Author: Gugu Lourie

The Department of Mineral and Petroleum Resources has announced that fuel prices in South Africa will increase effective Wednesday, 01 January 2025. This adjustment, attributed to fluctuations in international oil prices and the depreciation of the Rand, will affect both petrol and diesel prices, while illuminating paraffin prices will see a slight decrease. Fuel price adjustments (Gauteng) The following changes will apply: Product Change New Price (cents per litre) Petrol 93 (ULP & LRP) +19.00 cents/litre 2,159.00 Petrol 95 (ULP & LRP) +12.00 cents/litre 2,134.00 Diesel 0.05% Sulphur +7.50 cents/litre 1,928.55 Diesel 0.005% Sulphur +10.50 cents/litre 1,942.95 Illuminating Paraffin (Wholesale)…

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…