Author: Gugu Lourie

MTN’s black economic empowerment scheme, MTN Zakhele Futhi, gets R75 million bailout to avert a cashflow crisis. The liquidity of MTN Zakhele Futhi has been impacted by MTN’s decision not to declare a dividend in its financial results for the six months ended 30 June 2020. The scheme is a ring-fenced special purpose vehicle aimed at facilitating investment by previously disadvantaged South Africans in MTN Group (MTN). MTN had suspended its final dividend as it focuses on faster debt reduction at its holding company even after posting a surge in 2020 earnings. Furthermore, on 10 March 2021. MTN announced that as a result of…

The South African Health Products Regulatory Authority has launched the globally utilised Med Safety App to improve the reporting of adverse effects of medicines and vaccines, thereby promoting pharmacovigilance and medicine safety in the country. The purpose of the data reported through the Med Safety App is to contribute to the understanding of medicines’ safety profiles of marketed medicines, including that of COVID-19 vaccines. The App is designed to simplify and promote the reporting of suspected adverse drug reactions (ADRs), including adverse events following immunisation (AEFIs). “In an era where mobile technology is predominant, this application will be a huge…

SA’s investment company Founders Factory Africa (FFA) has partnered with Small Foundation, a Dublin-based philanthropic foundation, to design, build and scale over 18 agtech startups across sub-Saharan Africa. As part of the Small Foundation investment, African early-stage agtech Founders and entrepreneurs can apply to join the Founders Factory Africa Venture Scale or Venture Build portfolios FFA will invest cash of $100,000 (R1,4 million) -$250,000 (R3, 6 million) and hands-on technical support to the entrepreneurs to grow their venture A full-time team of digital and technical experts based in Johannesburg, Nigeria, Kenya and London will build and grow the startups across…

YeboYethu, the broad-based black economic empowerment arm of Vodacom, announced that Thebe Investment Corporation had sold its 11,33% stake in the business to Mineworkers Investment Company. YeboYethu said Thebe Investment Corporation, through Main Street, has disposed of its entire beneficial interest of more than 5,99 million or 11,33% shares to Mineworkers Investment Company through MIC Investment Holdings. The details of the deal, such as the price paid by Mineworkers Investment Company, were not disclosed. The Vodacom YeboYethu empowerment scheme was established in 2008 and allowed black people to purchase Vodacom SA shares at a discount. This year marks the thirteen…

E-commerce company Wish has announced a strategic partnership with the South African Post Office (SAPO) to strengthen its logistics capabilities and customer experience for South African consumers. Wish will be working directly with SAPO to create a more consistent and efficient experience for the customers in South Africa, the US company said in a statement. The benefits will include: Average 50%+ faster transit times End to end tracking visibility and delivery confirmation Customers to receive bundled shipments for multiple items SMS and physical notifications on deliveries awaiting collection “Our mission at Wish is to democratize e-commerce and make it affordable,…

Prominent Internet Service Providers (ISPs) have raised concerns over Telkom’s fibre pricing, which they say is “suspect” – but the country’s biggest fixed-line telephone group insists its pricing is “not anti-competitive”. Telkom Retail is currently offering a 25/25Mbps fibre package on the Openserve network at R449 per month – the cheapest on the market. Telkom is also running a promotion for a 25/5Mbps package for R399 per month on a 12-month contract. This week ISP executives told MyBroadband the pricing from Telkom was “suspect” considering the wholesale costs associated with this product. To remain competitive, ISPs need to purchase products on Openserve’s…

The Special Investigating Unit (SIU) has revealed that tech firm EOH must pay back over R40 million earned unduly from the Department of Defence (DoD). The SIU said this follows the investigations into the R250 million Microsoft Software Licences procurement contracts awarded by the DoD to EOH. The investigation unit said the probe has uncovered irregularities relating to the procurement process and also overpricing of Microsoft Licenses amounting to more than R40 million. On 12 July 2019, the SIU was directed to investigate the procurement of Microsoft software licences by the DoD and payments made to the tech firm for…

European Union (EU) lawmakers have laid out their first-ever legal framework on artificial intelligence (AI), which addresses the risks of AI, facial recognition and positions Europe to play a leading role globally. The lawmakers today proposed new rules and actions to turn Europe into the global hub for trustworthy AI. The proposals aim to guarantee people and businesses’ safety and fundamental rights while strengthening AI uptake, investment, and innovation across the EU. The proposed rules include prohibitions on a small number of use-cases considered too dangerous to people’s safety or fundamental rights, such as a China-style type of AI-enabled mass…

Massmart, the owners of Game, Makro, Builder’s Warehouse and CBW, has revealed plans to pilot a standalone liquor store format. The new liquor store format will be powered by Makro. Massmart, which is owned by the world’s largest grocer, Walmart, revealed its plans for the standalone liquor store format in its latest integrated annual report. “We are prioritising the merchandise categories of bulk food, liquor, general merchandise, and DIY and the customer segments in which we are market leaders,” the company said in the report. “Our wholesale integration will be further enhanced by the unifying of IT systems and the enhancement…

Pick n Pay announced today that it paid R33 million to buy on-demand, online grocery service Bottles. In November 2020, Pick n Pay said it purchased the application system infrastructure and the related intellectual property relating to the Bottles on-demand mobile application for a purchase price of R33 million. “No goodwill arose from this transaction as the fair value of the underlying assets purchased equated to the consideration paid,” the company disclosed today. In addition to expanding its scheduled delivery service, Pick n Pay extended its Click n Collect offer and repositioned its one-hour liquor delivery partnership with Bottles into an…