Remgro-controlled CIVH reduced its losses in the year ended 30 June 2021, with its contribution to headline earnings of a loss of R435-million, from R649-million a year ago.
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South Africa’s mobile operators, including Vodacom, MTN and Rain, are set to face a big challenge to their business models from an unexpected quarter: fixed-line broadband. By Duncan McLeod.
CIVH, the Remgro-controlled company that owns Dark Fibre Africa and Vumatel, is now worth more than Telkom, the company that once enjoyed an absolute monopoly over telecommunications in South Africa.
Remgro said on Monday that it is participating in a the second tranche of a rights offer by CIVH, the parent of fibre telecommunications companies Vumatel and Dark Fibre Africa, aimed at reducing debt.
A wholesale open-access network in Mexico, designed to break the dominance of the incumbent telecommunications operator and once lauded by South Africa’s government, has gone bust.
Price cuts at Vumatel, to be implemented from next week, are not a risk to parent CIVH’s balance sheet and are only likely to register as “blip” in the company’s long-term growth trajectory, CIVH CEO Raymond Ndlovu said.
CIVH, the Remgro-controlled parent of fibre players Dark Fibre Africa and Vumatel, remains interested in participating in government’s planned wholesale open-access network, according to its CEO.
Former Vodacom Group chief technology officer Andries Delport will replace Thinus Mulder as CEO of Dark Fibre Africa, Remgro-controlled DFA parent CIVH said on Monday.
Exclusive | SqwidNet, the Internet of things network operator in the CIVH stable, is at risk of being shut down as it embarks on a major restructuring to slash operating costs.
Remgro has increased its stake in CIVH, the parent of Vumatel and Dark Fibre Africa, following a rights issue used by CIVH to raise capital for expansion and reduce debt.