Author: Gugu Lourie

Numeral has announced the opening of Numeral Biotechnologies in South Africa, which is fully owned by the company. The company continues to focus on biotechnology and is actively looking for acquisitions in this field. This announcement is made in line with the Stock Exchange of Mauritius (SEM ) Listing Rules and the Securities Act of Mauritius, as well as the JSE Listings Requirements. Numeral is listed on the SEM and also has a secondary listing on the Alternative Exchange of the JSE. Numeric Biotech is a biopharmaceutical company fully dedicated to cure rare diseases in the field of age-relating diseases.…

RMB served as the sole mandated lead arranger for the acquisition of Octotel, the leading Open Access fibre network operator in Cape Town and the Western Cape. This significant transaction reflects RMB’s dedication to supporting investment in South Africa’s next-generation telecommunications infrastructure. Octotel has been acquired by a consortium comprising African Infrastructure Investment Managers (AIIM), one of Africa’s largest infrastructure-focused private equity fund managers and a division of Old Mutual Alternative Investments, STOA, a prominent impact fund focused on infrastructure and energy in developing markets, and Thebe Investment Corporation, a leading South African black-owned and managed investment firm. In March,…

TymeBank, Africa’s first digital bank to achieve profitability, has reached a significant milestone by surpassing 10 million customers, less than six years after its 2019 launch. Karl Westvig, who officially took over as CEO on 1 October 2024, expressed gratitude to the bank’s customers, stating: “We’d like to thank our 10 million customers for choosing us. This achievement is a testament to our team’s dedication to providing equitable banking that meets the evolving financial needs of South Africans and empowers them to achieve financial freedom.” He further highlighted: “Among our most significant achievements has been getting the business to break…

French broadcaster Canal+ and MultiChoice made a joint merger control filing with the South African Competition Commission. The French media giant has offered R125 in cash for every MultiChoice share it does not already own and has invested nearly €1.2bn for a 45.2% stake in the company. The filing is part of the process for the offer, signaling the next steps in their merger. As per the Competition Act, the transaction is categorised as a “large merger,” which requires approval from the Competition Tribunal. The Competition Commission will now review the filing and submit its recommendations to the Tribunal. Both…

Standard Bank Group, Africa’s largest bank by assets, and Meridiam, an independent investment Benefit Corporation and asset manager, hosted a joint event to explore investment opportunities in alternative energy infrastructure across the continent. Meridiam has been building its investment presence in Africa since 2015 and has partnered with Standard Bank for over four years, focusing on alternative energy infrastructure projects. Last year, Meridiam acquired BTE Renewables’ assets in Kenya, a company that develops and operates 250 MW of onshore wind and solar projects. “Given our unrivalled footprint across the continent, we are regularly looking to work with partners that share…

The board of the South African Institute of Professional Accountants (SAIPA) has dismissed its Chief Executive (CE), Shahied Daniels, with immediate effect following a disciplinary process. The decision was based on the outcomes of an independent disciplinary hearing and legal advice. The board ensured that the process was conducted fairly and without prejudice. Background of the Disciplinary Process Since April, both Daniels and Chief Operations Executive (COE), Dr. Gavin Isaacs, have been under disciplinary investigation due to findings in a forensic report. The report alleged that both executives had violated SAIPA’s rules, policies, codes, and procedures, leading to charges of…

Eskom is testing the use of recycled legacy coal ash for road construction, starting with a new access road at its Kusile Power Station in Mpumalanga. This is the first time in South Africa that coal ash is being used for this purpose. The 759-meter heavy-duty road is designed to handle up to 1,600 trucks daily, each weighing around 34 tonnes. Through its Research, Testing, and Development (RT&D) initiative, Eskom is replacing traditional cement with recycled coal ash, using about 2,904 tonnes of ash per kilometer of road. This reduces carbon emissions since less cement is used, with every tonne…

FirstRand, Africa’s largest financial institution by market capitalisation, has announced that it will acquire the clients, banking assets, liabilities, and employees of HSBC Bank plc’s (HSBC) South African branch. The transfer will be made to FirstRand’s wholly owned subsidiary, FirstRand Bank Limited (FRB). HSBC South Africa primarily serves subsidiaries of multinational companies operating in the country, as well as some major domestic corporates. The transition will be led by FirstRand’s corporate and investment banking division, Rand Merchant Bank (RMB), a prominent player in both South Africa and the broader African market. This move will ensure that HSBC’s clients continue to…

Standard Bank branch transactions dropped by 13% in the first half of 2024, reaching around 2.5 million transactions as more clients moved to digital channels. During the same period, online transactions surged by 30% to 1.5 billion, with clients performing an average of 10,400 digital transactions per month, compared to just 0.017 transactions in branches. ATM transactions also saw an 8% increase, reaching 104 million. “Our customers’ preferences are changing rapidly, and we are committed to meeting their needs in the most efficient and effective ways possible,” said Kabelo Makeke, Head of Personal & Private Banking at Standard Bank South…

In April, Old Mutual received approval from the Prudential Authority to launch its OM Bank in South Africa. Initially planned for release by the end of this year, the launch has now been postponed to the first quarter of 2025. “Our South African bank initiative, OM Bank, remains a key priority of our strategy to build an integrated financial services business,” said Iain Williamson, the Group Chief Executive Officer. Williamson noted that the bank’s technical and operational progress is ahead of schedule, with successful industry testing and integration into the National Payments System already completed. “Pending the remaining Section 17…