Remgro hunting for BEE partner for fibre businesses
BUSINESS LIVE / 26 NOVEMBER 2019 - 17:23 / KATHARINE CHILD
The investment holding company’s CEO says it is ‘definitely not selling’ Vumatel or Dark Fibre Africa
Johann Rupert’s Remgro said on Tuesday that it is not looking to sell fibre providers Vumatel and Dark Fibre Africa (DFA), but rather seeking a BEE partner and to raise money.
Remgro CEO Jannie Durand. Picture: FINANCIAL MAIL
This followed Bloomberg reports that Remgro, a holding company worth more than R100bn, is in conversations to sell stakes in the two fibre companies.
CEO Jannie Durand said: “[We are] definitely not selling. We are raising raising capital and introducing a BEE partner.”
On Monday, Bloomberg reported that Rupert was considering selling stakes in two SA fibre networks valued at as much as R22.19bn, according to people with knowledge of the matter.
Bloomberg said the tycoon is working with an adviser to gauge interest from potential investors in buying stakes in Vumatel and DFA, attributing this to people who asked not to be identified.
Bidders could include local telecoms companies as well as infrastructure funds, the people said.
Rupert owns stakes in the two companies through Community Investment Ventures Holdings, a unit of JSE-listed Remgro.
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