Author: Gugu Lourie

Altron is set to continue to seek acquisitions as the company seeks to widen its reach, according to the company’s CEO on Thursday. “Our focus will remain on organic growth, supplemented by acquiring select small-to-medium-sized businesses in our focus areas, which will lead to enhanced capabilities and expanded geographic footprint,” said Altron’s Group CEO Mteto Nyati. He didn’t provide further details about targeted potential buys. Altron reported on Thursday a 4% rise in headline earnings per share (HEPS) from continuing operations to 73 cents a share and an interim dividend of 29 cents per share was declared for the six…

Read More

Prosus on Tuesday announced a rival bid for the U.K. based food delivery service Just Eat. The Euronext and JSE-listed company has made a bid of 4.9 billion pounds ($6.35 billion or R94 billion) or 710 pence a share, in cash. Just Eat is looking to complete a merger with Takeaway.com. The Naspers-owned firm said offer represents a premium of 20% to the bid from Takeaway.com. “We believe our global experience and resources can help Just Eat to achieve its significant potential. Our plan is to support the Just Eat management team, with whom we have worked closely as joint…

Read More

Old Mutual has provided financial services and products to individuals and business customers since 1845. In a move aimed at experimenting at lower costs and improve the experience for existing customers and attract new ones, Old Mutual has turned to Amazon Web Services (AWS). Old Mutual has selected AWS as its preferred cloud provider and will migrate its digital customer platforms, core insurance applications, and product administration systems to the cloud. Old Mutual is an African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries. “AWS provides…

Read More

Troubled mobile phone operator Cell C wants to transform itself into a mobile virtual network operator (MVNO). Cell C is unable to compete against bigger rivals, Vodacom, MTN and Telkom. In the year ended-May 2019, Cell C reported an after-tax net loss of R8 billion. Its woes are having a negative impact on JSE-listed Blue Label Telecoms, which owns almost half of the mobile phone company. Blue Label Telecoms has written off its entire investment in Cell C to zero. In an interview with Financial Mail, Cell C CEO Douglas Craigie Stevenson revealed the company’s turnaround plan. After years of losses,…

Read More

Foursight Holdings Proprietary Limited (FH), the intermediary investment holding company of some of the South African subsidiaries, has filed for business rescue, becoming the latest local tech company to stumble. FH is a subsidiary of JSE-listed technology group 4Sight Holdings. 4Sight informed investors on Tuesday are advised that the directors of FH have passed a resolution placing FH into business rescue in terms of section 129 of the Companies Act, 71 of 2008. FH is an intermediate holding company, within the 4Sight group, and is heavily dependent on the cash flows in the form of dividends and management fees from…

Read More

About  50 “enterprise development” business partners and intermediaries have approached the courts to challenge troubled tech group EOH for blacklisting them over suspect payments. In July 2019, EOH reported that suspicious transaction to the value of R1,2 billion had been identified. The ENSafrica team, which was appointed by EOH, has made significant progress on the investigation, said the JSE-listed company on Tuesday. “They have completed almost 80% of their investigation into the R1,2 billion identified suspect payments. This amount has since been modified to R935 million and includes transactions with no evidence of valid contracts being in a place or…

Read More

The CEO of JSE-listed software services firm Adapt IT took home R3.66 million for the financial year ended 30 June 2019. As part of the package, Sbu Shabalala received R1.17 million in bonus and performance-related payments. In 2018, Shabalala was paid R2.7 million, plus R1.7 million in bonus and performance-related payments. While Tiffany Dunsdon, Adapt IT’s commercial director and MD of international operations, received R2.9 million plus R697 000 in bonus and performance-related payments. In 2018, her total package was R2.3 million. Nombali Mbambo, Adapt IT CFO, was paid R2.5 million for the financial year ended 30 June versus R1.9…

Read More

Adapt IT reported a 6% drop in headline earnings per share (HEPS) from continuing operations to 57 cents for the year ended 30 June 2019. HEPS is South Africa’s main profit gauge. The JSE-listed services group also announced on Monday it has deferred a dividend decision until after the 31 December 2019 interim reporting date to reduce the net gearing ratio in the short-term “The board has taken a decision that it is prudent to defer a dividend decision until after the interim period when cash flows of the group are generally stronger from a ‘seasonality’ perspective,” the company informed investors.…

Read More

Lebashe Investment Group will not go ahead with a planned investment in EOH, a JSE-listed troubled tech firm. The investment group announced late on Friday that it will not invest another R250 million in EOH. In October 2018, Lebashe Investment Group announced entered into a binding long-form agreement with EOH, increasing the maximum cash injection into the technology group from  R250 million to R1 billion. The shareholding acquired through the capital injection, along with the 40 million A shares to be issued will make EOH, by a significant margin, Africa’s largest listed and empowered information technology group, said Lebashe at the…

Read More

(MTN updates figures of mobile money jobs to 400, 000 direct jobs instead of a million) The ripple effect of mobile money is changing the lives of people in Africa and beyond. “We estimate that the MTN mobile money ecosystem has contributed to the creation of 400 , 000 jobs across our footprint,” MTN Group said in an article published as part of the company’s launch of “We’re good together” initiative. For more read: Everyone Deserves the Benefits of a Modern, Connected Life, Says MTN This initiative is aimed at demonstrating how, in partnering with our host countries, we can…

Read More