Author: Gugu Lourie
Independent investment company Fledge Capital is on the hunt for acquisitions after selling its stake in WeBuyCars. Fledge Capital provides capital solutions to private companies across a wide range of industries. Fledge was founded in 2010 by Louis van der Watt and Konrad Fleischhauer. Together and on their own, they have a track record of investing in unlisted businesses. They sought to formalise their relationship into an investment vehicle, which led to the establishment of Fledge Capital. In 2017, African Rainbow Capital Investments (ARC) became a shareholder in Fledge. ARC is the listed investment vehicle of Patrice Motsepe, the well-known South African industrialist,…
Digital bank TymeBank disclosed on Friday that it is sustaining the momentum of acquiring about 130 000 customers per month. African Rainbow Capital (ARC) said in an update to investors that TymeBank is also making headway in increasing the number of customers with active accounts, which has proved to be challenging, given the tough economic environment with added pressure on consumers. Internationally, TymeBank’s fellow subsidiary company, Tyme Global, based in Singapore, is set to launch a digital bank called GOtyme in the Philippines in October 2022 with its local partners, the Gokongwei family, added ARC. In May 2022, TymeBank announced…
JSE-listed retailer TFG, formerly known as The Foschini Group, reported a 11.7% rise in online retail turnover to R4.4 billion for the year ended March 2022. The retailer said online retail turnover contributed 10,2% to total group retail turnover, evidencing the continuing strong online demand for all its brands. The company added that TFG Africa saw a 18% growth in online retail turnover and now contributes 3,1% to total TFG Africa retail turnover. TFG London reported a 13.8% increase in online retail turnover and now contributes 45,2% to total TFG London retail turnover. The group added that TFG Australia online…
Discovery Bank said on Friday it would immediately refund Vitality clients affected by Comair shutdown. Comair operates Kulula.com and British Airways. “We are saddened by the news released earlier today advising that Comair, one of our longest standing Vitality partners, has stopped operations,” said Discovery Bank. “To assist our clients, for any Vitality member who is a Discovery Bank client and booked a discounted flight departing from 1 June 2022 onwards that has been cancelled due to this issue, Discovery Bank will automatically refund the amount spent on that flight into the Vitality member’s Discovery Bank account by close of…
South Africa’s retailer Mr Price announced today that its Financial Services segment recorded a 6.2% in revenue for the year to end-April 2022. Mr Price said the Financial Services segment revenue increased 6.2% to R697 million. The retailer added that debtors’ interest and fees increased 5.6%, and reported double-digit growth in H2 due to a higher average debtors’ book and a 75bps increase in the repo rate. “The group’s strict credit granting criteria and strong collections and recovery performances positively impacted the portfolio, reflected by the net bad debt to book percentage decreasing to 6.0%, adequately covered by the impairment…
South African retailer Mr Price, which uses cellular handsets and accessories to drive footfall traffic into its stores and online platforms, reported strong growth from its telecoms segment in the year to the end-April 2022. The retailer said the Telecoms segment exceeded one billion Rand in revenue for the first time, increasing 34.4% to R1.2 billion. Mr Price Cellular, launched in 2017, has reported exponential growth since inception and is now available in 374 stores with promising growth opportunities, most notably the rollout of standalone stores. Cellular handsets and accessories gained 130bps of market share, according to Growth for Knowledge (190bps including Powercell in Power Fashion),…
The Independent Communications Authority of SA (ICASA) announced on Wednesday that its chairperson Dr Keabetswe Modimoeng has step down to take some time-off after an enervating period. “It is with great regret that ICASA informs the public of the resignation of our Chairperson, Dr Keabetswe Modimoeng,” ICASA said in a statement. The Chairperson, who cited a need to take some time-off after an enervating period, tendered his resignation today, and will commence serving notice to ensure a smooth handover, said ICASA. After a much-needed break, he will consider future options. Dr Modimoeng joined ICASA in April 2016 and has over…
South Africa’s leading digital system aggregator and solution provider, Nexio, a subsidiary of the Vodacom Group, announced today the resignation of Mickey Mashale as CEO. Mashale joined Nexio from Vodacom in August 2020 having previously held the position of Chief Sales Officer at Vodacom Business since February 2018. With over 20 years of experience in the telecoms sector, Mashale has held a number of executive roles during her 10-year tenure with Vodacom and Vodafone including Managing Executive and Head of Region for Vodafone Global Enterprise for Sub-Saharan Africa. “My experience in the last decade as part of the Vodacom and…
South Africa’s first super app, Avo by Nedbank, has announced its appointment as an Apple Authorised Reseller. Apple products are now available on the platform to both South African consumers and businesses, unlocking access to affordable and convenient finance options across the range. With the complete range of Apple products available, including Macs, iPads and iPhones – plus the full complement of accessories – Avo continues to make good on its promise of absolute convenience, ensuring that everything you need can be found in a single convenient shopping experience. “We are extremely excited at the opportunity to market and sell…
JSE-listed Transaction Capital, the owners of SA Taxi, announced today that South African online car marketplace WeBuyCars is eyeing global expansion after setting up shop in Morocco. WeBuyCars is South Africa’s trusted trader of used vehicles. Transaction Capital announced that WeBuyCars recently completed an organic expansion into Morocco and is considering international expansion opportunities in selected markets. “WeBuyCars’ recent organic expansion into Morocco is the first step in our international expansion aspirations. We will continue to explore further expansion opportunities in select markets,” said the company. Transaction Capital Motor Holdco (Pty) Ltd (TCMH) acquired a 49.9% non-controlling interest in WeBuyCars…