Remgro-owned Community Investment Ventures Holdings has unveiled the identity of the parent company of its two fibre network assets – Vumatel and Dark Fibre Africa . Both will now be known as companies of Maziv.Dietlof Mare and Byron Billett, executives of Vumatel, were appointed chief executive officer and chief financial officer, respectively, of the new infrastructure company.
Vodacom will, through a combination of assets of approximately R4.2 billion and cash of at least R6 billion, acquire up to 40% of the ordinary shares of a newly-created, wholly-owned subsidiary of CIVH, which will hold CIVH’s current interests in Vumatel and DFA. “As the fibre market evolves and becomes a critical part of our country’s infrastructure, so do the exponential growth opportunities for Maziv and its subsidiaries. While Vumatel and DFA continue to operate as separate entities, the intentional formation of this parent company was a strategic move to streamline operations and consolidate infrastructure assets seamlessly, under one aligned strategy,” Mare says.
“Since its inception in 2014, Vumatel has passed over 1.6 million South African homes, and connected over 600 schools across our communities with free, 1GBps uncapped fibre – supporting hundreds of thousands of learners and educators.”
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TechCentral - 🏆 8. / 71 Read more »
MTN targets R18bn revenue from Africa’s fibre marketMTN Group has multi-pronged approach to conquer African market through digital wholesale and infrastructure services firm MTN GlobalConnect connectivity MTN
Source: ITWeb - 🏆 45. / 51 Read more »