Author: Gugu Lourie
Software development to be faster and easier throughout the lifetime of the vehicle.
Allegations have surfaced suggesting that a select group of current and former Cell C executives may have secretly apportioned to themselves parts of the struggling business. Insiders, who are making the allegations, however, said Cell C CEO Douglas Craigie Stevenson and chief financial officer Zafar Mohammed were not part of the select group. The insiders point to what they said was the “opaque” new shareholding for Cell C as described in filings at ICASA. “Some former and current executives ‘hijacked’ a part of the business for themselves,” claimed an insider who spoke on condition of anonymity. “Some former and…
Pharmacy group Dis-Chem has reported that online sales grew by 218.7% for the 22-week period from 1 September 2020 to 2 February 2021 compared to the previous corresponding period in 2019. “Our online sales continue to be positively impacted as consumers prefer staying safe and shopping from the comfort of their homes,” the listed pharmaceutical chain said on Wednesday. The company also said the change in consumer shopping behaviour due to COVID-19 continued to impact our sales mix and in turn, our margins. Despite the strong top-line growth, margins are still lagging pre-COVID-19 levels. Revenue grew by 12.1% to R11.6…
Etion announced on Tuesday its chief executive of 16 days, Elvin de Kock, is stepping down due to health issues. The JSE-listed tech group said in a statement that de Kock’s resignation is effective from 31 May 2021. It added that de Kock will, however, remain on the board of directors of Etion as a non-executive director. Etion also informed investors that Richard Willis, a non-executive director, has been appointed as the acting GCEO. Willis appointment is effective from 1 June 2021. The company said Willis will oversee the completion of the disposal process. The company announced at the end…
Phuthuma Nathi, a MultiChoice BBBEE share scheme, is looking for 22 000 shareholders who owned shares and did not receive dividends between 2006 and 2020. There is R207 million in unclaimed dividends, waiting for their rightful owners. TechFinancials has received a request from shareholders who want to know how to check if they qualify to claim these unpaid dividends. We have uplifted information from Phuthuma Nathi’s website about how to check if you qualify to claim unpaid dividends. Shareholders who owned Phuthuma Nathi shares and have not received dividends between 2006 and 2020, can claim their dividends by: Contacting the Phuthuma Nathi call centre…
The Independent Communications Authority of South Africa (ICASA) has appointed Judge Thokozile Masipa as chairperson of the new five-member Complaints and Compliance Committee (CCC). Masipa, who was a presiding judge in the 2014 trial of Oscar Pistorius for the killing of Reeva Steenkamp, will serve as the chairperson of the CCC. She previously served as a member of the Broadcasting Monitoring and Complaints Committee, – the predecessor of CCC. The CCC is an independent tribunal established in terms of section 17A of the Independent Communications Authority of South Africa Act, 2000 (Act No13 of 2000) to, among others, investigate and…
Serame Taukobong, the brains behind Telkom Mobile’s revival, is carving up a spot as a future boss for the telco. Sipho Maseko, the current CEO of Telkom, is not likely to go anywhere soon. But one day he will need to pass on the telco’s reins. Growth engine for Telkom Taukobong runs Telkom Consumer Business, an internet service, and converged communications services provider offering fixed and mobile broadband solutions. This business unit is the growth engine for Telkom. Under Taukobong’s leadership, Telkom Consumer Business, which also include Telkom Mobile, is moving towards being more reliable. When Telkom Mobile boss Attila Vitai…
Drip, one of proudly South African popular sneaker brand, has opened its sixth store in Thavhani Mall, Thohoyandou. Drip Footwear was founded two years ago by a local entrepreneur Lekau Sehoane. The company operates mostly online and recently opened its stores in Polokwane at Mall of the North, Pretoria CBD 012 Central, Joburg Newtown Junction, Mall of Tembisa and Masingita Mall in Giyani. “I have been getting a lot of support from Thohoyandou, and that is why I knew I had to bring it closer to the people. I am very excited about the growth of this brand, it’s just…
Investment firm Finsbury is taking MyBucks, a FinTech company owned by JSE-listed Afristrat, to court in the UK. The battle is related to the failed acquisition of MyBucks Zambia by Finsbury from the Frankfurt-listed FinTech and banking group. Finsbury wanted to buy 45% equity in MyBucks Zambia under a Put and Call Option Agreement between MyBucks and Finsbury. A put and call option agreement is defined as when you buy an options contract; it grants you the right, but not the obligation to buy or sell an underlying asset at a set price on or before a specific date. A call option gives…
MyBucks will delist from the Frankfurt Stock Exchange as it sells some of its assets across the African markets. JSE-listed investment firm Afristrat, MyBucks’s controlling shareholder, shareholders voted to delist from the Frankfurt Stock Exchange at a general meeting on 12 February 2021. “As a result, the company will commence the process of delisting from the Frankfurt Stock Exchange,” read the statement. “Therefore, the Board will submit a notice of termination to Deutsche Börse AG (“DBAG”) today.” Afristrat further said: “The company further stated: It must be assumed that the Frankfurt Stock Exchange will cease trading the shares immediately following…