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.
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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.
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.
South African home broadband users will soon be able to get 10Gbit/s fibre thanks to a new offering from Vumatel, which will be commercially available after a short trial period.
ICT industry veteran Oliver Fortuin will take over from Byron Clatterbuck as CEO of Seacom with effect from January 2021.
Remgro, the largest shareholder in CIVH – the parent company of Vumatel and Dark Fibre Africa – has attached a R19.3-billion valuation to the telecoms infrastructure holding company.
Vodacom has appointed Dejan Kastelic to replace the long-serving Andries Delport as its group chief technology officer. Kastelic will start on 1 May, subject to receiving a work permit.