COMPANY COMMENT: Trans Hex starts to chip off its rough edges
The sale of South African production in March should be intriguing, with Trans Hex directors noting improved market conditions
Retail tycoon Christo Wiese and deep value investment firm RECM and Calibre must be feeling quietly confident about their big positions in diamond miner Trans Hex Group. On Thursday Trans Hex reported production of 11,356 carats for the four months ended January. Perhaps more important is that subsidiary West Coast Resources (in which Trans Hex has a 40% stake) produced 26,030 carats in the same period. Production at Somiluana Mine in Angola, in which Trans Hex holds a 33% stake, topped 31,000 carats.Investors responded enthusiastically to Massmart’s better-than-expected results for financial 2016. The share gained 10.28% to a six-month high of R145.25, which is exciting until you realise it is still shy of the R148 per share that Walmart paid for its 51% stake all the way back in 2012. Walmart, which hasn’t covered itself in glory in its bid to build a global business, moved on Massmart in the midst of what was a boom time for South African retailers. Not only was there excitement ...
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