Author: Gugu Lourie

The performance of the share price of YeboYethu, the black economic empowerment (BEE) shares of Vodacom, continues to create value for investors. BEE is designed to widen the South African economy’s ownership, mainly in white hands 26 years after apartheid. Established in 2008 YeboYethu was priced at R25.00 per share, and more than 100 000 qualifying black investors participated. The share listed for trading on an over-the-counter platform in 2014 and their value had jumped to about R45.00 per share. In 2008, Vodacom facilitated a R7.5 billion B-BBEE deal where different groups acquired shares in its South African operations (Vodacom SA).…

The Cape Town High Court has granted a provisional liquidation order against Mirror Trading International (MTI), a bitcoin Ponzi scheme. “The Master of the High Court will now appoint a provisional liquidator to urgently take control of the assets and liabilities of MTI,” said Luitingh and Associates in a statement today The liquidation case was brought by Vezi & De Beer Inc on behalf of their client, Anton Lee. Luitingh and Associate lodge one of the two applications for liquidation against the bitcoin Ponzi scheme MTI. Read: MTI CEO goes AWOL, lawyers pull out (Dec 22) MTI does not know if…

MTN Group has strengthened its board of directors’ gender diversity with the appointment of two women executives. Africa and the Middle East biggest mobile phone operator announced on Monday that Nosipho Molope has been appointed as an independent non-executive director. Her appointment is effective, 1 April 2021. Gosa – a sell-side analyst and experienced deal maker The South African-based telco also announced that Noluthando Gosa has been appointed as an independent non-executive director of MTN Group.  Her appointment is also effective, 1 April 2021. Gosa holds a BA (Hons) Communications from the University of Fort Hare, has completed a Post…

Pick n Pay announced on Wednesday that it has completed the integration of Bottles – the on-demand delivery app – as the on-demand service of Pick n Pay Online. The retailer said this allows customers to get their online grocery and liquor order delivered within as little as 60 minutes. This offering adds to the retailer’s two other successful services – an online scheduled delivery service, and Click n Collect. The retailer further said that the app will soon be integrated with Pick n Pay’s Smart Shopper loyalty programme. “By early next year, on-demand customers will earn Smart Shopper points…

MTN has dished out more than R135 million in ordinary shares to executive directors due to Africa’s largest mobile phone operator’s Performance Share Plan. “In accordance with paragraph 3.63 of the JSE Limited Listings Requirements, shareholders are advised that the following directors of MTN as well as of major subsidiaries of MTN were awarded and accepted shares, which are subject to performance conditions, in accordance with the MTN Performance Share Plan,” the company informed investors on Tuesday. MTN CEO Ralph Mupita received 530 800 shares at a value of R33.5 million with a vesting period of three years from 21 December…

PremierCredit, an online microlending platform operating in Zambia and Zimbabwe, has raised $650 000 (R9.7 million) from South Africa’s Enygma Ventures. Branded as a unique purpose fund, Enygma Ventures is a Venture Capital Fund that invests in female founders and entrepreneurs in Southern Africa. PremierCredit has extensive plans to grow and serve the SADC (Southern African Development Community), a Regional Economic Community comprising 16 Member States. Since 2019 PremierCredit has been offering microloans in Zambia, supporting local entrepreneurs and small scale traders, many of whom are women, increasing their access to capital and the ability to grow their businesses. “After…

The Financial Sector Conduct Authority (FSCA) has opened a criminal case against Mirror Trading International (MTI), a South African registered company offering Forex trading services by using an automated system to trade. The company, which is founded by Johann Steynberg from Polokwane, claims on its website to have more than 90 000 active members in 177 countries. The company’s head office is in Stellenbosch, Western Cape, South Africa. There are two satellite offices – one in Randburg, Gauteng and one in Strand, Western Cape, South Africa. Using Bitcoin as its base currency, the company claims it uses advanced digital software and artificial…

NTT Ltd., the global technology services provider, today announced that Abhijit Dubey will succeed Jason Goodall as Global CEO for NTT Ltd.  Dubey takes the role following over 20 years with global advisory firm McKinsey & Company. “We are looking forward to welcoming Abhijit to the NTT family in 2021 to lead the next generation of our business,” Goodall, current Global CEO for NTT Ltd. said. “He shares our passion for the technology industry and the role that technology can play in helping make the world a better place. He brings many years’ experience of our industry and context, as well…

Vodafone-backed AST SpaceMobile is preparing to launch a space-based mobile network targeting 49 largest countries in the equatorial regions, including Democratic Republic of Congo (DRC), Ghana, Mozambique, Kenya, and Tanzania – from 2023. These markets are served by Vodafone affiliates Safaricom and Vodacom. The AST SpaceMobile project launched in March is backed by Vodafone and Rakuten. AST SpaceMobile will be the first service of its kind to connect standard mobile phones at 4G and 5G speeds using AST SpaceMobile’s patented space-based network. The first tranche of AST SpaceMobile’s launch plans will involve the use of 20 satellites to offer seamless,…

Zimbabwean telecoms billionaire Strive Masiyiwa has been appointed to the board of Netflix, says the streaming giant. Masiyiwa replaces Susan Rice who has resigned to join US president-elect Joe Biden’s administration. He owns Liquid Group, Liquid Telecom South Africa, and the Econet Group – a telecommunications and technology group with operations and investments in 29 countries in Africa and Europe. Also recognised globally for his leadership contributions in a number of areas outside of business including his mentorship of millions of young entrepreneurs across Africa, who will create jobs for the next generation. “We are delighted to welcome Strive to the…