Author: Gugu Lourie
Paratus Group, a pan-African telecom and network services provider, reveals strategic initiatives to achieve its goal of doubling revenue within the next five years. Providing LEO, MEO and GEO services across the continent Completion, in Q4 of 2023, of the new Paratus teleport in South Africa Construction of its second teleport in Luanda, Angola to create a Paratus connectivity hub for the region is due for completion in October 2023. The building of a fifth Data Center (DC) in Angola will be the largest in that country. Construction will be complete by Q2 of 2024. The last leg of the…
Woolworths today announced today its intention to buy 93.45% of the shares in privately-owned pet retailer Absolute Pets from Sanlam Private Equity and Absolute Pets management (the Transaction). The remaining management-retained shareholding will be acquired by Woolworths over an agreed period, post the completion of the Transaction. Absolute Pets was established in 2005 and has become one of South Africa’s leading specialist pet care retailer, with over 150 stores nationwide. Woolworths said pet care is an attractive and rapidly-developing market, with substantial growth potential. “It is also an increasingly important category for Woolworths customers, who consider their pets an integral…
South Africans across the country are gripped by the green and gold fever ahead of the 2023 Rugby World Cup final on Saturday, which will pit South Africa’s Springboks against the All Blacks from New Zealand. If the semi-final is anything to go by, the final game promises to be a nail-biting encounter that will keep every fan on the edge of their seat as the teams go head-to-head at 9pm sharp. From schools, companies, and restaurants to social media posts, the Springbok jersey-wearing South Africans are counting down the hours to what will go down in history as one…
Luminous Power Technologies, a subsidiary of Schneider Electric, has partnered with Hudaco Energy to enter the South African market. They are introducing innovative energy solutions, including the first Lithium battery pack, and plan to establish South Africa as a hub for sustainable power solutions, such as residential rooftop solar systems and local electrician training. CEO Preeti Bajaj expressed excitement about the partnership and Luminous’ commitment to delivering reliable energy solutions in South Africa, contributing to the region’s sustainable development and energy transition. The company has launched the first ever Lithium battery pack – LITCORE for the market, manufactured in India.…
In a remarkable display of support for the national rugby team, Checkers Sixty60, South Africa’s premier grocery delivery app, took a bold step today by adorning the city of Paris in the unofficial Springbok colour. This spirited gesture comes on the eve of the highly anticipated 2023 Rugby World Cup final between South Africa and New Zealand, scheduled to take place at the iconic Stade de France in Saint-Denis, this Saturday at 21:00. As the excitement reaches a fever pitch across the nation, Checkers Sixty60 has not just confined its support to the local front but has extended its backing…
South African-founded startup WhereIsMyTransport is ceasing operations, its founder Devin de Vries announced today on Linkedln. “WhereIsMyTransport is at its journey’s end,and what a remarkable experience it has been! Charting a course to enable freedom of movement – at scale in emerging markets – has been a great endeavour and humbling teacher,” De Vries wrote. He added: “Having failed to raise our round, we’ve stopped operations,” wrote De Vries. He thanked the investors who have supported him along the way, saying, “Without you, our work would not have been possible. “Thank you to the team who gave the best of…
JSE-listed Famous Brands disclosed today that it has acquired an interest in an associate, Munch Software to digitise the restaurant management technology ecosystem. The restaurant group, which owns Wimpy, Steers, Debonairs and Fishaways, said Munch Software is a recent entrant in the Point of Sale software industry, offering a modern and agile cloud-based platform. “This new partnership will enable Famous Brands to achieve its ambitions to digitise the restaurant management technology ecosystem and assist the Munch business in reaching critical mass,” Famous Brands informed investors. “The transaction falls below the threshold for categorisation and therefore there is no requirement for an…
The European Commission has unconditionally cleared the acquisition by Farfetch of a 47.5% stake in Yoox Net-A-Porter (YNAP) in exchange for the issuance of Farfetch Class A ordinary shares to Richemont. The European Commission was the last regulatory authority required to provide clearance. The partnership between Farfetch and Richemont also involves: the acquisition by Symphony Global, one of the investment vehicles of Mohamed Alabbar, of a 3.2% stake in YNAP, making YNAP a neutral online platform for the luxury industry; the adoption by YNAP and the Richemont Maisons of FarfetchPlatform Solutions and; the launch of e-concessions on the Farfetch marketplace…
South African insurance giant Hollard Group has invested significantly in insurtech firm Simply Financial Services, aiming to revolutionize the country’s mass-market life insurance sector. Simply Financial, founded by entrepreneurs Anthony Miller and actuary Simon Nicholson, offers innovative life, disability, and funeral cover solutions for individuals and businesses. Starting with direct life, disability and funeral cover for individuals and domestic workers, the Simply team made a significant move into the SME and broker spaces in 2020. Their model redefines the traditional approach to life insurance for lower- and middle-income earners, using proprietary technology and intuitive design to deliver flexible, affordably-priced retail…
Discovery is a global, integrated financial services organisation that uses a pioneering Shared-value model across businesses with operations in 39 markets globally. Discovery has leveraged fintech, actuarial and behavioural science for more than two decades to deliver on its core purpose – To make people healthier and enhance and protect their lives. The JSE-listed company has more than 13 700 people employed across the group. The company has over 40.5 million lives impacted globally. The company founded and led by Adrian Gore is valued at R98 billion on the JSE. Discovery builds market-leading businesses from the ground up through its disruptive Shared-value model.…