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South African News and Market Update.

South African News and Market Update

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Ascendis falls 4.5% after shareholders approve recapitalisation

The share price of troubled health and wellness company Ascendis Health fell just over 4.5% on the JSE on Monday. This came after the debt-laden small-cap company announced that it had received majority shareholder approval at its annual general meeting for a much-needed recapitalisation to pay down its 7.7 billion rupee debt mountain. Although the stock fell due to the expected dilutive effect of the capital increase on current shareholders, executives spoke of the strong support for the move as a “vote of confidence” for a newly formed company.

Class action lawsuit looms over allegations Telkom routinely overcharged customers for insurance

A class action lawsuit has been filed in the Gauteng High Court against Telkom and its insurance provider Mutual & Federal Risk Financing, which is part of the Old Mutual group. It is alleged that Telkom customers were routinely overcharged for insurance premiums. One of the plaintiffs, Nozipho Mkubu, had signed up as a Telkom Mobile customer in October 2019 and agreed to a monthly fee of R132.45. When the full policy documents were submitted, the policy amount had been increased to R151 per month. When the Telkom bill arrived, an amount of R152.32 was charged, an even higher surcharge of almost R20 per month.

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