Liberty's parent company Standard Bank is stepping in to assist the ailing life assurance business after it cost it R1.5-billion in headline earnings, wiping out gains made by the corporate and investment banking unit. Speaking at the group's results presentation on Thursday, Standard Bank joint CEO Sim Tshabalala said the group would be introducing a 10-step turnaround strategy to help the company. While there has been a lot of concern about the company's performance, Jason Weir, a trader at Bayhill Capital, said Liberty's dividend of 691c a share was "respectable" and "shouldn't go unnoticed". The group's listing of Liberty Two Degrees and its real estate investment trust had a one-off effect on its headline earnings. Weir said: "This is positive as it indicates a new direction and offering to clients." However, he said, "its market timing and entry into the real estate investment trust sector, as a listed investment, could be questioned". The market has voiced concern about Liber...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.