Author: Gugu Lourie
Just weeks after revealing that Imtiaz Patel would remain as chairman to manage a potential deal with Groupe Canal+, MultiChoice Group has now announced Patel’s immediate departure from the position. This decision arises amidst growing worries about corporate governance within the broadcasting company, currently under a takeover proposal by France’s Canal+. In an unexpected turn of events, MultiChoice disclosed on April 2nd, after a board meeting ahead of the Easter weekend, that it was retracting an earlier statement regarding Patel’s planned resignation. The board had previously announced that Elias Masilela would assume the chairmanship starting April 1st. “In view of…
In the dynamic world of banking, Capitec has emerged as a beacon of innovation, not only catering to the masses but also attracting higher-income clients with a suite of compelling offerings. With a strategic focus on providing value, purpose, and accessibility, Capitec’s rise in the higher-income segment is a testament to its commitment to inclusivity and customer-centric banking. Capitec’s success in attracting higher-income clients is evident in its remarkable growth. Clients with monthly inflows exceeding R15,000 into their Capitec accounts have surged by an impressive 17%. the company says this growth can be attributed to a range of innovative offerings…
In the bustling landscape of South Africa’s banking sector, one institution stands out for its innovative approach and exponential growth: Capitec. Capitec has embraced the digital age with open arms, revolutionising the way people interact with their finances. With staggering statistics highlighting its success, Capitec’s journey from a newcomer to a dominant force in banking is nothing short of remarkable. A Digital Frontier Capitec’s meteoric rise in the digital banking is evidenced by its impressive user statistics. The Capitec App has become an integral part of daily life for over 500,000 users every hour, boasting a remarkable increase of 180,000…
Capitec’s robust financial performance for the year ending February 2024 was fueled by the expansion of digital transactions and customer numbers, resulting in a profit surge of more than 15%. Headline earnings grew to R10.6 billion from the restated headline earnings of R9.2 billion in 2023. Headline earnings for the 6 months ended February 2024 (H2 2024) grew by 25% to R5.9 billion compared to the headline earnings of R4.7 billion for the 6 months ended August 2023 (H1 2024). “Our long-term strategy to diversify our income streams and grow quality clients produced double-digit growth in a financial year where…
Capitec boss Gerrie Fourie’s total remuneration has been increased by 4 million to R65.7 million in the 2024 financial year. The banking group announced in its 2024 annual report that Fourie’s total remuneration is R65.7 million, up from 62 million in 2023 and down from R92 million in 2022. The total remuneration consists of a guaranteed salary of R16 million and other benefits. The banking group’s top four executives received a total of R78.6 million in salaries. During the period under review, Capitec’s headline earnings increased to R10.6 billion from the restated headline earnings of R9.2 billion for the 2023…
The Financial Sector Conduct Authority (FSCA) has observed several media statements from certain institutions claiming to be the initial or exclusive licensed crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002. In the interest of clarity, the FSCA aims to confirm that, to date, it has approved a total of 75 institutions for CASP licensing. The full list of currently licensed CASPs may be accessed on the FSCA’s website at this link: Approved list of crypto asset service providers. The licensing process for CASPs commenced on 1 June 2023. Existing institutions…
If only I was a fly on the wall during MTN’s executive meetings, I’d be a witness to the formidable challenges confronting Group CEO Ralph Mupita and his team. The capacity and expertise of MTN’s executives are being tested by forces beyond their control. In Nigeria, the relentless depreciation of the currency is wreaking havoc on MTN’s operations. The Nigerian government’s decision to devalue the naira and allow it to trade freely in the open market has decimated its value against the US dollar, erasing a staggering 97% of its worth. This seismic shift has left MTN Nigeria grappling with…
Old Mutual has been granted permission by the Prudential Authority to inaugurate a bank in South Africa, slated for launch by the end of this year. In an announcement, Old Mutual expressed its satisfaction with the approval received from the Prudential Authority after a thorough regulatory assessment of its application in accordance with Section 16 of the Banks Act 94 of 1990, as amended. The approval allows the group to proceed with the establishment of a bank, albeit subject to specific license conditions. “The approval to establish a Bank is a material catalyst in our strategic delivery journey. It accelerates…
French media conglomerate Canal+ continues to buy more shares in JSE-listed broadcaster MultiChoice. Following a significant increase in its ownership stake, Canal+ has triggered a mandatory offer to minority shareholders of MultiChoice Group. This action was necessitated after surpassing a predefined threshold established by the JSE. In accordance with JSE regulations, when an individual or entity acquires at least 35% of a listed company, a mandatory offer must be extended to other shareholders under terms agreed upon with the main exchange. Canal+ has put forth a mandatory offer to acquire all outstanding shares of MultiChoice Group not already held by…
The Easter bunny normally does its rounds in April, but with Easter falling in March this year, car sales – both new and used – took a back seat. Sales of new cars slipped -15.1% year-on-year, while used car sales almost mirrored this with a -12% drop. “The profusion of public holidays in March translated into weaker car sales in a month not normally impacted by Easter holidays. April is traditionally the slow-selling month. Year-on-year and month-on-month sales figures are thus somewhat skewed; not quite a like-for-like comparison as would historically be the case,” explains CEO of AutoTrader, George Mienie. “Despite the…