Two South African tech companies that are technically insolvent

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Three major South African companies — MultiChoice, Cell C, and the South African Post Office — are technically insolvent.

A company becomes technically insolvent when its liabilities outweigh its assets, giving it negative equity.

Apart from saying it is prioritising cash generation over growth, MultiChoice does not have a comprehensive plan to improve the situation. To generate roughly R17.5 billion in revenue, Showmax will need close to 15 million active subscribers who pay an average of R99 per month. For Showmax alone, the company has indicated that it aims to have 25 million subscribers on the platform by 2028.after Netflix announced it would stop reporting its figures in the first quarter of 2025, it is estimated to be between 700,000 and 1 million.

However, the balance sheet improved over the last year. Its negative equity improved from -R4.0 billion to -R3.2 billion. He said Cell C was highly distressed when he joined the company in July 2023. “When I looked at the headlines, it looked chaotic, problematic, and financially distressed,” he said.

 

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