Author: Gugu Lourie

Sanlam Life, a wholly-owned subsidiary of Sanlam, will acquire a 60% shareholding in MultiChoice’s insurance business, NMS Insurance Services (SA) from MultiChoice. Sanlam Life is buying NMSIS for an upfront cash consideration of R1.2 billion and a potential performance based cash earn-out, measured at 31 December 2026, of up  to a maximum consideration of R1.5 billion. MultiChoice to retain a substantial 40% interest in NMSIS and 40% in the broader commercial venture with Sanlam, allowing MultiChoice to continue benefiting from the high-growth potential of this segment while maximising value for its shareholders. A pre-acquisition dividend of R59.0 million will be…

It’s easy to take things for granted, like strolling into the market and grabbing a basket of fresh, ripe strawberries. But getting fresh produce into the hands of consumers has become increasingly challenging due to climate change, intricate supply chains, and rising costs, among other factors. Over $1 trillion worth of perishable food goes directly from farms to landfills every year – equal to 130 billion meals. And that number is only going up. From seedling to store display, a lot needs to go right to get delicious berries to you – the ultimate consumer. One company considering every step…

Africa Data Centres, part of the Cassava Technologies group, has secured funding to expand its data centre capacity in response to the growing demand for cloud computing services in South Africa. This funding was arranged by RMB, highlighting Africa Data Centres’ strong financial standing and dedication to South Africa’s digital transformation. “This funding is a significant milestone in the growth of Africa Data Centres,” said Hardy Pemhiwa, President & Group CEO of Cassava Technologies. “It underscores our commitment to growth and our confidence in the future of the South African data centre market. The additional funding will allow us to…

In 2024, Vodacom CEO Shameel Joosub’s salary skyrocketed to an astonishing R73.5 million, a jaw-dropping increase of R10 million from his previous earnings. Joosub’s total package included a guaranteed salary of R16 million, R1.2 million in retirement contributions, R20.6 million in short-term incentives, and a remarkable R35 million in long-term incentives, according to the operator’s integrated annual report. “I am filled with gratitude to have been part of Vodacom’s growth journey over the past 30 years. While I reflect proudly on our milestones, it is our ongoing purpose to connect for a better future and drive inclusion that fuels my…

Entersekt, the financial authentication company, has announced that PAPE Fund 3 has expanded its investment in the company. Initially investing in July 2022, PAPE Fund 3 recently acquired Nedbank Private Equity’s stake in Entersekt, thereby increasing its total investment and ownership. Nedbank Private Equity operates under Nedbank Corporate and Investment Banking. PAPE Fund 3, a R1.06 billion private equity fund fully dedicated to South African mid-cap unlisted businesses with international growth, originally invested in Entersekt International in July 2022. Managed by PAPE Fund Managers, a Level-1 rated Black Empowered fund manager, PAPE Fund 3’s investment has bolstered Entersekt’s BEE credentials.…

JSE-listed retailer Mr Price has reported remarkable performance for its cellular standalone stores, contributing to the group’s impressive R37.9 billion in revenues for the 52 weeks ending March 30, 2024, an increase of 15.5%. Today, Mr Price said the Telecoms segment saw a 10.2% increase in retail sales, reaching R1.2 billion, with comparable sales growing by 1.5%. The Telecoms segment sells cellular products and services. Mr Price Cellular standalone stores continued to perform strongly, leading to the opening of 30 new standalone stores during the period. The expansion brought the total footprint, including combo stores, to 804 locations. According to…

JSE-listed retailer Mr Price is on the brink of a significant financial milestone as its Financial Services Division approaches R1 billion in revenue. The achievement emphasises the division’s rapid growth and key role within the company, highlighting Mr Price’s expanding footprint in the financial sector. Mr Price announced today that its Financial Services segment revenue had risen by 4.8%, reaching R869 million. This growth is driven by a 12.1% increase in debtors’ interest and fees, attributed to a higher average debtors’ book and a 50 basis point increase in the repo rate over the period. Despite challenging economic conditions, the…

A year after Pick n Pay pioneered Bitcoin payments at tills across South Africa, the retail giant is now generating R1 million in monthly sales from shoppers using cryptocurrency. Customers are purchasing groceries, data, airtime, and even paying their municipal bills using Bitcoin. This marks a significant milestone in the integration of cryptocurrency into mainstream retail in South Africa. The adoption of cryptocurrency payments has seen substantial growth, with four times more customers utilising Crypto QR codes each month at nearly 700 Pick n Pay stores. This adoption is particularly notable in the Western Cape, followed by Gauteng and KwaZulu-Natal.…

South Africa’s banking giant, Standard Bank, has announced a significant move in its mobile network operations. The bank is transitioning its Mobile Virtual Network Operator (MVNO) services to MTN, one of the leading telecommunications providers in the country. In conjunction with this shift, Standard Bank is rebranding its MVNO to “Standard Bank Connect,” aiming to enhance its mobile service offerings and provide customers with improved connectivity and benefits. Previously, Standard Bank had partnered with Cell C for its MVNO services. “We are excited to collaborate with MTN and the opportunity to provide our customers with a range of newly differentiated…

Investment manager Alexforbes is set to leverage OUTvest’s technology to position itself as a digital disruptor in the market. On February 1, 2024, the group acquired 100% of the issued share capital in OUTvest, a private South African company, for R38 million. This acquisition was financed through a term loan facility. Outsurance, one of the JSE’s standout success stories over the past decade, launched OUTvest six years ago with the promise of replicating its insurance business success. OUTvest provides goal-based advice and passive investment solutions through a website and an app, integrating technology with financial advisers based in a call…