Author: Gugu Lourie
Services group CSG Holdings is to be delisted from the JSE after the Patrice Motsepe-backed ARC Fund acquired its remaining shares. CSG offers staffing solutions and facilities management. The offer to buy CSG for cash consideration of 35c a share is being done through UBI General Partner, in its capacity as general partner of the ARC Fund, which through its wholly-owned portfolio investment company, Gemcap, is a 24.8% indirect shareholder in the company. CSG advised its shareholders that one of the conditions for the offer is that the company must be delisted from the JSE. “The transaction will be implemented…
JSE-listed banking group Nedbank’s super app Avo, launched during the national lockdown height, announced today it has reached the 500 000-customer mark. The milestone comes as Avo launches its ‘Green is the New Black’ campaign for the hotly anticipated Black Friday season. With incredible up to 70% off deals in shopping, to R1 shock takeaway deals, Avo has something for everyone this month. “The growth we have seen on Avo has not only been exponential but inspiring in terms of how hungry South Africans are for the convenience of digitisation,” says, Ciko Thomas, Managing Executive: Retail and Business Banking at…
The Central Bank of Nigeria (CBN) has finally given an approval in principle towards the licensing of MoMo Payment Service Bank (PSB) by MTN Nigeria. MTN Group announced today that MTN Nigeria, as promoter, received an approval in principle dated 4 November 2021, from the CBN for its application to operate the proposed MoMo Payment Service Bank. “This is the first step in the process towards a final approval, subject to the fulfilment of certain conditions as stipulated by the CBN,” MTN informed investors. The company affirmed its commitment towards financial inclusion agenda of the CBN and the Federal Republic…
MTN Group announced on Thursday its plans to proceed with a public offer to sell up to 575 million shares in its Nigeria business by way of a bookbuild to institutional investors and fixed price to retail investors. The company said the offer is anticipated to open in November 2021 with a bookbuild to institutional investors, after which a fixed price is expected to be announced for retail investors also in November 2021. MTN added that the offer is expected to close in December 2021. “This is the first step in our previously communicated statement of intent to sell down…
MTN Group announced on Thursday that it has added Active MTN Mobile Money (MoMo) customers increased by 2.2 million to 51.1 million. “We advanced financial inclusion, reaching 51 million MoMo customers in 16 markets, processing almost 20 000 transactions a minute, with the value of transactions up 67.2% year-on-year to $175.5 billion or R2.7 trillion,” said Ralph Mupita, CEO of MTN Group. Mupita said the group as it establish and scale its payment platform, the number of active merchants accepting MoMo payments increased by 58.3% year-on-year to 626 033 and the total value of MoMo merchant payments rose by 46.5%…
MTN Group announced on Thursday that it has added 4.1 million new data users in the quarter to September 2021 to reach 119 million total data subscribers. The company attributed this a robust demand for work-from-home services, digital entertainment as well as online education. Africa’s biggest mobile phone operator said this growth reflected a 52.6% growth versus the same period in 2020. The group said as a result data revenue grew by 34.5%. “It’s been a busy quarter, and I’m particularly pleased with the sustained operational momentum across our businesses,” said MTN Group President and Chief Executive Officer Ralph Mupita.…
Anglo American has appointed local insider Duncan Wanblad as its new CEO, replacing Mark Cutifani, the JSE-listed mining group announced on Wednesday. Cutifani is retiring next year after nine years in the role. South African-born Wanblad will assume his new role on 19 April 2022. “I am honoured that the Board has given me the opportunity to lead this great company and our wonderful colleagues around the world. Having started my career underground as a junior engineer, I have never lost sight of what it takes to produce the metals and minerals that are ever more vital to support our…
South Africa’s online farm-produce marketplace HelloChoice is now reaching over 2,300 agricultural produce buyers and sellers. They have joined HelloChoice via its website and mobile app, trading over R150 million in the first three years. The marketplace aims to modernise the traditional buying and selling of agricultural products such as vegetables, fruits, meat, dried beans and grains. HelloChoice also announced today an upgraded and enhanced version of the mobile app, bringing new features for both buyers and sellers. Responding to buyers’ needs to get the latest and up-to-date real-time offers as soon as they are available, the updated mobile app…
Mercedes-Benz today announced that it will be offering Dolby Atmos Music to a range of its top car models, providing the ultimate in-car audio experience to its customers and allowing listeners to connect with music to its fullest. The Dolby Atmos experience will be built into the optional Burmester high-end 4D and 3D sound system as well as integrated into the Mercedes-Maybach and shortly afterwards in the Mercedes-Benz S-Class, turning the Mercedes-Benz vehicles into state-of-the-art concert halls on wheels. Powered by a total of 31 loudspeakers and eight sound transducers, also known as exciters, which will also be mounted into…
Facebook changed its corporate name to Meta as part of its bet on the next digital frontier called the metaverse. The change came after the social network giant came under fire for spreading misinformation and other issues. On Thursday, CEO Mark Zuckerberg introduced Meta, which brings together our apps and technologies under one new company brand. Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses. “As we embark on this next chapter, I’ve thought a lot about what this means for our company and our identity,” Zuckerberg said in the…