JOHANNESBURG - A unit of Remgro bought part of fibre provider Vumatel last week in an effort to cash in on rising South African demand for fibre.
Locally-based telecoms investment firm, Community Investment Ventures Holdings (CIVH) bought 34.9percent of fibre provider Vumatel, for an undisclosed amount.
The company had also entered into an agreement with the Vumatel shareholders to acquire the remaining 65.1percent of Vumatel, subject to funding and regulatory approvals, following which CIVH would hold 100percent of Vumatel. CIVH own Dark Fibre Africa, which operates more than 10000km of optic fibre infrastructure.
“Acquiring Vumatel will significantly strengthen CIVH’s ability to contribute to, one day, getting broadband and internet to every suburb, home and business in South Africa,” said non-executive chairperson, Pieter Uys. “Both companies will operate as independent subsidiaries of CIVH.”
- BUSINESS REPORT