Valenture Institute Secures R114-M in Investment To Expand In SA, UK, USA

Valenture Institute, a global tech-enabled high school, has secured $7 million (R114 million) investment backed by GSV Ventures. The Institute is a global online high...

Latest Posts

Blue Label Telecoms Pays Joint CEOs R26 Million in 2020

Blue Label Telecoms has published its annual report for 2020, showing how much its joint chief executive officers were paid. Blue Label joint-CEOs Mark and...

Cell C Appoints Ex-Investec CEO Stephen Koseff, Deloitte as Recapitalisation Advisors

Deloitte, a consulting firm, and Stephen Koseff, a former CEO of Investec, have been appointed as advisors for Cell C's recapitalisation process. "Deloitte was appointed...

Are You A FinTech Entrepreneur? AlphaCode’s Applications Open For R10m Programme

Applications are open for the next AlphaCode Incubate programme which aims to identify, partner and grow innovative financial services entrepreneurs. Successful applicants will receive...

Vula Mobile App Revolutionising Rural Healthcare Services

In rural South Africa, a lack of access to healthcare is a daily reality for so many people. Even when a clinic is nearby,...

Telkom deal to buy Broadband Infraco collapses

Talks by South Africa’s Telkom to buy Broadband Infraco has collapsed, ending attempts by the country’s biggest fixed-line telephone group to goggle up the state-owned telecoms infrastructure firm.

 

Techcentral reported that the parties could not agree on price after Telkom completed a due diligence of Infraco.

Citing well-placed sources, Techcentral said Telkom offered to pay R1 for the troubled company, while Infraco was apparently seeking “several hundred million rand” for the deal to proceed.

Telkom spokeswoman Jacqui O’Sullivan said in a brief written statement in response to questions from TechCentral: “While there have been discussions … [the] parties could not reach agreement on various matters.”

Business Day reported in April that Broadband Infraco supported the government’s plan to merge it with Telkom, and believes it should receive state assistance as soon as possible to prevent further erosion of its value.

The newspaper said the company lost R245 million in 2014-15, compared to the previous R144 million loss on revenue of R366 million (R302 million).

According to the integrated report cited by Business Day, Broadband Infraco had applied for a recapitalisation of R3.4 billion over the medium-term expenditure framework, as well as a R698 million government guarantee. However, this was substantially trimmed down in the corporate plan, which noted that R90 million was needed for the company’s short-term cash and working capital requirements.

Latest Posts

Blue Label Telecoms Pays Joint CEOs R26 Million in 2020

Blue Label Telecoms has published its annual report for 2020, showing how much its joint chief executive officers were paid. Blue Label joint-CEOs Mark and...

Cell C Appoints Ex-Investec CEO Stephen Koseff, Deloitte as Recapitalisation Advisors

Deloitte, a consulting firm, and Stephen Koseff, a former CEO of Investec, have been appointed as advisors for Cell C's recapitalisation process. "Deloitte was appointed...

Are You A FinTech Entrepreneur? AlphaCode’s Applications Open For R10m Programme

Applications are open for the next AlphaCode Incubate programme which aims to identify, partner and grow innovative financial services entrepreneurs. Successful applicants will receive...

Vula Mobile App Revolutionising Rural Healthcare Services

In rural South Africa, a lack of access to healthcare is a daily reality for so many people. Even when a clinic is nearby,...

Don't Miss

International Travel Makes A Return Under Alert Level 1

South Africa will reopen its international borders on 1 October 2020, under alert level 1 of lockdown. President Cyril Ramaphosa made the announcement during a...

South Africa Moves To Alert Level 1

South Africa has withstood the Coronavirus storm and will move to lockdown alert level 1 from midnight on Sunday, 20 September 2020. President Cyril Ramaphosa...

GridCars Now Official Charge Point Operator To BMW South Africa

BMW South Africa, in line with its expanded electromobility offering in the country, announced on Wednesday the appointment of established service provider GridCars as...

Naspers Takes A Stake In Food Supply Network

Naspers announced on Wednesday an investment in the food service industry with a stake in the Food Supply Network (FSN). FSN is an independent business-to-business...

Valenture Institute Secures R114-M in Investment To Expand In SA, UK, USA

Valenture Institute, a global tech-enabled high school, has secured $7 million (R114 million) investment backed by GSV Ventures. The Institute is a global online high...

Stay in touch

To be updated with all the latest news, offers and special announcements.