|Bid||1.2100 x 1200|
|Ask||0.0000 x 1000|
|Day's Range||1.4801 - 1.5400|
|52 Week Range||0.8600 - 2.1100|
|Beta (3Y Monthly)||2.08|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 25, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.30|
SHANGHAI , Nov. 22, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") ( www.renesolapower.com ) (NYSE: SOL), a leading fully integrated solar project developer, today ...
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterAfter months of speculation and delays, South Africa named Andre de Ruyter as chief executive officer of its debt-crippled state power utility, surprising investors with an unexpected choice and angering a key union.De Ruyter, 51, has considerable corporate experience in the country, though not at state-owned companies. His appointment comes at a time when Eskom Holdings SOC Ltd. is undergoing a transformation that will require technical and financial knowledge as well as an ability to deal with the government and labor unions.The appointee, currently CEO of packaging firm Nampak Ltd., will take up the post on Jan. 15, the Department of Public Enterprises said in a statement Monday. The state-owned power company has been looking for a new CEO since Phakamani Hadebe in July became the 10th person to vacate the post in as many years.“The market is going to have to know him better and understand what qualities he is to bring to the table,” said Jones Gondo, a credit research analyst at Nedbank Group Ltd. in Johannesburg. “The market had not anticipated him to be one of the slated candidates. At least now we can possibly move on to the substantive issues.”Yields RiseThe 2028 yields climbed five basis points on Tuesday to 7.09%, the highest on a closing basis since Sept. 12, after rising nine basis points yesterday. Its 2021 debt jumped 20 basis points to 5.35% on Tuesday morning.The loss-making utility has 450 billion rand ($30 billion) of debt and is struggling to fix aging power stations and correct defects at new ones. Saving the business is a key goal of the government, which is sustaining it with 138 billion rand of bailouts over the next three years alone.The government had shortlisted three candidates for the position of CEO, including former LNG Canada CEO Andy Calitz and Jacob Maroga, who was Eskom CEO from 2007 to 2009. Media speculation about who the third person was didn’t include De Ruyter, who may face push back from labor unions that would have preferred a black candidate.“It is a surprise to me, his name was never mentioned,” said David Shapiro, deputy chairman of Sasfin Securities Ltd. in Johannesburg. “Let’s hope he has the courage to do what he has to at Eskom.”De Ruyter has served as Nampak CEO since 2014. His role overlapped with Finance Minister Tito Mboweni’s chairmanship of the company, which began in 2010 and ended in 2018.Prior to his role at Nampak, De Ruyter spent more than two decades at petrochemical giant Sasol Ltd. in a number of senior management roles. He’s overseen work in the U.S., Germany, China and African nations including Nigeria and Angola, the department said.“I would like to thank Mr. De Ruyter for not only accepting this position at a difficult time for Eskom, but, given Eskom’s current financial situation, also agreeing to a lower compensation package than the position currently pays,” the department said.During De Ruyter’s time at Nampak, the value of the company dropped 82% to 5.07 billion rand as it had to contend with weaker growth in South Africa, stranded cash in Angola, Nigeria and Zimbabwe, and delays selling its glass business.Over the five years, De Ruyter pocketed 21.5 million rand of bonuses, according to data compiled by Bloomberg. His compensation last year came to 16.5 million rand, including an 8.8 million rand bonus, even as the company’s share price sank 15%.Given Eskom’s financial difficulties, De Ruyter has accepted a compensation package that is lower than “what the position currently pays,” the department said, without giving details.De Ruyter has “significant” managerial experience in the industrial and energy sectors, as well as familiarity with managing labor unions, another challenge the head of the utility will face, according to Darias Jonker, a London-based director at Eurasia Group Ltd.“His lack of experience at Eskom itself puts him on a steep learning curve, while the absence of political allegiances means he is unlikely to be expected to fight any of the tough political battles the position also demands,” Jonker said in a reply to questions. “It is clear that the Ramaphosa administration wants AdR to focus on management, not politics.”The utility’s biggest labor union said it wasn’t aware that De Ruyter was a candidate and didn’t approve of the appointment.“His credentials are questionable,” said Paris Mashego, the energy coordinator at the National Union of Mineworkers. “He has destroyed Nampak and as such he will not receive our support.”(Updates bond yields in fifth paragraph)\--With assistance from Loni Prinsloo and Antony Sguazzin.To contact the reporters on this story: Robert Brand in Cape Town at email@example.com;Paul Burkhardt in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: Justin Carrigan at email@example.com, ;James Herron at firstname.lastname@example.org, Paul Richardson, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterSouth Africa appointed Andre de Ruyter as chief executive officer of cash-strapped power utility Eskom Holdings SOC Ltd.De Ruyter will start on Jan. 15, the Department of Public Enterprises said in an emailed statement Monday. He spent more than 20 years at Sasol Ltd. and is currently the CEO of Nampak Ltd.To contact the reporter on this story: Ana Monteiro in Johannesburg at email@example.comTo contact the editors responsible for this story: Rene Vollgraaff at firstname.lastname@example.org, Hilton ShoneFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Dubai, November 07, 2019 -- Moody's Investors Service ("Moody's") has today taken rating actions on five South African corporates. These rating actions follow Moody's sovereign outlook change, on 1 November, of the Government of South Africa's ratings to negative from stable and affirmation of the Baa3 long-term foreign-currency and local-currency issuer ratings.
SHANGHAI , Nov. 5, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") ( www.renesolapower.com ) (NYSE: SOL), a leading fully integrated solar project developer, announced ...
SHANGHAI, Oct. 31, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer, today announced that its annual general meeting (the "AGM") will be held at the office of Kirkland & Ellis International LLP at 11th Floor, HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong New District, Shanghai, China at 2:00 p.m. (Beijing time) on December 16, 2019. Copies of the notice of the AGM, proxy form, poll card and annual report are available on ReneSola's investor relations website at http://ir.renesolapower.com. As a resolution of shareholders, to receive, consider and approve the consolidated financial statements of the Company for the year ended 31 December 2018, together with the reports of the auditors thereon.
California's wildfire and power cuts have encouraged residents to look at solar power as an alternative. Tesla's Solar Glass roof seems to be perfectly timed, will it outshine?
JOHANNESBURG , Oct. 28, 2019 /PRNewswire/ -- Financial performance in context Headline earnings per share (HEPS) up 12% to R30,72 Core headline earnings 1 per share (CHEPS) up 5% to R38,13 Earnings Before ...
JOHANNESBURG, Oct. 28, 2019 /PRNewswire/ -- Following the publication of revised guidance for the Lake Charles Chemicals Project (LCCP) on 22 May 2019, the Board of Directors (Board) of the Company commissioned an independent review (the Review), which was conducted by global consulting firms at the direction of external legal counsel. The Board also remains comfortable that the principal factors for the cost increase as identified in the 22 May 2019 market guidance are sound, and that criminal conduct is not one of those factors.
JOHANNESBURG , Oct. 28, 2019 /PRNewswire/ -- Sasol has published its production and sales metrics for the three months ended 30 September 2019 on the Company's website at www.sasol.com , under the Investor ...
ReneSola (SOL) reported preliminary unaudited results for the third quarter 2019; Revenue improves courtesy of its project sale and rising usage of solar panels globally.
ReneSola (SOL) announces divestiture of 13.9 MW of Hungarian portfolio of small-scale DG projects to Obton, the company is poised to gain from rising usage of solar panels on a global scale.
SHANGHAI , Oct. 15, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") ( www.renesolapower.com ) (NYSE: SOL), a leading fully integrated solar project developer, today ...
JOHANNESBURG, Oct. 15, 2019 /PRNewswire/ -- Sasol shareholders are referred to the Company's announcements on 16 August 2019 and 6 September 2019 regarding the delay in the release of Sasol's annual results for the year ended 30 June 2019 (2019 financial results) and related year-end publications to allow for the completion of the independent review commissioned by the Sasol board of directors (the Board) in May 2019 (the Board Review). The report from the Board Review is complete and the Board will now consider the findings and determine any appropriate steps arising from these. The Company will release its 2019 financial results as well as its 2019 annual financial statements and other related year-end publications on Monday, 28 October 2019.
SHANGHAI, Oct. 14, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (SOL), a leading fully integrated solar project developer, today announced that it had entered into an agreement to sell a portfolio of small-scale DG projects located in Hungary to Obton, a leading international solar investment company. Mr. Anders Marcus, CEO and Co-founder of the Obton Group, said, "We are excited to collaborate with a strong partner like ReneSola. ReneSola has demonstrated its ability to manage the transaction professionally and complete it in a timely manner.
Canadian Solar (CSIQ) is set to construct three solar projects in Brazil, wherein its high efficiency bifacial BiHiKu modules will be installed.
SHANGHAI , Oct. 9, 2019 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") ( www.renesolapower.com ) (NYSE: SOL), a leading fully integrated solar project developer, today announced ...
ReneSola (SOL) intends to allocate the net proceeds from the $11-million transaction to further expand its global project development activities.