7 things you need to know today, Newsline

Compiled by Dhivana Rajgopaul

CAPE TOWN – Good morning. This is all the latest business news that you need to know today.

1. Sasol to sell 50% stake in Lake Charles Chemicals Project for over R30bn

Petrochemicals giant Sasol has today announced plans to sell a 50 percent stake in the Lake Charles Chemicals Project (LCCP) Base Chemicals Business for $2 billion (R33.4 billion) to LyondellBasell, one of the largest plastics, chemicals and refining companies in the world.

2. Electrical distributor sinks deeper into the red

Ellies, the JSE listed South African manufacturer, importer, wholesaler and distributor of lighting, electrical and solar products sunk deep into the red during the year ended April 2020 as losses widened by 709percent.

3. Shoprite bids farewell to Christo Wiese

Shoprite yesterday went for the jugular, appointing respected banking guru Wendy Lucas-Bull as its chairperson-designate to take over from long-serving chairperson Christo Wiese with immediate effect

4. Rand surrenders gains overnight

The South African rand oscillated in a narrow band yesterday as traders digested mixed data releases on the domestic front according to NKC Research.

5. A landmark Premier Fishing empowerment deal

Premier Fishing SA (PFSA), a division of JSE listed Group Premier Fishing and Brands Limited, one of the largest black-owned, managed and fully transformed fishing companies in South Africa is issuing shares to its 900 employees.

6. Accelerate tenants show good turnover after the lockdown

Accelerate Property Fund, which has a R12.7billion portfolio of 62 properties, said its retail tenants had shown improved turnovers and shopping centre foot counts after the lockdown, but many risks still remained for the property industry.

7. All of hospitality shares in hands of Tsogo Sun

The Tsogo Sun board and the board of 59percent-held subsidiary Hospitality Property Fund had agreed the terms of the acquisition of all of Hospitality’s shares and the delisting of Hospitality, the groups said in a joint announcement yesterday evening.