Author: Gugu Lourie

A  black-controlled consortium called K2020893770 is buying Sybrin, a subsidiary of JSE-listed tech firm EOH, for R334 million. The business currently sits under EOH Mthombo. The consortium comprises of One Thousand & One Voices Management (Mauritius) Ltd (“1K1V”) and Crossfin Technology Holdings (Pty) Ltd (CFTH) and their black economic empowerment partners led by Isaac Mophatlane. Mophatlane is co-founder of Business Connexion, rebranded by parent company Telkom into  BCX, with his late brother Benjamin Mophatlane. EOH said the base purchase price, after adjusting for net debt, non-operating assets and working capital, equates to an enterprise value (EV) of R410 million implying…

Relativity Space, a 3D printed rocket startup, has secured $650 million (R8,8 billion) in funding to scale its Terran R, its fully reusable, entirely 3D-printed launch vehicle. Investment round led by Fidelity Management & Research Company LLC, with new investors including funds and accounts managed by BlackRock, Centricus, Coatue, and Soroban Capital, in addition to participation from existing investors Baillie Gifford, K5 Global, Tiger Global, Tribe Capital, XN, Brad Buss, Mark Cuban, Jared Leto, and Spencer Rascoff The Terran R will be entirely reusable and capable of launching 20,000kg to low Earth orbit, starting in 2024 at the company’s launch…

Telkom has unveiled the June Big Deal, which brings more streaming, gaming and monate to your home. The June Big Deal is a SIM-only package that is available for R199/m x24. You get a total of 80GB on SmartBroadband 20GB Wireless. That’s 40GB Anytime data + 40GB Night surfer data. Make it an even bigger deal, and a smoother connection by adding a WiFi router for an extra R70 PM. “Connect to a mobile device of your choosing and take monate with you wherever you go. Let your friends and family join in on the monate with a LTE WiFi…

Huhtamaki, a global key advanced manufacturer of sustainable packaging solutions, is setting up a new manufacturing unit in KwaZulu-Natal in South Africa. The new manufacturing unit is to serve its existing and new egg packaging customers in the KwaZulu-Natal area with a broad range of locally produced packaging solutions. The new facility will be located close to one of South Africa’s main export ports, enabling competitive exports of egg packaging for customers across East Africa. “The addition of a unit in KwaZulu-Natal is an important addition to our fiber packaging footprint in South Africa not only providing efficiencies in our…

PnP Mobile, which was launched last November, is introducing 1G of data for R20 less at R79 with a 12-month data expiry term. The offer is available to purchase until 11 July 2021. PnP Mobile customers also qualify to earn free data rewards each month when linking their Smart Shopper card to their SIM. A tiered rewards system for Smart Shoppers enables them to earn up to 2.5GB in free data rewards each month. In addition, Smart Shoppers earn loyalty points when purchasing PnP Mobile service products. Smart Shoppers will earn data rewards in addition to loyalty points when shopping…

Retailer Pepkor – the owner of Pep, Flash, Capfin, Incredible Connection – has appointed new independent non-executive directors to its board including ICT industry veteran Isaac Mophatlane. Today, the JSE Listed retailer Pepkor announced new five directors to its board consisting of Mophatlane, Paula Disberry, Ian Kirk, Hester Hickey, Zola Malinga. “The appointments have been made with the objectives of enhancing and widening the skill set of the board and to strengthen the independence and diversity components of the Board,” said the company. Herewith below the profiles of the new non-executive directors Mophatlane is the Managing Director of Randvest Capital…

The FinTech business of retailer Pepkor, consisting of Flash and Capfin, reported a 68.8% rise in operating profit to R336 million for the six months ending 31 March 2021. Pepkor also disclosed that the FinTech business increased revenue by 3.1% to R4.5 billion for the period. The retailer also revealed that the Flash business continued double-digit revenue growth as it invests in new products, technology and channels. “There are currently 196 000 traders who are empowered to grow their businesses and create job opportunities in their local communities,” the company said. “Virtual turnover per device increased by 20% year-on-year, which speaks to a…

Today, South African retailer Mr Price reported lower credit sales and increased write-offs in its Financial Services business, pushing the segment revenue lower. The retailer said Financial Services business revenue decreased 14.5% to R653 million in the year to end April. The Financial Services segment manages Mr Price’s trade receivables and sells financial services products “Lower credit sales, increased write-offs, lower interest rates and fewer new account approvals, all results of COVID-19 consumer impact, affected performance,” the company said. “The total debtors’ book decreased 14.0% to R2 billion, and the group’s impairment provision increased to 13.4% of the debtors’ book…

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 end-April 2021. The company said online traffic increased 65.7%  in the year to end-April 2021, with 86.4% of this traffic generated from mobile devices, placing the brand firmly in the hands of its customers. Today, the JSE-listed retailer reported that its Telecoms Business grew 11.6% to R862 million in the year to end-April, driven by cellular growing 35.9% and gaining 90 basis points (bps) of market share according to GfK. Double-digit…

Amazon is buying MGM, the studio behind Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull and Robocop. The online retailer is spending $8,45 billion (R116 billion) to buy MGM Studios. The retailer owns Amazon Prime and this deal will complement the video streaming company. MGM’s vast library has over 4,000 beloved film titles, including 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, The Thomas Crown Affair, and many other icons. MGM has nearly a…