Transaction Capital says the minibus taxi industry is not recovering as initially anticipated and has thus booked R1.9bn in provisions for potential bad debt in SA Taxi.One-time investor darling Transaction Capital has suffered another shock slump amid increasing concern about its massive debt burden and strategic misjudgements.
The company lost more than a third of its value on the JSE on Wednesday. In mid-March, the company crashed 40% in a single day after warning the market that a sharp fall was coming in its earnings for the six months to end March.Read this for free Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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WeBuyCars owner Transaction Capital plunges 17% after R1.9bn loss | BusinessShares of SA's biggest taxi financier and Transaction Capital plunged another 17% on Wednesday, after it delivered a profit fall that was worse than guided. | News24_Business
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Transaction Capital’s profit disappears as restructuring of taxi business beginsThe taxi financier and second-hand car dealer hopes its SA Taxi unit will be profitable again in 2024
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Transaction Capital takes 48% profit hit after downsizing taxi businessTransaction Capital opted to skip dividends after booking a R2.1 billion headline loss in its SA Taxi business for the six months to 31 March 2023. Moneyweb BusinessNews
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MARKET WRAP: JSE falters amid global market unease and debt ceiling worriesSA markets take a hit as the US debt ceiling stalemate sparks investor caution, with the rand plunging to a two-month low against the dollar
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