Author: Gugu Lourie
As part of its plan to exit the Middle East, MTN is in talks to sell MTN Syria to TeleInvest, the operator disclosed on Thursday. “As part of this process, we are in advanced discussions to sell our 75% stake in MTN Syria to TeleInvest, which is the minority shareholder in MTN Syria with a 25% holding,” MTN said. “As part of the review of our portfolio, we believe the group is best served to focus on its pan-African strategy and to simplify its portfolio by exiting the Middle East region in an orderly manner over the medium term.” TeleInvest…
MTN sees value in its joint venture with SA’s third-biggest insurer Momentum Metropolitan. In 2017, Momentum Metropolitan and MTN launched aYo, a micro-insurance joint venture. It began its roll-out in Uganda in January 2017 and has also been deployed in Ghana and Zambia. At the end of June, our aYo insurance joint venture had 8,6 million registered policyholders, MTN informed investors on Thursday. “We have agreed to increase our shareholding in aYo to 75% and will consolidate it in the future,” MTN said. “aYo generated R48 million in service revenue in the first six months to end June, and continues…
MTN has added more new subscribers in the last six months as more people signed up for its mobile and data services amid the coronavirus pandemic. Africa and the Middle East biggest mobile phone company announced its subscribers increased by 10,6 million to 261,5 million for the six months ended 30 June 2020. The operators also reached a significant milestone in surpassing the 100 million mark of active data users. By end June 2020, MTN had 102 million active data users. It also recorded 38,3 million Mobile Money (MoMo) users and in Nigeria added 114 000 agents to reach 222…
MTN Group is selling its 75% stake in MTN Syria as part of its strategy to exit the Middle East in an orderly manner. The company informed investors on Thursday that it was focusing its strategy in future on the African markets: “As part of our ongoing portfolio review, we believe the group is best served to focus in the future on our pan-African strategy,” said Rob Shuter, MTN CEO. “We will therefore be exiting the Middle East in an orderly manner over the medium term. As a first step we are in advanced discussions to sell our 75% stake…
MultiChoice chief executive Calvo Mawela’s total remuneration was $649 000 (R11.3 million) in 2020, up by 3% compared with last year’s R10.6 million, according to the pay-TV’s operator’s annual report released today. Executive chairman Imtiaz Patel was paid $620 000 (R10.7 million) and CFO Tim Jacobs received R7.5 million. These amounts include base salary, pension, benefits, and short-term incentives. Patel and Mawela are paid in dollars, which is aligned with the MultiChoice Group Dubai-based contracts and considers Dubai’s cost of living and typical expatriate benefits for Dubai. The company said to focus significant time on the MultiChoice Rest of Africa…
South African Airways (SAA) has put an immediate stop to the spending of all Voyager Miles – even for non-air rewards. “The ability to earn Miles, through our various Voyager programme partners, will continue as normal,” SAA said in a note to Voyager Miles customers. The redemptions of miles will be paused for another month until 31 August 2020, said SAA. “You will therefore not be able to redeem your Miles for awards until after 31 August 2020”. SAA said it was aware that its members were eager to receive their membership credentials reflecting the new expiry date of their…
Telkom has launched its funeral insurance, which includes single member, family and extended family benefit options. It is part of Telkom’s strategy to continue its drive to diversify its income streams beyond the fixed-line business. Also read: Telkom Enters Financial Services Fray in Ongoing Drive to Diversify New and existing Telkom customers will have access to different cover options, which will determine their premiums. The country’s largest fixed-line provider said its funeral insurance has 5 different cover levels starting from R10 000 to R70 000. The minimum entry age for a main member and spouse is 18, and the…
South Africa’s telco Telkom waded into the country’s red hot financial area with a new financial services entity to compete against the likes of mobile phone rivals MTN, Vodacom and FinTech players. Telkom Financial Services will offer solutions to empower businesses and individuals to participate in the digital economy. It is part of Telkom’s strategy to continue its drive to diversify its income streams beyond the fixed-line business. The main aim is to bring down some of the barriers, especially for small to medium businesses to be part of the economy. The country’s largest fixed-line provider disclosed in an advert…
COVID-19 has drastically impacted on the manner in which society conducts one-on-one engagements – most notably within the medical sphere. In light of the additional COVID-19 risks associated with comorbidities like diabetes – it’s more important than ever to have these conditions well under control and managed – even without your traditional doctor’s check-ups. Guidepost, an innovative SA company, is providing the solution to managing diabetes during COVID-19. The company has secured an undisclosed amount of funding to scale-up its business. AlphaCode and Endeavour, which have been monitoring this space and both decided to bet on this local company at…
The appointment of the new CEO at MTN Group is soon to be finalised, Africa and the Middle East’s largest mobile phone group said. “The succession process for the MTN Group CEO role is on track and MTN expects to make an announcement in this regard in the next 4 to 8 weeks,” the company informed investors on Friday. “Current Group CEO Rob Shuter will complete his fixed four-year contract in March 2021 as announced earlier this year and this timing will enable a seamless handover to his successor.” In March, MTN announced Shuter would step down. Shuter joined MTN…