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In a relatively slow day for corporate news, Transaction Capital's shareholders overwhelmingly approved the unbundling of WeBuyCars. In international news, telecoms giant Vodafone has agreed to sell its Italian unit for more than R163 billion.
Shareholders of Transaction Capital have approved the unbundling of WeBuyCars. During a meeting on Friday, shareholders constituting 82% of the group's issued shares overwhelmingly approved a move that is expected to see the vehicle trader separately list on the JSE in April. Shares in Transaction were down 2% in afternoon trade after the meeting and while they have risen 31% in the year to date, they are still down about a third on a one-year basis.
Junior coal miner MC Mining reported MC Mining reported an 80% increase in revenue to $25.2 million (R472 million) in its six months to end-December, helped by increased production at Uitkomst and the resumption of activity at the Vele Aluwani Colliery, which was recommissioned in December 2022. But it still felt pressure from lower international prices, as well as higher employee costs, and its after-tax loss widened to $5.8 million from $1.3 million. While it has operations, much of its focus is on its flagship Makhado project in Limpopo, which will produce coking coal and thermal coal for export and domestic use. Funding initiatives have been, however, impacted by ongoing corporate action, it said on Friday, the company being subject of a bid from Goldway Capital investments, a consortium that includes shareholders. MC Mining was unchanged after the announcement but has risen almost 12% so far this year. MC Mining was up about 5% in afternoon trade and has gained almost 18% so far this year.
