Author: Gugu Lourie
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…
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…
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…
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.…
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…
(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…
Technology group Jasco Electronics announced plans to sell its Electrical Manufacturers Division. The JSE-listed company said its wholly-owned subsidiary Jasco Trading has entered into a sale of business agreement with African Zaibatsu Corporation (AZC) As part of the deal, AZC will acquire 100% of the Electrical Manufacturers Division (EM) for R65 million. The proceeds from the disposal will be applied towards reducing the Jasco corporate bond and the working capital loan. EM focusses on the business of contract manufacturing components for predominantly the domestic appliance industry in South Africa. AZC is a 100% black-owned and 100% black youth-owned South African…
The Southern African Private Equity and Venture Capital Association (SAVCA), in partnership with First National Bank (FNB) and the SA SME Fund as lead sponsors, has launched a Fund Manager Development Programme (FMDP) with the aim of increasing the number of females-and black-owned and managed fund managers. South Africa’s private equity industry still has a way to go in achieving a truly diverse workforce. This is according to the 2019 SAVCA industry survey, which revealed that the percentage of female and black (as defined in the B-BBEE Codes) professionals within the industry in 2018 increased to 29.6% and 56.9% respectively,…
Blue Label Telecoms, which owns 45% of the troubled mobile phone group Cell C, may face suspension on the JSE bourse. The exchange said Blue Label Telecoms has failed to distribute its annual financial statements and notice of the annual general meeting within the four-month period stipulated in the JSE’s Listings Requirements. “Accordingly, the company’s listing on the JSE trading system has been annotated with a ‘RE’ to indicate that it has failed to comply and that the listing of this company’s securities is under threat of suspension and possible removal,” said the JSE on Tuesday. The exchange added that…
The Telkom October Big Deal has been revealed. Telkom’s SmartBroadband Wireless 40GB Anytime + 40GB Night Surfer SIM only data gives you 80GB per month for just R299. Night Surfer Data shall be valid between 12am – 7am. But you also have the choice to add a Huawei B525 router for R70 per month. That’s R369 in total for your very own WiFi at home. Connect all your devices and use your 80GB your way. The SmartBroadband 40GB Wireless is an LTE data offer. It is available as a SIM Only on a 24-month contract and as a deal which…