Author: Gugu Lourie

Oslo-based Scatec ASA, a renewable energy company, has been awarded preferred bidder status for a 288 MW solar project in the seventh round of the Department of Mineral Resources and Energy Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The projects will deliver much needed energy under a 20-year PPA once fully operational. According to the Department of Mineral Resources and Energy, commercial close for the REIPPPP Bid Window 7 is expected in the second half of 2025. “This marks another significant achievement for Scatec in South Africa and for the renewable energy transition in the country. Today’s award reaffirms…

Tech firm Prosus has entered into a definitive agreement to acquire New York-kisted Despegar, a Latin American Online Travel Agency (OTA), The tech firm will pay $19.50 per share, equating to a 33% premium to the closing share price as of 20 December 2024, and a 34% premium to Despegar’s 90-day VWAP (volume weighted average price). This will equate to $1.7 billion or R31 billion. The proposed transaction was approved by Despegar’s board of directors, who recommended that Despegar shareholders vote in favour of the proposed transaction following the unanimous recommendation by a transaction committee. “This acquisition is a clear…

Allianz Europe BV, a wholly owned subsidiary of Allianz SE, has increased its shareholding in Sanlam Allianz Africa Proprietary Limited (“SanlamAllianz”) to 49%. The transaction, known as the “Allianz Step-up Transaction,” marks a significant milestone in the strategic partnership between Sanlam and Allianz on the African continent. Sanlam Emerging Markets (Pty) Ltd (“SEM”), a wholly owned subsidiary of Sanlam, will sell an additional 8.59% of its stake in SanlamAllianz to Allianz Europe BV. The initial cash consideration for the sale is R4.5 billion, subject to adjustments based on the audited financial statements of SanlamAllianz as of December 31, 2024. Upon…

The Post Office aims to serve as a logistics partner for e-commerce providers, including small enterprises and informal traders, while expanding its services to meet future business needs for users and consumers. On Wednesday, President Cyril Ramaphosa signed the South African Post Office SOC Ltd Amendment Bill into law. The legislation expands the mandate of the Post Office, repurposing its infrastructure to deliver diversified and enhanced services. The new law empowers the Post Office to go beyond basic postal services by offering value-added services that boost its revenue streams and ensure its relevance and sustainability. Under the amended mandate, the…

Tyme, the innovative company behind TymeBank in South Africa and GoTyme in the Philippines, has achieved a groundbreaking milestone by securing a substantial R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership not only emphasises Nubank’s confidence in Tyme’s forward-thinking banking model but also strengthens Tyme’s position as a transformative force in the financial services sector across emerging markets. The infusion of capital is part of a successful Series D funding round, which raised $250 million (R4.5 billion), bringing Tyme’s total valuation to $1.5 billion (R27 billion). Nubank’s decision to invest highlights its recognition of…

Cassava Technologies (Cassava), backed by billionaire Strive Masiyiwa, has achieved three major milestones that position it for robust growth and further solidify its status as a global technology leader of African heritage. These milestones include a substantial equity injection, the successful refinancing of its South African Rand (ZAR) debt, and the completion of a comprehensive legal reorganization. Cassava successfully closed an equity investment round of $90 million, with participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google. This funding forms a crucial part of Cassava’s strategy to bolster its balance sheet, ensure sustainable…

Tyme, the company behind TymeBank in South Africa and GoTyme in the Philippines, has secured a significant R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership marks a major milestone for Tyme as it continues to expand its footprint in the global digital banking space. The funding emphasises Nubank’s confidence in Tyme’s innovative banking model and its potential to transform financial services in emerging markets. Nubank’s market cap of $68 billion is just shy of South Africa’s total banking sector of $85 billion, including Capitec. Both Nubank and Capitec’s market caps have risen by over…

JSE-listed Bidvest announced on Thursday its plans to sell Bidvest Bank Holdings to Access Bank Plc for approximately R2.8 billion. The proceeds from the sale will be allocated to settling existing debt. Bidvest will continue to support Bidvest Bank to ensure that it remains financially sound an operationally stable throughout the disposal process,” the company informed investors. Access Bank, a full-service commercial bank with over 60 million customers worldwide, has been operating in South Africa since 2021 following its acquisition of Grobank. The bank serves its customers through a network of more than 700 branches across 23 countries on three…

Growthpoint, a JSE-listed real estate investment trust, has announced the commencement of a landmark residential and retail development, Olympus Sandton, in collaboration with luxury residential developer Tricolt. “We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central and aligned with its accelerated transformation into a vibrant neighbourhood. It evolves with the trend of people wanting to live closer to workplaces and amenities, offering an exceptional mix of residential, office, retail, and other types of properties,” said Neil Schloss, Head of Asset Management South Africa at Growthpoint Properties. Olympus Sandton will…

African Bank has taken a significant step toward expanding its footprint in the secured lending market by entering into a binding offer to acquire Eskom’s staff home loan book. The acquisition involves assets from Eskom Finance Company SOC Limited (EFC) and Nqaba Finance 1 (RF) Limited (Nqaba). Selected as the preferred bidder, African Bank is in the process of finalizing sale and purchase agreements for the acquisition, estimated to be worth R5.7 billion. The deal, aligned with African Bank’s Excelerate25 strategy, is set to diversify the bank’s product portfolio while leveraging Eskom’s established infrastructure and strong market relationships. The acquisition…

Germany-based Pyramid GmbH has taken a bold step towards global expansion by launching Pyramid Africa, a subsidiary aimed at tapping into Africa’s dynamic and growing market. Andre Van Der Merwe, appointed as General Manager, will lead this new venture. This strategic move emphasises Pyramid GmbH’s commitment to diversification and its recognition of Africa’s vast economic potential. With its abundant resources and rapidly developing economies, the continent offers fertile ground for businesses seeking growth and meaningful impact. Van Der Merwe, a seasoned leader with deep expertise in African market dynamics, is tasked with steering Pyramid Africa toward innovation and long-term success.…

JSE-listed retailer Pepkor launched its +more loyalty programme in March 2024, aimed at enhancing customer value by offering instant savings, exclusive discounts, and rewards on everyday purchases. The initiative seeks to cater to millions of value-conscious consumers, covering key categories such as clothing, footwear, homeware, furniture, appliances, electronics, cellular products, and selected FMCG items. Features and Benefits The +more loyalty programme stands out for its simplicity and versatility. Key benefits include: Exclusive members-only deals available at over 5,000 stores across 15 Pepkor retail brands. Personalised airtime and data offers for customers who purchase SIM cards at Pepkor stores. A fully…

Pepkor’s in-house insurance offering, Abacus, has shown impressive growth by extending its products across various group brands, including Capfin, PEP, Ackermans, Dunns, PAXI, and recently, FoneYam. The group announced that over one million new customers were added through policies sold during the financial year ending September 2024. Abacus provides simple and affordable insurance solutions through selected Pepkor group companies such as Incredible Connection and HiFi Corp, offering products like funeral cover, credit insurance, and single-asset insurance. FinTech and insurance growth Pepkor’s FinTech segment, which includes Abacus, reported significant growth: Revenue increased by 26.8% to R12.7 billion. Gross profit margin expanded…

JSE-listed retailer Pepkor’s cellular handset rental option, FoneYam, has achieved remarkable success in the year ending September 2024. Leveraging its extensive customer acquisition capabilities, Pepkor rapidly expanded its footprint in fintech. Strategic initiatives in financial services and cellular connectivity added three million customers to the group’s A+ retail credit base, including FoneYam and Abacus. The group reported the sale of 11.5 million cellular handsets during the year, cementing its leadership in the prepaid smartphone market. According to GfK data, Pepkor now sells 7.5 out of every 10 prepaid smartphones in South Africa, up from seven in the prior year. Smartphones…

MTN South Africa has entered a groundbreaking partnership with China Telecom and Huawei, marking a significant step forward in the evolution of 5G technology, cloud services, IoT, and AI. This strategic alliance is set to drive innovation and unlock new business opportunities, positioning MTN SA at the forefront of the digital transformation sweeping across industries. “This MOU will open opportunities for strategic collaboration that could advance MTN offerings in ICT, 5G Business-to-Business solutions, the Cloud, IoT (the Internet of Things), and AI (Artificial Intelligence) technology solutions amongst other services,” Tumi Sekhukhune-Chamayou, Chief Enterprise Business Officer at MTN South Africa explains. …

The Shoprite Group has successfully completed its largest-ever point-of-sale (POS) system implementation in record time, enhancing transaction efficiency and speed at its 29,191 till points across South Africa. As part of its mission to become Africa’s most profitable omnichannel retailer, the Group introduced a new POS system designed to enable seamless integration between digital and in-store shopping channels. Powered by GK Software, the system allows faster adoption of new technologies, underscoring the retailer’s commitment to a customer-first experience. By unifying store processes into a single, efficient platform, the new system elevates customer service and improves the overall in-store experience. The…

In a significant move to promote financial inclusion and simplify banking for foreign nationals, Nedbank has launched a dedicated web page tailored for VISA holders, work or study permit holders, asylum seekers, and refugees in South Africa. The digital platform offers a one-stop solution, equipping foreign nationals with the information and tools they need to open a bank account and take control of their financial futures. “Foreign nationals in South Africa often face significant barriers when trying to open a bank account, including confusion around required documentation, a lack of clear guidance on which accounts they qualify for, and the…

Symrise South Africa announces 60th anniversary of operations in South Africa, marked by the grand opening of a new emulsions plant. This significant milestone underscores Symrise’s commitment to growth, innovation, and excellence in the region. “Today, we proudly celebrate 60 years of excellence at Symrise South Africa. This remarkable milestone is not just a reflection of our history, but a testament to our unwavering commitment to delivering solid performance and building credibility within our industry. Over the past six decades, we have established ourselves as a trusted leader in our market, and this longevity speaks volumes about the quality of…

The University of Pretoria’s Gordon Institute of Business Science (GIBS), non-profit Empire Partner Foundation (EPF), and Sandton-based radio station 919FM have launched an initiative to encourage innovative, technology-driven solutions to South Africa’s challenges by bringing together industry, academia, and the government. The trio describes the “Unity in Action: Crafting Solutions for a Stronger South Africa” initiative as a collaborative approach to developing a problem-solving process in order to improve and strengthen the country. This comes as South Africa faces major challenges in water, electricity, healthcare, education, agriculture, housing, unemployment, safety and security, transportation, and rural development. This event series, launched…

October marked significant growth in the used car market, with the latest AutoTrader data showing a surge in sales. A total of 34,968 units were sold, reflecting a 22.2% month-on-month increase from September. While the vehicles occupying the top 10 spots remain unchanged, every used car and bakkie on the list enjoyed increased sales in October. The combined value of used cars sold totalled R14.09 billion, 21.59% higher than last month’s figure of R11.59 billion. The established brands remain at the top. Toyota remains the most popular, with 5,847 used cars sold, while Volkswagen and Ford followed at 5,237 and 3,660 units,…

Checkers has launched its revamped Sixty60 app to millions of shoppers nationwide, following months of rigorous testing. The updated app features an improved layout, user interface, and multi-factor authentication for enhanced security. Shoppers in eligible areas can now enjoy precision delivery of over 10,000 general merchandise products from selected Checkers Hyper stores, all within 60-minute time slots. This eliminates the need for lengthy waits typically associated with household item deliveries. “After intensive development, we’re confident that the next iteration of Sixty60 will again disrupt online retail in South Africa. Our precision delivery promise has been designed around our customers, which…

The protracted battle between Nkosana Makate, the inventor of the “Please Call Me” (PCM) service, and Vodacom, South Africa’s largest mobile network operator, has returned to the Constitutional Court. This marks the second time Makate will argue his case before the apex court as he seeks fair compensation for his groundbreaking invention. Makate’s journey for justice spans nearly two decades. The PCM service, which allows users to send a free call-back message, has reportedly generated billions in revenue for Vodacom. Despite the innovation’s success, Makate has yet to secure a payout he deems fair for his intellectual property. A landmark…

McDonald’s SA has enhanced its Mobile Order and Pay (MOP) feature, offering customers greater flexibility and convenience when ordering meals. Available through the McDonald’s app, the upgraded service allows users to place orders in advance and choose from various pickup options, including dine-in, curbside parking (Curbserve), or drive-thru. This upgrade builds on McDonald’s commitment to meeting the growing demand for faster and more personalised service. Whether driving through, grabbing a quick bite while running errands, or dining in, customers can enjoy a smoother, streamlined ordering process and reduced wait times. The MOP feature aligns with McDonald’s broader strategy to add…

Since the launch of South Africa’s two-pot retirement system on 1 September 2024, nearly R50 billion has been withdrawn. The system splits retirement savings into two portions: a savings pot, holding one-third of funds, accessible before retirement, and a preservation pot. To tap into the savings pot, individuals must withdraw at least R2,000 from a retirement, annuity, or preservation fund. As of 18 November 2024, 2,153,942 directive applications were received and a total of 1,914, 306 directives issued with a total gross value of R49 577, 355, 406.14. The difference between directive applications and directive issued is accounted for in the…

As Black Friday weekend approaches, Float, Africa’s first card-linked instalment platform, is poised for a record-breaking year. With over 1,000 new stores added to its platform in 2023, the company anticipates a 100% increase in the number of transactions processed compared to last year. In 2022, Black Friday weekend accounted for 21% of Float’s November transaction values, with a remarkable 140% increase compared to the preceding month. “We’re expecting similar performance this year in terms of the transaction uplift over Black Friday,” said Float CEO Alex Forsyth-Thompson. “However, the difference is that our platform now has a broader network of…