Tag: shares

One of H&M’s largest shareholders has lost its patience.

Skandia’s actively managed funds have spent the past months selling off most of its stake in Hennes & Mauritz after watching the fashion retailer struggle with weakening sales in its physical stores and intensifying online competition. The Swedish savings and insurance giant says there is a raft of issues H&M would need to address before it will consider investing again.

“There’s so much they need to do that I don’t think they’ll solve this quickly,” Erik Sjostrom, who oversees more than $3bn as a senior portfolio manager at Skandia, told Bloomberg.

H&M, whose biggest shareholder is the billionaire Persson family that started the company in 1947, sank more than 30% last year. This year, the stock is down about 7%.

The world’s second-largest fashion chain by sales (after Zara-owner Inditex) needs to start prioritising profitability over growth and present a credible plan for tackling online competition, Sjostrom says.

It also needs to cut its dividend, reduce the number of stores in mature markets and focus on getting its product mix and price levels right, as well as reducing or writing off excess inventory that gets in the way of new trends hitting its shelves, he says.

H&M has said it feels confident it can fix its “disappointing” sales history. Management is working on building its online presence, creating new brands, improving its shops and fixing inventory issues with better technology.

H&M’s problems partly stem from its slowness to adapt to a digital age in which consumers increasingly shop online. As recently as a year ago, its main target was to grow its physical store network by between 10%-15% annually. As it became clear more shoppers wanted to make their purchases online, H&M changed that goal to aim instead for annual sales growth of between 10%-15%, including online commerce. Its digital sales have increased, but H&M still faces stiff competition from multi-brand and free shipping platforms like Zalando and Asos.

Analysts also appear to be losing their patience. Of those who provide their H&M ratings data to Bloomberg, 51% are now advising clients to sell the shares. That’s the most negative overall analyst view since at least early 2003, according to Bloomberg data. The average 12-month analyst price target has dropped to the lowest since early 2009.

Skandia’s funds, including its index-tracking funds, have sold a total of 1.26-million H&M shares in the past year and now hold 2.8-million shares, or 0.2% of the share capital (Skandia’s pension arm holds about additional H&M shares.)

Sjostrom says Skandia’s actively managed funds now have “almost nothing left” in H&M. The fund manager says he is unlikely to start buying again until H&M shows it understands the new market in which it operates, including the need to make products available at external online marketplaces.

“Why go to H&M, where you can only buy H&M? If you go to Zalando, you can buy a whole bunch of brands,” he said. “You need to be on these platforms.”

While H&M is working to address that issue in part by extending a co-operating agreement with Alibaba Group’s Tmall in China, Sjostrom says that is not enough. Even if the company is growing online, it is “still losing too much in stores,” he says.

The rise of low-cost retailers such as Associated British Foods’ Primark and Fast Retailing’s Uniqlo poses another problem. H&M virtually invented the business of low-cost, fast-fashion retail in the early 1990s, but is these days neither the fastest nor the cheapest brand.

“The market is changing very quickly, and H&M needs to figure out a new way to keep up with these developments,” Sjostrom said. “If they show how they’re going to fix it in a few years, then it could become an investment opportunity again.”

By Anna Molin for Business Day / Bloomberg

Steinhoff raises R7.1bn from sale of PSG shares

Steinhoff International raised R7.1bn billion of shares in South African financial services firm PSG, the latest in a line of disposals aimed at shoring up the retailer’s battered balance sheet.

The owner of Mattress Firm in the U.S. and Poundland in the UK placed almost 29.5 million shares in Stellenbosch, South Africa-based PSG with institutional investors, Steinhoff said in a statement Monday. That’s on top of the 20.6 million PSG shares sold late last year at the start of an accounting scandal that’s wiped out most of its market value.

“This is positive for Steinhoff as it will secure a decent bit of liquidity out of a fairly well-priced asset,” Alec Abraham, an analyst at Johannesburg-based Sasfin Securities, said by phone. “By selling out of a non-core asset, the company is better able to support its core, furniture businesses.”

The shares rose 3.7% as of 4:41 p.m. in Frankfurt, where Steinhoff moved its primary listing from Johannesburg in December 2015. PSG rose 0.2% by the close in the South African city to R254 rand, about 5.5% higher than the R240 price Steinhoff received for its stock. The retailer holds a 2.5% after the placement.

Steinhoff has been identifying non-core assets to sell while holding talks with lenders about providing financial support. The company said December 5 it had uncovered accounting irregularities and later announced it would have to restate accounts going back to 2015. Chief executive officer Markus Jooste and chairman and biggest shareholder Christo Wiese have both resigned.

The company earlier this year sold a luxury Gulfstream 550 private jet that had once been valued at $25m, while French unit Conforama has disposed of a 17% stake in online retailer Showroomprive for €79 million euros. That’s about half what it paid for the shares in May last year.

The PSG placing was carried out by PSG itself and the South African unit of Standard Bank.

Separately, Amsterdam Court’s Enterprise Chamber delayed a verdict on a case brought against Steinhoff by a former joint-venture partner until no later than February 19. It had been due to make a decision on the case Monday.

By Janice Kew and John Bowker for Bloomberg / Fin24

Shoprite announced subdued growth on Tuesday, blaming deflation for its lacklustre performance.

The group increased its turnover by 6.3% for the six months to December 2017 – less than half of the 14% achieved in the same period in 2016.

CEO Pieter Engelbrecht said overall internal price deflation occurred in the last quarter, and that the slowdown in turnover growth should be viewed in the context of average grocery price inflation decelerating to 0.4% during the reporting period. It was 7.4% in the corresponding period.

Supermarkets RSA, Shoprite’s primary business, increased sales by 7.8% during a period when internal inflation fell to 0.4% for the six months compared to 7.4% in the previous corresponding period, driven mainly by a drop in the price of basic commodity items.

Shoprite said economic and trading conditions in its foreign markets remained unchanged, and as a result the group’s non-South African supermarket operating segment reported a 0.4% drop in rand terms.

The impact of lower commodity prices and the depreciation of local currencies remained prevalent in the larger economies it operates in outside South Africa, the group stated.

Shoprite’s furniture division reported increased sales of 10.8% while other operating segments, mainly driven by the OK Franchise division’s performance, saw 6.7% growth.

Engelbrecht said this was pleasing given low internal price inflation, and was in line with the group’s South African supermarket performance.

Shoprite’s interim results are scheduled for release on February 27.

Shares in Shoprite were trading at R214.54, up 0.72%, on the JSE on Tuesday.

Source: Fin24.com

How Steinhoff affected us normal folk

Most South Africans who invested are poorer today due to Steinhoff’s business collapse and are asking for answers from fund managers.

But‚ many say‚ the business was so complicated‚ with its audited financial statements appearing so reasonable‚ that it was easy for investors to miss red flags pointing to the alleged multi-billion dollar fraud.

Steinhoff’s share price dropped from R46.60 at close of trading on Tuesday to R12.74 a week later. The company has reported a missing R100-billion in the company’s European operations.

Fund Manager Simon Brown said the easiest explanation is to say South African pension holders and investors are R160-billion poorer since the crash. As hundreds of funds would have lost money it is difficult to put an exact figure on the losses.

Many furious South Africans are demanding answers from investors. But multiple fund managers explained that until Tuesday the numbers looked reasonable and “fraud by its nature is subtle”.

The search for answers follows Parliament’s Standing Committee on Public Accounts on Monday calling for the Hawks‚ SARS‚ Reserve Bank and Independent Regulatory Board of Auditors to investigate Steinhoff’s implosion and financial losses.

Not everyone however‚ is buying the investors’ explanations‚ with some Steinhoff critics questioning the company’s executives “loose accounting practices”.

Futuregrowth chief investment officer Andrew Canter said they stopped lending money to Steinhoff roughly eight years ago.

He said they avoided Steinhoff for multiple reasons‚ which included their business’ horrendous complexity‚ involving different brands and companies across different jurisdictions in multiple currencies‚ along with their never-ending acquisitions which rendered year-on-year analysis difficult and credit ratios unreliable.

“If we can’t understand the business‚ why would we lend to it?”

Canter said key to Futuregrowth was being wary of the way Steinhoff’s management conducted business.

He said there were enough signs “which evidently some chose to ignore”.

“From what we know today‚ Steinhoff’s management appears to have been playing fast and loose with the tax laws and accounting practices.”

Investor Karin Richards who has looked back at the Steinhoff cash flow‚ and ratios investors use when scrutinising businesses since the implosion‚ however said: “There is nothing here for me that says ‘oh my … here is a big problem’.”

She said as a former auditor she had a better idea than the average person on how to “window dress accounts”. “But the numbers look reasonable.” She said many funds would have lost their first inflation bases gains in three years. Fund manager Keith McLachlan commented on how people started claiming investors should have spotted the fraud: “Everyone knew it was fraud‚ after the fact.

“Intuitively‚ if one ignores the complexity of the Steinhoff business‚ if it was obviously fraud‚ not only would the stock market have seen it‚ but the auditors would have picked up on it long before it even saw the light of day.

“Nothing in the Steinhoff financial statements really screamed fraud or deep obfuscation of the numbers.

“At best‚ it perhaps looked like a business that was growing a bit too fast. At worst‚ it showed a business whose fundamentals weren’t particularly great. Fraud by its very nature is subtle.”

Wits governance expert Alex van den Heever‚ however‚ said that one needed to question why some investment and equity loan companies saw the red flags‚ but others didn’t.

“That some firms didn’t pull their funds despite other companies’ concerns points to a bit of an ‘old boys club’ operation with people just accepting the word of others in the industry.”

Brown said the financial industry needed introspection.

“Should we not at least as an industry that after looks after people’s pension have some introspection how we got this wrong?

“There are a lot of people saying I can’t see fraud‚ but I can’t see a quality business. Yet‚ we put R400-billion in pension money into this business.”

The R400-billion is when business was R95 a share some time last year.

Financial analyst Stuart Theobald agreed that numbers appeared reasonable but said people trusted Steinhoff main shareholder Cobus Wiese. “Wiese had a certain halo effect. People had committed faith in his abilities to manage complexity and stay on the right side of the law‚ while sometimes going close to the line.”

By Graeme Hosken and Katharine Child for The Sunday Times
Image – The Sunday Times

Around 30% of Sappi shares are held by the Public Investment Corp, the Government Employees Pension Fund and the Industrial Development Corp — and that is a fat vote of confidence in the group from government.

This is, after all, a company that has struggled to appeal to the broader market in the years since the global financial crisis began. This is probably because it took seven years to more than double from below R20 to about R40 between 2009 and 2015. Now, having shot up to around R100 more recently, it’s been deemed a great-value share.

Sappi delivered “robust” full-year results to September 2017 on “strong growth” from speciality packaging and its dissolving wood pulp business. Full-year profit of $338m rose from $319m in 2016.

The group has further reduced debt in the period, as it continues to reorientate operations away from the core business of fine-coated paper used in upmarket advertising and publishing materials.

The focus now is on high-margin dissolving wood pulp, also called chemical cellulose, used in making clothing and textiles — and on specialised packaging products.

But the turnaround has been long and slow, and only the most optimistic supporters have stuck around. The recent upward rush may also have reached a peak for now, says Electus Fund Managers analyst Mish-al Emeran, as the “low-hanging fruit” has been picked.

“[There is a] need to strike a balance between growth and the risk of oversupplied markets. We think the share price reflects the turnaround, [but] key catalysts have played out,” he says.

Chemical cellulose is the key area of growth for Sappi, Emeran says. But there could be significant additional global supply in the medium term. In the past year there was strong demand for the product, Sappi says, growing at double digits.

This is why the group’s capital expenditure in 2018 is expected to increase to $450m as it continues to convert mills in SA, Europe and North America to produce greater amounts of its chemical cellulose and speciality packaging. The latter is a sector that has enormously benefited SA pulp, packaging and paper manufacturer Mondi, as the Internet cut into Sappi’s traditional fine-coated paper markets.

Mondi has built up world-class packaging production assets in emerging European markets, while Sappi has been hampered by more expensive output costs at its mills and factories in developed European countries. Mondi only really ever made office paper, so the Internet has not been as damaging to its paper business.

But with the move to chemical cellulose and also speciality packaging, Sappi is starting to reassert itself. Both Sappi and Mondi have significant facilities in SA, Europe and the US, which supply world markets. Meanwhile, with the rand remaining weak, SA is a good place for basic product inputs, including competitive forestry resources.
For Sappi, Europe is its biggest market at 41% of sales, followed by Asia at 26%, and the US 23%. SA accounts for 10% of the total. Coated paper is still Sappi’s biggest product segment, at 56% of all sales. Speciality paper makes up 11%, commodity paper 7% and chemical cellulose 20%. But with spending during 2018 focused on higher-margin growth segments, including chemical cellulose and speciality packaging, this will position Sappi for stronger profitability from 2019 onwards, says CEO Steve Binnie.

“We have been through a period of being very conservative,” Binnie says. “We halved debt over the past four years from $2.5bn to $1.3bn.

“Our success in bringing our debt levels to below our targeted leverage ratio of less than two times net debt to [earnings before interest, tax, depreciation and amortisation] in [financial 2016] meant we could turn our attention to increased investments in growth projects.”

Markets for chemical cellulose are predicted to grow at about 5%/year.

Sappi supplies about 20% of the global market – much of this to China, India and Indonesia. The product is also widely used in cigarette filters, cellophane, pharmaceuticals and in making foodstuffs.

But Binnie says demand for textiles has been so good that Sappi has not yet had the opportunity to enter these other markets.

Emeran says management has done well to turn the business around. He says balance-sheet strength and flexibility have been restored, amid good cost control across divisions. Investors will also be pleased that Sappi’s dividend in 2017 leapt 36% to US$0.15 year-on-year.

Wade Napier, diversified resources analyst at Avior Capital Markets, says Sappi “is very comfortable” in terms of its balance sheet. He says it has never fully repaid its debt because debt is a useful means of enhancing equity returns in a low global interest-rate environment.

By Mark Allix for Business Live

SA’s fast food industry in crisis

The South African fast food industry has come under severe pressure of late. The management of these fast food retailers keep telling us that in an economy that is not growing as it should, making money is becoming increasingly harder.

These companies should also acknowledge that increased competition in the South African market is becoming ever more prevalent. Recent entrants into the markets include chains such as Chesa Nyama and Pizza Perfect.

Famous Brands

Famous Brands, who owns household brands Steers, Wimpy and Debonairs among others, has seen its share price drop over 40% over the last year. The biggest reason is that investors are extremely negative on their Gourmet Burger Kitchen (GBK) acquisition in the UK. Having paid R2.1bn for GBK, the expectation is for GBK to contribute considerably to bottom line earnings.

Unfortunately, the opposite has happened. GBK only made a profit of R16m before interest and taxation. Management has cited reasons such as investor uncertainty due to Brexit. However, the fast food competition in the UK has also intensified and growing market share is becoming increasingly harder.

Taste

Taste Holdings owns the fast food brands Dominos Pizza, Starbucks and Zebro’s. Outside of food, Taste also has jewellery interest in NWJ, Arthur Kaplan and World’s Finest Watches.

Taste has been trying to become profitable and hopes that the international brands of Starbucks will do exactly that.

For the six months ending August 2017, Taste posted a loss of around R65m. Unfortunately, Starbucks has not yet pulled Taste into profit. Worse yet, Taste’s jewellery division, which has historically made profits, has also posted a loss of R769 000.

Taste needs to turn profitable as the balance sheet is very weak. With debts relatively high, Taste might consider issuing rights to bolster their cash position as the Starbucks roll-out is very cash hungry.

The share price of Taste declined from R2.15 in May to 75 cents recently.

Grand Parade Investments

Recently Grand Parade announced that it withheld dividend payments for 2017. As with Taste, Grand Parade is still rolling out its Burger King, Dunkin’ Donuts and Baskin-Robbins stores. These roll-outs are very capital intensive and are still leading to company losses.

Grand Parade has a profitable gambling interest but is planning to disinvest from those in time as it targets food to be the future of the company.

In March 2017 Grand Parade Investments was trading at R4.00 per share. Currently, the price is trading at R2.71. This is a great entry point for investors as the company is actively deleveraging its balance sheet and has a debt to equity ratio of 16.8%.

Spur

Spur has been a South African household name for years. As all of the other fast food chains, Spur has seen its share price drop considerably. It traded down from R36 per share to around R28 in less than a year. Recent numbers show like for like sales down 9.9% and headline earnings from continued operations declined by 26%.

Spur’s roll-out of the RocoMamas franchise has been extremely successful and has been a great hedge for Spur in a declining environment. RocoMamas increased profits by 34%.

Other brands in the Spur group include Hussar Grill and John Dory’s.

Woolworths

Although not as much fast food, Woolies does offer customers a sit-down and take-away option. The Woolies share price seems to have found some support around the R60 level with investors buying the share a lot cheaper than they did 2 years ago. In November 2016, Woolies was trading at around R104 per share.

Like Famous Brands, Woolworths tried to achieve scale by entering an offshore market. The David Jones acquisition in Australia is providing problems with reported management differences and questions over the price paid for the acquisition.

However, Woolworths does sell superior products to its competitors and will rocket when the South African economy turns and the Australian acquisition gets bedded down properly.

By Kirk Swart for Fin24

Shoprite to vote on Whitey’s R1,7bn share sale

Shoprite shareholders will vote on whether to approve a proposed repurchase of about R1.7bn of shares from former chief executive officer Whitey Basson.

Basson exercised a put option on May 2 that meant Cape Town-based Shoprite would buy 8.58 million shares from the ex-CEO, who stepped down as head of Africa’s biggest food retailer at the end of last year.

The original sale price of R211.01 a share was later reduced to R201.07, the 30-day weighted average price up to when Basson decided to use his put option. At least 75% of voting shareholders have to be in favour of the repurchase for it to be approved.

Shoprite shares fell 0.5% to R222 at the close in Johannesburg on Monday, valuing the company at R133bn.

Billionaire Christo Wiese, Shoprite’s largest shareholder and South Africa’s fourth-richest person with a net worth of R72.6bn, said August 22 he wasn’t expecting significant opposition from investors.

The put option, agreed to in 2003, ensured Basson didn’t “flood the market” with shares while he worked for the company and was also part of an incentive to retain him in the role, which he held for almost four decades, Wiese said at the time.

If the deal isn’t approved, Basson should have no difficulty selling the shares to money managers over the next few months, Syd Vianello, an independent retail analyst in Johannesburg, said by phone. The stock has risen since the put option was triggered, meaning Basson could get even more cash if he sells independently.

Wiese owns about 15% of Shoprite’s ordinary listed shares and a further 30% in voting rights. The Public Investment Corp, which looks after state pensions and is the continent’s biggest money manager with assets of R1.6trn, holds about 10% of the company and is its second-largest shareholder.

By Janice Kew forBloomberg News

South Africa’s tough retail environment ate into Mr Price earnings over the past year, as consumers kept a firm hold on their wallets due to the current economic climate.

The group on Tuesday reported a decrease of 10.4% in its diluted headline earnings for the year to 1 April 2017 compared to the previous year.

Mr Price’s poor year corresponded with competitors Truworths, Woolworths and Foschini’s weak sales numbers, highlighting the struggles of the sector.

“This was the group’s first earnings decrease in 16 years during a very difficult trading period,” said CEO Stuart Bird.

Total revenue rose 0.7% to R19.8bn, with retail sales decreasing 0.5% to R18.6bn.

The results were not unexpected, as the Durban-based retailer’s pre-Christmas performance had been dismal. Mr Price attributed the losses at the time due to last year’s unseasonably warm winter as well as promotional markdowns by competitors to clear stock. Foreign retailers such as H&M and Cotton On also ate into the retailer’s market share.

Despite its retail woes Mr Price remained cash generative, providing a good return on average equity to shareholders. Free cash flow increased 131% to R1.8bn and cash resources at period end were R1.8bn. The annual dividend per share stayed at 667c, with the final dividend of 438.8c per share up 4.7%.

Annual dividends of the group have not declined in the last 31 years.

The group said its cash-based business model has enabled it to maintain its dividend track record. It also used the model to fund capital expenditure of R2bn in the last two years to build the necessary infrastructure to support growth plans.

The no-frills retailer said the year proved to be exceptionally challenging for the retail sector.

“Consumer confidence remained low as a result of the poor state of the local economy and a lack of faith in the current political leadership’s ability to set high standards of governance and deliver inclusive growth.”

It also blamed the Cabinet reshuffle and credit ratings downgrades for causing exchange rate volatility, which led to higher prices the consumer ultimately had to absorb.

“As a result, the retail environment has become more competitive, with any growth in a stagnant market coming from increased market share,” Mr Price said.

“This has led to retailers in our sector increasing their promotional activity to drive sales and manage stock levels.”

The merchandise gross profit margin decreased by 1.3% to 40.6%, mainly due to higher markdowns in MRP Apparel, the group’s largest chain. The apparel division, which accounts for around 70% of group sales, has struggled to attract sales.

However Mr Price’s sales growth in the fourth quarter improved, buoyed by sales in the Easter school holidays. Local online sales also continued to perform well and were 13.0% higher than last year.

MRP Sport increased its sales by 7.7% to R1.4bn, performing strongly in the first half with sales gaining 13.3%.

Mr Price singled out MRP Apparel and Miladys as its underperforming units, but added that the new financial year presented new hope, with the best sales performances coming from these two units.

MRP Apparel’s performance, with a decline in operating profits, was an especial cause for concern with sales of R10.9bn 1.7% lower. In the first quarter its product offerings did not resonate with customers, Mr Price said.

Miladys sales of R1.3bn were 5.3% lower. Operating profit increased in the second half, but fell on an annual basis despite a higher gross profit percentage and good cost control.

Although there was limited overhead growth below the inflation rate, it was not sufficient to counter the decline in sales and gross profit.

The retailer said any improvement in the consumer environment is likely to be gradual. Its recovery plans centres on regaining its lost market share, which it believes is the most significant near-term opportunity.

Mr Price’s share price jumped 5.28% to R153.91 at 11:20 on the JSE.

By Yolandi Groenewald for Fin24

South Africa’s general retailers index posted its biggest daily loss in nearly two weeks on Monday, capping gains on the bourse after ratings downgrades last week knocked the rand currency, raising the prospect of inflation curbing consumption.

The rand extended its recent losses as the credit downgrades to “junk” by two ratings firms last week following the sudden firing of the finance minister kept investors jittery.

The general retailers index shed 2.77% on Monday, bringing its decline to around 12% since March 27 when President Jacob Zuma recalled finance minister Pravin Gordhan from an overseas investors roadshow, before firing him in a cabinet reshuffle.

Massmart, majority-owned by Wal-Mart, lead the way, falling 4.85%.

“It looks like people are starting to realise that these downgrades will cause the economy to slow down, that’s generally a negative for retailers,” said Cratos Capital equities trader Greg Davies.

Overall, the market closed higher. Advancers included Anglo American, which closed 1.6% higher after announcing it would sell its Eskom-linked thermal coal operations in South Africa for $166 million, marking an important step in strategic overhaul to sharpen its focus.

The broader All-Share index increased 0.54% to 53,139.86 points, while the benchmark Top-40 index added 0.73% to 46,422.49 points.

On the foreign exchange market, at 23:50 the rand traded at 13.9501 per dollar, 1.20% weaker from its New York close on Friday.

In fixed income, the yield for the benchmark government bond due in 2026 climbed 7.5 basis points to 9.005%.

By Olwethu Boso for www.moneyweb.co.za

Massmart’s shares fall

The share price of Wallmart’s South African subsidiary Massmart fell 4.4% to R111 on Tuesday morning after it reported overall sales growth excluding new stores failed to keep pace with inflation.

Massmart reported sales for the 44 weeks to October 30 excluding new stores was 5.3%, lagging behind product inflation of 6.4%.

Including new stores, sales grew 7.6% to R73.2bn from matching 44 weeks in 2015.

“Sales growth has declined, reflective of the tough trading conditions in SA and, more recently, in most African countries where we have stores,” the company said in its sales update on Tuesday.

“Although slowing marginally food and liquor sales continued to perform well and Massbuild is showing signs of a sales recovery. General merchandise sales remain compromised by low consumer confidence, drought-affected food inflation and higher-priced imported products.”

Massmart splits itself into four divisions.

Fastest sales growth of 10.7% was reported by Masswarehouse which houses the Makro and Fruitspot chains. Excluding new stores, sales growth was 7.5%.

Next was Masscash whose brands include Jumbo, Shield, CBW, Rhino Cash & Carry, Tridant, Saverite and Cambridge Food. It increased by 7.9%. It appears to have closed numerous outlets since same-store sales growth was 8.5%.

Massbuild — which houses Builders Warehouse, Builders Express, Builders Superstore and Builders Trade Depot — grew sales 5.7%. Excluding new stores, sales growth was a more muted 1.1%.

Game and DionWired division Massdiscounters increased sales by 4.6%, but only by 0.5% when excluding new stores.

By Robert Laing for www.businesslive.co.za

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