Author: Gugu Lourie
It is still too early to estimate the scope of any impact on Africa’s most valuable company Naspers’s operations and financial information, particularly in view of rising global infections and evolving government responses to the coronavirus outbreak. However, Naspers – South African-based tech and media giant – which owns global tech investor Prosus, believes that it faces this challenging period from a position of relative financial strength and with sufficient liquidity to both navigate the changing environment and seek out new opportunities. Late on Wednesday, Naspers informed investors that it closed its financial year on 31 March 2020 with more…
Former South African Airways (SAA) CEO Vuyani Jarana quietly acquires a shareholding in Mobax, a technology investment and holding firm. Last May, Jarana left SAA having served just over two years as the boss of the struggling airline. He cited slow decision-making and red tape at the airline, as well as blurred lines of accountability, for his departure. Mobax announced on Wednesday that Jarana has joined the investment and holding firm as a shareholder and assumed the role of a chairman. The company didn’t disclose the details of the transaction and what it really entails. Mobax is an unknown company and…
Old Mutual today announced that it is making R4 billion worth of cover available to approximately 430 000 registered healthcare workers across South Africa. This implies that every single one of South Africa’s registered healthcare workers will now be entitled to free life insurance worth R10,000. The amount becomes payable in the event of the death of qualifying healthcare workers and is intended to provide relief to families who may have to deal with the tragic loss of a loved one during COVID-19. The R4 billion worth of cover is available to approximately 430 000 registered healthcare workers across South…
ICT industry veteran Andile Ngcaba’s and chairman of inq., a Pan-African digital service provider, has called on Africa to develop a clear pan-African digital strategy. Ngcaba was speaking at the company’s Zoom Webinar launch. “The Second World War fundamentally changed the geopolitical and economic systems. The end of that war saw the establishment of the United Nation, World Bank and many other institutions. These organisations instituted in a new form of global capital markets driven by foreign direct investments. Like other pandemics they have come before it, COVID-19 will fundamentally change the global architecture and operating models to what we…
ICT industry veteran Andile Ngcaba’s inq., a Pan-African digital service provider, wants to be Africa’s number one artificial intelligence (AI) service provider. The company has points of contacts in 12 African cities, Johannesburg, Gaborone, Lusaka, Ndola, Blantyre, Lilongwe, Mzuzu, Lagos, Abuja, Port Harcourt, Kanu and Abidjan. inq. is formerly known as Synergy Communications. It has concluded the 100% acquisition of Vodacom Business Africa’s operations in Nigeria, Zambia and Cote d’Ivoire with a further planned acquisition in Cameroon pending regulatory approvals. For more read: Andile Ngcaba’s Firm Buys Three Vodacom Business Africa Operations inq.’s flagship investments included Internet Solutions Mozambique, Skyband Malawi…
President Cyril Ramaphosa has placed his communications minister, Stella Ndabeni-Abrahams, on “special leave” for two months, of which one month is unpaid, for violating the lockdown regulations. This punishment is for travelling to the former deputy minister of higher education & training Mduduzi Manana’s house for lunch. Manana posted a picture of the minister having lunch with him on social media, but he has subsequently deleted the post. The Presidency said the President summoned the Minister yesterday, Tuesday 07 April 2020. The President expressed his disapproval of the Minister’s actions, which undermine the requirement that all citizens stay at home…
JSE-listed 4Sight Holdings announced late on Tuesday that it has entered into an agreement to dispose of one of its Mauritius subsidiary, Digitata, to its original owners. The transaction values Digitata at R91.9 million, and will be funded by the return of 290 549 558 4Sight shares by the purchasers to 4Sight. These shares will be cancelled, thus reducing the issued share capital of 4Sight from 791 304 945 to 500 755 387 shares. Digitata was acquired by 4Sight on 1 July 2017 ahead of the company’s listing on the Alternative Exchange of the JSE. It operates mainly in the mobile telecommunications industry and focuses…
Technology group EOH continues to be an undisputed market leader in its core ICT businesses, which operate principally under the iOCO brand name. The company’s services are key to its 5 000 clients, which include banks in South Africa and the rest of Africa, telecommunication companies, Eskom, municipalities and government agencies. The group listed on the JSE in 1988 and is active in 20 markets globally. However, the brand’s name has been tainted by several scandals. In a revised strategy under Stephen van Coller, who was appointed as its chief executive in 2018, EOH has managed to stabilise its customer…
The board and management of JSE-listed technology group EOH have taken proactive steps to ensure the company is prudent in these times of uncertainty. EOH said in a statement that being systemic to South Africa’s IT backbone creates significant responsibility for the group during COVID-19 to ensure it remains robust in order to continue providing key services to its 5 000 long-term clients. “These include many banks in South Africa and the rest of Africa, telecommunication companies, Eskom, municipalities and government agencies.” EOH said it is also at the forefront of providing cutting edge medical solutions through companies such as…
The South African Police Services (SAPS) have arrested a 53-year-old man in Parow in the Western Cape for allegedly contravening the Regulations of the Disaster Management Act 2002. The suspect is likely to face charges of at least contravening Regulation 11B of the Disaster Management Act 2002. The SAPS said in a statement that the man is expected to appear before court today following his arrest yesterday by police from Parow Police Station. “The arrest relates to a video disseminated through various social media platforms purporting contamination of COVID-19 test kits,” said SAPS. “The suspect has been charged in terms…