Cape Times CT-2021-04-08

VODACOM slashed its 30-day data bundle by 14 percent to R85 from R99 in line with recommendations of the Competition Commission’s Data Inquiry. Chief officer of Vodacom’s Consumer Business, Jorge Mendes, said the group aimed to reduce prices to ensure customers were constantly connected on the network. “Our purpose is to connect for a better future and ensure that no one is left behind in this new digital age. It is one of the most critical ways we believe we can create a more equal society for all,” said Mendes. Vodacom said it had re-introduced the 30-day 2GB bundle at R159 to give customers wider choice and more value, and said tariffs on the 50MB, 3GB, 5GB, 10GB and 20GB 30-day bundles remained unchanged. It was also giving greater…

AYO TECHNOLOGY Solutions, in partner- ship with the SA Innovation Summit, said yesterday that it was proud to announce the first AYO Scaling Africa Series, an Africa-based initiative aimed at empowering technopreneurs. The series would identify and support digital and tech businesses from South Africa, disrupting the ecosystem with novel ways to solve business and everyday needs for communities across South Africa and Africa, it said. The “Africa Tech Venture Capital Report” shows that 347 African tech start-ups raised $1.4 billion (R20bn) last year. “The AYO Scaling Africa Series will provide Series A funding-seekers with high-growth strategies and a sustainable competitive advantage, a chance to build capacity and grow. It aims to provide exposure, access to new markets, funding and scaling opportunities, and business support. Entries open on April…

EDWARD WEST edward.west@inl.co.za REBOSIS Property Fund’s share price shot up more than 34 percent yesterday after the group said it was in negotiations with local and offshore institutions and pension funds for a deal that “could change the financial matrix of Rebosis and crystallise value for shareholders”. This follows a fractious shareholder meeting at the end of February where two large shareholders went into a dispute – the Amatolo Trust, which is controlled by Rebosis founder Sisa Ngebulana, and Zunaid Moti. Ngebulana held about 26 percent of Rebosis, while Moti also claimed he was unfairly barred from voting on certain resolutions. The group has struggled over the past three years, as evidenced by its share price, which traded at 31 cents yesterday after falling steadily from R8.41…

Adapt IT said yesterday it had entered in an agreement for Volaris to make an offer to acquire up to 100 percent of Adapt IT for a cash consideration of R6.50 per Adapt IT share.The consideration represented a premium of 56.9 percent to the 30-day volume weighted average traded price of Adapt IT shares of R4.14, as at January 26, 2021, being the last trading date prior to the date on which an unsolicited general offer by Huge Group to Adapt IT shareholders was announced. Volaris specialises in vertical market software companies and is an operating group of Toronto listed Constellation Software Inc. which has a market cap in excess of $25 billion. Meanwhile, Huge Group said yesterday it had been granted an extension to April 16 to circulate its…

Dineo Faku dineo.faku@inl.co.za THE JSE TERMINATED the FTSE/JSE Gold Mining Index in line with its move to international standards of classification as South African stocks delivered another quarter of double-digit growth in the first quarter of 2021. Other sub-sectors to be decommissioned are the FTSE/JSE Coal Mining Index, the FTSE/JSE Diamonds & Gemstones Index, the FTSE/JSE Platinum & Precious Metals and the FTSE/JSE General Mining Index. “Due to these sub-sectors not forming part of one sector anymore, FTSE/JSE will decommission the five above mentioned ICB Sub-sector Indices following the implementation of the enhanced ICB structure,” said the JSE. Commenting on the decommissioning of the indices, the deputy chair- person at Sasfin Securities, David Shapiro, said the Gold Index had always been the foundation of the JSE. Shapiro said most gold…

Dineo Faku dineo.faku@inl.co.za DE BEERS, the world’s biggest diamond producer by volume, had 20 percent lower rough diamond sales during its third sales cycle of 2021 compared to the earlier cycle, on Covid-19 pandemic disruptions. De Beers, an Anglo American plc subsidiary, yesterday reported $440 million (R6.4 billion) in sales during the third sales cycle, down from $550m in the second sales cycle of 2021. Chief executive Bruce Cleaver said following a good holiday season and that trend continuing during the first quarter of 2021, De Beers had again seen solid demand for rough diamonds as it began a traditionally quieter period of the year for the diamond industry. “Sales were in line with expectations and both market sentiment and overall industry conditions remain positive. “However, with…