Author: Gugu Lourie

Scatec ASA today closed the previously announced transaction to divest the Upington solar plants in South Africa. Scatec, a renewable energy company in emerging markets, is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange The gross consideration for divestment of Scatec’s 42% equity-share in the 258-megawatt (MW) plants is R973 million (NOK 546 million). The company said as previously communicated the proceeds will be recycled into new investments within renewable energy. “We are very pleased to secure a value accretive transaction, in line with our strategy to optimise our portfolio and recycle capital. South Africa remains a…

JSE-listed grocer Spar today announced that the unprecedented power cuts had a direct impact on the trading performance and profitability of its retailers. The retailer said higher power cuts will impact retailers’ profitability due to the additional energy costs associated with the back-up solutions required during the power cuts. “Our retailers have experienced a significant increase in operating costs, primarily driven by the increased cost of diesel required to run generators during the higher levels of loadshedding, coupled with higher repairs and maintenance costs and product wastage, as generators occasionally fail under extended periods of usage,” the company said. Spar…

The FinTech division of JSE-listed retailer Pepkor reported a decline in revenue in the six months to March 31. Pepkor told investors today that its FinTech business reported a 7.8% drop in revenue to R3.7 billion in the first half of the year. The company operates its FinTech division through Flash and Capfin. Pepkor attributed the decline in revenue at its FinTech business to lower revenue recognition at its Flash business. The retailer said revenue from the FinTech segment contributed 9% to total revenue of R40 billion for Pepkor. Pepkor said the Flash business had performed well, increasing profitability by…

Nkwe Platinum hosted a ceremony today to hand over its Social and Labour Plan (SLP) Water Supply Projects to the Sekhukhune District Municipality. The event that marks the completion of Nkwe Platinum Limited’s SLP water supply projects within its mining communities of Garatouw, Maandagshoek, De Kom and Hoepakrantz, which fall under the Makhuduthamaga and the Fetakgomo-Tubatse Local Municipalities. The projects were initiated by Nkwe Platinum Limited to provide access to clean and safe drinking water to communities and livestock surrounding the Zijin Garatau Platinum Mine. A total of 31 boreholes were drilled and/or equipped for the water supply projects across…

Mobile technology has transformed Africa over the past two decades, enabling the continent to leapfrog fixed-lines and join a global digital economy. It has made the internet accessible to nearly everyone, transforming how we live, learn, work, communicate and play. It has become one of the most important economic sectors, catalysing significant job creation and development. For Africa Day 25 May, TCL shares how some facts and numbers about how mobile technology is transforming sub-Saharan Africa.  Mobile penetration is close to 50% Vast distances and underdeveloped infrastructure meant a telephone line was a luxury reserved for the rich in Africa…

The Independent Communications Authority of South Africa (ICASA) has officially opened the lower 6GHz spectrum band for the provision of Wi-Fi services. The spectrum band will benefit wireless internet service providers. The lower 6GHz frequency band refers to the radio frequency range of 5925 – 6425 MHz, as allocated in the National Radio Frequency Plan. “Annexure B of Radio Frequency Spectrum Regulations, 2015, consists of a list of radio apparatus, the use or possession of which does not require a radio frequency spectrum licence,” said ICASA. “The authority has now incorporated the key lower 6 GHz frequency band (from 5…

Eskom has announced that it will implement Stage 4 and 5 load shedding until further notice. This after breakdowns occurred at several of the power utility’s stations overnight. Stage 4 will be implemented between 5am and 4pm while Stage 5 will commence from 4pm to 5am every day. “Over the past 24 hours, a generating unit each at Duvha, Kriel, Majuba, Medupi and Tutuka power stations were returned to service. “In the same period, a generation unit each at Arnot, Camden, and two generating units at Kriel power stations were taken out of service due to breakdowns. Furthermore, the delay…

The Chairperson of the University of Cape Town Council, Babalwa Ngyonyama, has resigned from her position with immediate effect. In a statement on 22 May, Ngyonyama said the decision to resign from her position did not come easily to her, but was taken after “careful consideration and thorough deliberation” and taking into account the current circumstances of her well-being and health. Last year, the UCT Council decided to set up an independent investigation panel to investigate issues of university governance. The panel consists of Judge Lex Mpati (chair), Judge Azhar Cachalia, Dr Bernadette Johnson and Dr Patricia Hanekom. Ngonyama’s resignation…

Balwin Energy, the solar energy business focused on providing photovoltaic (PV) energy solutions at Balwin’s developments, continues with the rollout of photovoltaic (PV) solutions at all active developments. The developer said Balwin Energy generated 3.3 GWh of energy during the year and is already making a contribution to the group’s profitability, albeit not materially at this stage. The continued roll-out of PV solutions remains a key strategic initiative of the group as it supports affordability by reducing residents’ utility costs, while providing annuity income to the group. The remaining early-stage annuity businesses did not contribute materially to the group’s results. While…

Balwin – a specialist, national residential property developer of large-scale, sectional title estates for South Africa’s growing low-to-middle income population – continues to connect its apartments to fibre. The company’s apartments are designed to appeal to a wide range of home buyers, catering for a first-time, young professional, young family, older family, retirees, as well as buy-to-let investors. The company’s apartments include modern fitted kitchens, prepaid water and solar-assisted electricity, eco-friendly fittings and appliances, and fibre-enabled. The developer generates annuity income through subsidiary company Balwin Fibre which provides high-speed fibre connectivity to homeowners within Balwin’s estates. Today, Balwin announced that Balwin Fibre progressed steadily…