be spent to complete the
development.

Retirement benefit plan
The Mustek Group Retirement Fund is a defined contribution fund and payments to the plan are expensed as they fall
due. The majority of the Group’s employees belong to this fund. The Group does not provide additional post-retirement
benefits.

Company and industry outlook
Microsoft announced that it will no longer support Windows 7 after 14 January 2020 and we anticipate an acceleration
of the refresh cycle during the time leading up to this date.

Our investments in new product lines such as networking equipment, sustainable energy and fibre are starting to
contribute meaningfully to both revenue and profit. The growth in fibre to the home is not only assisting our fibre 
sales, but also increasing the demand for new devices in order to fully benefit from the faster internet speeds. 
The Group will continue to look for opportunities to add additional products to its product offering in order to 
better utilise its infrastructure. The contributions from products such as Huawei are expected to continue growing 
and although the gross profit margin might be lower for these products, net profit should increase.

The smart education and learning market is expected to grow as more education institutions realise the importance of
digitisation in the mobile and connected world. We are excited to be able to support schools and universities with
digital education deployment and to assist them in taking advantage of this growth opportunity.

Although economic and market conditions are expected to remain difficult, the increased contribution from our
associates and the reduction in net finance costs as a result of lower inventory levels at both Mustek and Rectron 
should contribute to higher profitability. 

In conjunction with strategic partners from across the ICT industry, Mustek is well positioned for the forthcoming
years.

Share repurchase programme
Mustek acquired 10 000 000 ordinary shares of its issued share capital on the open market for a purchase consideration
in aggregate of R54 854 417. The general repurchase commenced on 30 August 2017 and continued on a day-to-day basis as
market conditions allowed and in accordance with the JSE Limited (JSE) Listings Requirements until 20 June 2018.

The repurchase of shares will continue to be considered by the board in conjunction with an evaluation of current and
future funding requirements in the year to 30 June 2019. This programme will be effected in accordance with the terms 
of the authority granted by shareholders at the annual general meeting held on 2 November 2017. It is currently intended
that any shares purchased will be cancelled and delisted. The market will be notified in accordance with applicable
listing rules and regulations if and when purchases are made.

Dividend
The declaration of cash dividends will continue to be considered by the board in conjunction with an evaluation of
current and future funding requirements and opportunities to repurchase shares. It will be adjusted to levels considered
appropriate at the time of declaration. To this end, the board has declared a final dividend of 22 cents (2017: 16 cents)
per ordinary share for the financial year ended 30 June 2018.

Notice is hereby given that a final dividend of 22 cents per ordinary share for the year ended 30 June 2018 is
declared, payable to shareholders recorded in the books of the company at the close of business on the record date 
appearing below. This dividend is declared out of income reserves. The company’s income tax reference number 
is 9550081716 and the company has 73 000 000 ordinary shares in issue and ranking for dividend at the date of this 
declaration. The South African dividend tax rate is 20% and no secondary tax on companies credits have been utilised, 
resulting in a net dividend of 17.60 cents per share to shareholders who are not tax exempt. 

The salient dates applicable to the final dividend are as follows:
Last day of trade cum dividend                                    Tuesday, 25 September 2018
First day to trade ex dividend                                  Wednesday, 26 September 2018
Record date                                                        Friday, 28 September 2018
Payment date                                                          Monday, 1 October 2018

No share certificates may be dematerialised or rematerialised between Wednesday, 26 September 2018 and 
Friday, 28 September 2018, both days inclusive.

Where applicable, payment in respect of certificated shareholders will be transferred electronically to shareholders’
bank accounts on the payment date. In the absence of specific mandates, payment cheques will be posted to certificated
shareholders at their risk on the payment date. Shareholders who have dematerialised their shares will have their
accounts at their Central Securities Depository Participant or broker credited on the payment date.

Restatement of 2016 statement of cash flows
The 2016 statement of cash flows was restated in order to correctly classify an acquisition of additional shares 
in a previously controlled entity as financing activities as opposed to investing activities. The error was detected 
through the JSE’s proactive monitoring review process.

                                                          Group - 2016                                   
                                           As previously            
                                                reported       Restated         Impact    
                                                    R000           R000           R000                           
Net cash used in investing activities            (56 949)       (37 107)        19 842    
Net cash used in financing activities            (32 503)       (52 345)       (19 842)    

Legal dispute
One of Mustek’s biggest debtors went into business rescue in the latter part of 2017 and an amount of R20.0 million 
is outstanding after receiving an insurance settlement from its credit insurer. The R20 million was secured with a
guarantee that is now disputed by the insurance company that issued the guarantee. Mustek obtained a legal opinion 
from senior counsel and has not raised any provision against the R20 million because it is their view that the 
amount is recoverable.

Post-balance sheet events
On 24 July 2018, the Group disposed of vacant land in Midrand for a cash consideration of R17.5 million and the
pre-tax capital profit on the disposal which is not included in this set of results amounted to R8.1 million. 
The asset is disclosed as held for sale.

There have been no other significant events subsequent to year-end up until the date of this report that requires
adjustment or disclosure.

On behalf of the board of directors             
David Kan                           Neels Coetzee, CA(SA)            
Chief Executive Officer             Financial Director (preparer of provisional Group results)

30 August 2018
Midrand


Summarised consolidated statement of comprehensive income                                        
                                                                    30 June           30 June     
                                                                       2018              2017    
                                                                       R000              R000    
Revenue                                                           5 671 293         5 243 147    
Cost of sales                                                    (4 875 873)       (4 581 639)    
Gross profit                                                        795 420           661 508    
Foreign currency losses                                             (87 935)             (464)    
Distribution, administrative and other operating expenses          (544 405)         (487 352)    
Profit from operations                                              163 080           173 692    
Investment revenues                                                  10 658            20 937    
Finance costs                                                       (87 255)         (108 266)    
Other losses                                                           (792)             (468)    
Share of profit of associates                                        15 749             7 956    
Profit before tax                                                   101 440            93 851    
Income tax expense                                                  (20 183)          (20 131)    
Profit for the year                                                  81 257            73 720    
Other comprehensive income                                                                       
Exchange profits on translation of foreign operations                 2 110            (7 740)    
Other comprehensive income for the year, net of tax                   2 110            (7 740)    
Total comprehensive income for the year                              83 367            65 980    
Profit attributable to:                                                                          
Owners of the parent                                                 79 807            73 091    
Non-controlling interest                                              1 450               629    
                                                                     81 257            73 720    
Total comprehensive income attributable to:                                                      
Owners of the parent                                                 81 917            65 351    
Non-controlling interest                                              1 450               629    
                                                                     83 367            65 980     
Basic earnings per ordinary share (cents)                            102.58             80.32    


Summarised consolidated statement of financial position                                      
                                                     30 June          30 June     
                                                        2018             2017    
                                                        R000             R000    
ASSETS                                                                           
Non-current assets                                                               
Property, plant and equipment                        170 478          156 237    
Goodwill                                              55 627           55 627    
Intangible assets                                     44 634           37 889    
Investments in associates                            117 328          103 006    
Other investments and loans                           59 928           77 920    
Deferred tax asset                                    21 923           16 572    
                                                     469 918          447 251    
Current assets                                                                   
Inventories                                          965 971        1 078 035    
Inventories in transit                               187 282          128 375    
Trade and other receivables                          971 403        1 093 565    
Foreign currency assets                               31 077            2 602    
Bank balances and cash                               295 376          230 371 
                                                   2 451 109        2 532 948   
Assets classified as held for sale                     9 420                -        
TOTAL ASSETS                                       2 930 447        2 980 199    
EQUITY AND LIABILITIES                                                           
Capital and reserves                                                             
Ordinary stated capital                                    -                -    
Retained earnings                                    981 157          969 164    
Non distributable reserve                                  -                -    
Foreign currency translation reserve                   3 279            1 169    
Equity attributable to owners of the parent          984 436          970 333    
Non-controlling interest                               8 879            8 128    
Total equity                                         993 315          978 461    
Non-current liabilities                                                          
Long-term borrowings                                   6 251            5 637    
Deferred tax liabilities                               8 898           10 617    
Deferred income                                       15 788           13 215    
                                                      30 937           29 469    
Current liabilities                                                              
Trade and other payables                           1 625 054        1 715 277    
Foreign currency liabilities                          12 668            4 481    
Deferred income                                       13 817           13 233    
Bank overdrafts                                      254 656          239 278    
                                                   1 906 195        1 972 269    
Total liabilities                                  1 937 132        2 001 738    
TOTAL EQUITY AND LIABILITIES                       2 930 447        2 980 199    


Summarised consolidated statement of changes in equity                         
                                                                          Foreign   Attributable     
                                Ordinary                       Non-      currency      to owners          Non-         
                                  stated   Retained   distributable   translation         of the   controlling         
                                 capital   earnings         reserve       reserve         parent      interest      Total          
                                    R000       R000            R000          R000           R000          R000       R000 
Balance at 30 June 2016           50 531    927 669             809         8 909        987 918          (581)   987 337    
Profit for the year                    -     73 091               -             -         73 091           629     73 720    
Other comprehensive income             -          -               -        (7 740)        (7 740)            -     (7 740)    
Dividends paid                         -    (13 950)              -             -        (13 950)            -    (13 950)    
Buy back of shares               (50 531)   (18 455)              -             -        (68 986)            -    (68 986)    
Acquisition of subsidiary              -          -               -             -              -         8 080      8 080    
Non-distributable reserves                                                                         
recycled to retained earnings          -        809            (809)            -              -             -          -    
Balance at 30 June 2017                -    969 164               -         1 169        970 333         8 128    978 461    
Profit for the year                    -     79 807               -             -         79 807         1 450     81 257    
Other comprehensive income             -          -               -         2 110          2 110             -      2 110    
Dividends paid                         -    (12 960)              -             -        (12 960)         (699)   (13 659)    
Buy back of shares                     -    (54 854)              -             -        (54 854)            -    (54 854)    
Balance at 30 June 2018                -    981 157               -         3 279        984 436         8 879    993 315    


Summarised consolidated cash flow statement                                                                                 
                                                                                                                Restated     
                                                                             30 June           30 June           30 June     
                                                                                2018              2017              2016    
                                                                                R000              R000              R000    
OPERATING ACTIVITIES                                                                                                        
Cash receipts from customers                                               5 778 409         5 251 783         5 563 726    
Cash paid to suppliers and employees                                      (5 538 720)       (5 023 008)       (5 388 679)    
Net cash from operations                                                     239 689           228 775           175 047    
Investment revenues received                                                  10 658            20 937            19 281    
Finance costs paid                                                           (87 255)         (108 266)         (110 793)    
Dividends paid                                                               (13 659)          (13 950)          (35 605)    
Income taxes paid                                                            (10 862)          (27 637)          (34 697)    
Net cash from operating activities                                           138 571            99 859            13 233    
INVESTING ACTIVITIES                                                                                                        
Additions to property, plant and equipment                                   (44 052)          (23 750)          (24 858)    
Proceeds from sale of property, plant and equipment                              526               153               271    
Proceeds on disposal of subsidiary, net of cash disposed                           -                 -            (1 263)    
Acquisition of subsidiaries, net of cash acquired                                  -            (6 256)                -    
Decrease (increase) in investments in and loans to associates                  1 427           (10 202)           (8 018)    
Decrease (increase) in investments and loans                                  13 713            (2 518)            9 844    
Additions to intangible asset                                                (16 621)           (9 781)          (13 083)    
Net cash used in investing activities                                        (45 007)          (52 354)          (37 107)    
FINANCING ACTIVITIES                                                                                                        
Buy back of ordinary shares                                                  (54 854)          (68 986)          (42 823)    
Increase in long-term borrowings                                               3 187             5 721             9 164    
Increase (decrease) in short-term borrowings                                   7 730               953           (14 808)    
Increase (decrease) in bank overdrafts                                        15 378          (138 435)           15 964    
Acquisition of additional shares in a previously controlled entity                 -                 -           (19 842)    
Net cash used in financing activities                                        (28 559)         (200 747)          (52 345)    
Net increase (decrease) in cash and cash equivalents                          65 005          (153 242)          (76 219)    
Cash and cash equivalents at beginning of the year                           230 371           383 613           459 832    
Cash and cash equivalents at end of the year                                 295 376           230 371           383 613    


Summarised segmental analysis                                                                                                                                                                  
                                        Total                Mustek               Rectron              Group            Eliminations                    
                                 30 June    30 June    30 June    30 June    30 June    30 June  30 June   30 June   30 June    30 June     
                                    2018       2017       2018       2017       2018       2017     2018      2017      2018       2017    
Business segments                   R000       R000       R000       R000       R000       R000     R000      R000      R000       R000    
Revenue                        5 671 293  5 243 147  3 826 754  3 135 498  2 164 331  2 429 919        -         -  (319 792)  (322 270)    
EBITDA *                         193 564    202 465    166 883    132 170     50 417     86 265  (23 736)  (15 970)        -          -    
Depreciation and amortisation    (30 483)   (28 773)   (20 055)   (18 759)   (10 428)   (10 014)       -         -         -          -    
Profit (loss) from operations    163 081    173 692    146 828    113 411     39 989     76 251  (23 736)  (15 970)        -          -    
Investment revenues               10 658     20 937      5 378      7 818      7 107     13 780    2 173     4 988    (4 000)    (5 649)    
Finance costs                    (87 255)  (108 266)   (60 523)   (57 759)   (26 673)   (50 507)  (4 059)   (5 649)    4 000      5 649    
Other losses                        (792)      (468)         -          -          -          -     (792)     (468)        -          -    
Share of profit of associates     15 749      7 956          -          -          -          -   15 749     7 956         -          -    
Profit before tax                101 441     93 851     91 683     63 470     20 423     39 524  (10 665)   (9 143)        -          -    
Income tax (expense) benefit     (20 183)   (20 131)   (22 174)   (13 933)    (4 047)    (9 273)   6 038     3 075         -          -    
Profit (loss) for the year        81 258     73 720     69 509     49 537     16 376     30 251   (4 627)   (6 068)        -          -    
Attributable to:                                                                                                                           
Owners of the parent              79 808     73 091     69 509     49 537     14 874     29 574   (4 575)   (6 020)        -          -    
Non-controlling interest           1 450        629          -          -      1 502        677      (52)      (48)        -          -    
                                  81 258     73 720     69 509     49 537     16 376     30 251   (4 627)   (6 068)        -          -    
* Earnings before interest, taxation, depreciation and amortisation  
                                                                                                                                                              
                                      Total              South Africa       East Africa          Taiwan                      
                               30 June    30 June    30 June    30 June  30 June  30 June  30 June  30 June     
                                  2018       2017       2018       2017     2018     2017     2018     2017    
Geographical segments             R000       R000       R000       R000     R000     R000     R000     R000    
Revenue                      5 671 293  5 243 147  5 631 805  5 204 256   38 301   37 762    1 187    1 129    
Profit (loss) before tax       101 441     93 851     98 015     94 205    2 171  (1 600)    1 255    1 246    
Income tax (expense) benefi   (20 183)   (20 131)   (19 553)   (20 863)    (301)    1 295    (329)    (563)    
Profit (loss) for the year      81 258     73 720     78 462     73 342    1 870    (305)      926      683    
Attributable to:                                                                                               
Owners of the parent            79 808     73 091     77 012     73 390    1 870    (305)      926      683    
Non-controlling interest         1 450        629      1 450       (48)        -        -        -        -    
                                81 258     73 720     78 462     73 342    1 870    (305)      926      683    


Corporate information: 
Directors: Rev Dr VC Mehana (Non-executive Chairman), DC Kan (Chief executive officer), CJ Coetzee (Financial director), 
H Engelbrecht, LL Dhlamini*, Dr ME Gama*, RB Patmore* *Independent Non-executive director 

Company secretary: Sirkien van Schalkwyk, 1 Carlsberg, 430 Nieuwenhuyzen Street, Erasmuskloof Extension 2, 0181. 
PO Box 4896, Rietvalleirand, 0174, Telephone: +27 (0) 12 751 6000. 

Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, 
Rosebank, 2196. PO Box 61051, Marshalltown, 2107. Telephone: +27 (0) 11 370 5000. 

Registered office: 322 15th Road, Randjespark, Midrand, 1685. Postal address: PO Box 1638, Parklands, 2121. 
Contact numbers: Telephone: +27 (0) 11 237 1000 Facsimile: +27 (0) 11 314 5039 Email: ltd@mustek.co.za. 

Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited.

www.mustek.co.za
Date: 30/08/2018 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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