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Financial News

A R193bn South African fixed-income manager plans startup fund

By: Bloomberg     Updated 6 hours ago Futuregrowth Asset Management, a South African fixed-income money manager with R193-billion of assets, is raising a fund to invest in startups with a strong developmental impact. The company aims to raise as much as 600 million rand for the Futuregrowth High Growth Development Equity Fund -- a... 

DBSA tasked with overseeing Sanral tender reappointment process 

By: Donna Slater     30th June 2022 The South African National Roads Agency Limited (Sanral) has appointed the Development Bank of Southern Africa (DBSA) as an independent and lead adjudicating body after Sanral’s board in May declined the contracts previously entered into for five strategic projects. As such, the DBSA will act as... 

An image of Sanral leadership
Photo by Creamer Media
Transport Minister Fikile Mbalula, Sanral chairperson Themba Mhambi and Sanral acting CEO Lehlohonolo Memeza at a briefing on June 30.

Satrix launches smart city infrastructure feeder ETF

By: Darren Parker     28th June 2022 South African index investment business Satrix, a division of Sanlam Investment Management, has announced that its new smart city infrastructure feeder exchange-traded fund (ETF) will offer investors access to the rapidly growing investment opportunity of smart cities. The fund’s initial public... 

Motus secures R6.8bn in sustainability-linked finance from Standard Bank

By: Schalk Burger     28th June 2022 Automotive group Motus Holdings has secured a syndicated R6-billion sustainability-linked facility, facilitated by financial services firm Standard Bank, as well as an R800-million sustainability-linked working capital facility from Standard Bank. This South African rand-denominated... 

Discovery to list on A2X

By: Creamer Media Reporter      27th June 2022 Financial services group Discovery has been approved for a secondary listing on A2X Markets and its shares will be available for trade on A2X from July 4. Discovery will retain its primary listing on the JSE and its issued share capital will be unaffected by its secondary listing on A2X. “Since... 

Energy Catalyst Africa launches in South Africa to support energy technology development

By: Schalk Burger     27th June 2022 Energy technology innovation and funding network Innovate UK has launched the Energy Catalyst Africa programme in South Africa to support the development of energy technologies by providing early- to late-stage development and commercialisation funding. The UK government-led programme is aimed at... 

UK to guarantee $2bn of AfDB debt to boost climate fight

By: Bloomberg     27th June 2022 The UK has agreed to guarantee $2-billion of the debt the African Development Bank has extended to governments on the continent, allowing the lender to free up finance for climate-related projects. The additional lending capacity will be used to fund projects for climate resilience and renewable... 

British International Investment commits $200m to hydropower in Africa

By: Darren Parker     23rd June 2022 UK development finance institution British International Investment (BII) has committed $200-million over the next several years to help fund hydropower projects in Africa. This would be the largest investment in hydropower by BII in its 74-year history. 

hydropower

WWF report calls for insurers to block high-impact hydropower projects

By: Darren Parker     22nd June 2022 Nonprofit organisation the World Wide Fund for Nature (WWF) has released a comprehensive Insurers’ Guide to Hydropower, which calls for insurers to block high-impact hydropower projects, while offering advice on the assessment and management of the risks posed by hydropower to people, nature and... 

hydropower

Solidarity Fund on track to close by September

By: Tasneem Bulbulia     21st June 2022 The Solidarity Fund, whose mandate was focused on a rapid response to the Covid-19 pandemic remains on track to close by September. The fund in March announced that it would wrap up its operations with a complete closure by the end of September. 

Motsepe Foundation, partners invest in projects to uplift farmers, communities

By: Darren Parker     15th June 2022 Nonprofit organisation the Motsepe Foundation has launched two large-scale agricultural and farming projects involving rural and traditional communities in Limpopo and Mpumalanga, in partnership with agriculture industry association Agri SA and established commercial farmers and agribusinesses.... 

Dr Patrice Motsepe
Photo by Creamer Media's Darren Parker
Dr Patrice Motsepe

Positive perceptions of South Africa as an EU investment destination, but challenges remain

By: Tasneem Bulbulia     14th June 2022 There are positive perceptions from potential investors to South Africa, and continued interest among existing investors in the country, despite impacts such as the Covid-19 pandemic and the July 2021 civil unrest; however, it is critical that challenges be addressed to engender even more... 

JSE launches voluntary Sustainability, Climate Disclosure Guidances

By: Marleny Arnoldi     14th June 2022 The JSE on June 14 launched its own set of Sustainability Disclosure and Climate Disclosure Guidance documents, which combines relevant global standards on sustainability and climate change to suit the South African context. For example, JSE and consulting partner on the guidelines Incite... 

JSE headquarters in Sandton

Treasury gazettes new VAT regulations for valuable metal vendors

By: Darren Parker     14th June 2022 The National Treasury this week gazetted the Regulations on Domestic Reverse Charge Relating to Valuable Metal, which is meant to serve as an anti-abuse measure aimed at foreclosing schemes and malpractices to claim undue value-added tax (VAT) refunds from the South African Revenue Service (Sars)... 

Localisation strategies must identify, remove constraints for local producers

By: Darren Parker     13th June 2022 Effective localisation strategies must start by identifying the constraints on local producers that make it harder for them to compete with foreign suppliers, a report issued by economic research firm Trade and Industrial Policy Strategies (Tips) on June 10 states. Tips identified several... 

Anuva seeks to expand solar PV investment portfolio

By: Donna Slater     13th June 2022 Alternative investment fund manager Anuva Investments is seeking to collaborate with industry experts and reputable engineering, procurement and construction (EPC) partners to fund solar photovoltaic (PV) projects in the agricultural, commercial and industrial, as well as residential space. To... 

South African GDP boosted as investment makes gradual recovery

By: Darren Parker     13th June 2022 In expenditure terms, a recovery in investment and expanded household spending boosted South Africa’s gross domestic product (GDP) growth in the first quarter this year, according to a report issued by economic research firm Trade and Industrial Policy Strategies (Tips) on June 10. Gross fixed... 

Better assessment needed to overcome future crises – BLSA 

By: Donna Slater     13th June 2022 In responding to crises on local soil, South Africa needs to ensure all collaborators have sufficient capacity to engage and plan for joint action, says Business Leadership South Africa CEO Busi Mavuso. She says South Africa has responded well to some of the recent crises it has been presented... 

ARC Fund confirms satisfactory performance of portfolio in Q1

By: Marleny Arnoldi     10th June 2022 JSE-listed African Rainbow Capital (ARC) Investments has reported good performances and progress across its portfolio of investments in South Africa in the first quarter of this year. ARC Investments’ only asset is the ARC Fund, which has interests in various companies from financial services... 

UCT CFO Vincent Motholo reappointed as Saica chairperson

By: Schalk Burger     6th June 2022 University of Cape Town (UCT) CFO Vincent Motholo has been reappointed as chairperson of the South African Institute of Chartered Accountants (Saica). Motholo, who is a qualified chartered accountant, will chair the board of the institute that is at the forefront of developing, influencing and... 

AlphaCode selects five fintech startups to advance in incubation programme

By: Marleny Arnoldi     3rd June 2022 Fintech startup initiative AlphaCode has identified five fintech startup companies to receive an additional six months of mentorship and execution support, after they completed an initial three-month programme and received R500 000 in grant funding each. AlphaCode, through its Incubate programme,... 

PIC suspends COO, two executives resign

By: Donna Slater     2nd June 2022 The Public Investment Corporation (PIC) has suspended COO Vuyani Hako as a precautionary measure after allegations of misconduct were levelled against him. The PIC says Hako’s suspension is in the best interest of both the employee and the employer to ensure that an independent inquiry can... 

AfDB launches dedicated circular economy fund

By: Schalk Burger     1st June 2022 Development finance institution the African Development Bank Group (AfDB) has launched the Africa Circular Economy Facility – its first dedicated fund to support circular economy innovations and policy frameworks. The facility will focus on three strategic areas, namely institutional capacity... 

FEFISOL II launched to support agriculture in Africa

By: Tasneem Bulbulia     1st June 2022 Following the success of the first FEFISOL fund, which closed in July 2021, its promoters – social investors Solidarité Internationale pour le Développement et l'Investissement (SIDI) and Belgian cooperative Alterfin – have structured a new fund dedicated to financing African rural microfinance... 

Khulisani Ventures provides R20m for e-commerce platform Rentoza

By: Schalk Burger     30th May 2022 The Mineworkers Investment Company (MIC) Khulisani Ventures fund has provided a R20-million funding boost to on-demand subscription platform Rentoza, which developed a subscription model to drive access to consumer goods, including consumer electronics, appliances and baby goods, at affordable... 

Investors should focus on climate opportunities instead of risks

By: Darren Parker     27th May 2022 There is significant tension not so much between the need for economic development and the need for climate action, but rather between the losses expected to be incurred as a result of climate inaction and the immense opportunities for growth that result from taking action, World Wide Fund for... 

South African terms of trade boon provides unique opportunity for the economy

By: Darren Parker     27th May 2022 South Africa is currently enjoying a terms of trade boon, with export prices outpacing import prices, market research firm Intellidex director and capital markets research head Peter Attard Montalto said on May 25. “It’s an unusual situation, driven by metals prices and helped by the fact that... 

Truck and fruit
South Africa is currently a net exporter of food

Energy transition to be discussed at Enlit

27th May 2022 As South Africa experiences yet another period of load-shedding, the option of generating electricity for personal use is starting to look all the more attractive. 

Workable solutions to mitigate SA’s energy crisis

27th May 2022 South Africans have become accustomed to working and living with load-shedding over the past few years. Scheduled and unscheduled power outages have become a reality, with 1 130 hours of planned power cuts experienced in 2021 alone. Recently, the country was warned that the future of its... 

An image of a battery that stores energy from the solar PV
ENERGY STORAGE Solar photovoltaic equipment, such as battery prices, have increased owing to the pandemic

South Africa the fourth-largest fundraiser for blockchain ventures in Africa

By: Schalk Burger     24th May 2022 Private venture capital company Crypto Valley Venture Capital (CV VC) and financial services firm Standard Bank’s inaugural ‘African Blockchain Report’ shows that Nigeria raised $49.6-million for 18 new blockchain ventures in Africa in 2021. The Seychelles raised $33.8-million for four companies,... 

Willie Lategan to succeed Saks Ntombela as Hollard group CEO

By: Tasneem Bulbulia     23rd May 2022 Insurance company the Hollard Insurance Group announces that Willie Lategan, former Group CFO and currently CEO of Hollard’s short-term insurance arm, will take over from Saks Ntombela as Hollard Group CEO with effect from July 1. This follows on Ntombela’s announcement that he would be leaving... 

An image of incoming Hollard Group CEO Willie Lategan
Willie Lategan

Standard Bank opens access to renewable energy for homeowners

By: Darren Parker     23rd May 2022 Financial services company Standard Bank has announced that it is opening access to a comprehensive and sustainable supply of renewable energy solutions and components to homeowners and enterprises throughout Africa through a new Africa-China Trade Solutions (ACTS) renewable energy import... 

Standard Bank trade and Africa-China business and commercial clients executive head Philip Myburgh
Standard Bank trade and Africa-China business and commercial clients executive head Philip Myburgh

Alexforbes launches new transformation policy

By: Darren Parker     19th May 2022 Financial services company Alexforbes Investments launched its new transformation policy on May 19. The policy launch took place in conjunction with the publication of the company’s new Transformation Survey, which helped inform the policy. 

Alexforbes Investments CEO Ann Leepile
Alexforbes Investments CEO Ann Leepile

Minerals Council backs decision to place Ubank under curatorship

By: Tasneem Bulbulia     19th May 2022 Industry organisation the Minerals Council South Africa says it supports the action taken by the South African Reserve Bank‘s (SARB’s) Prudential Authority to place Ubank under curatorship, positing that it would clear the way to stabilise Ubank, protect depositors and enable the attraction of a... 

Transaction Capital posts 38% increase in interim headline earnings

By: Schalk Burger     18th May 2022 JSE-listed diversified services investment company Transaction Capital has posted a 38% year-on-year increase in core headline earnings to R603-million for the six months ended March 31. Core headline earnings a share increased by 28% year-on-year to 83.7c for the interim period. 

RMB Ventures invests in Inhance supply chain technology business

By: Schalk Burger     17th May 2022 Financial services firm Rand Merchant Bank private equity arm RMB Ventures has concluded an investment in supply chain technology and services business Inhance Supply Chain Solutions. RMB Ventures invested alongside black-owned investment firm New GX Capital Holding, which acquired a majority... 

BII, Citi sign $100m risk-sharing facility for African supply chain finance

By: Schalk Burger     17th May 2022 UK development finance institution British International Investment (BII) has signed a $100-million risk-sharing facility for supply chain finance with trade and supply chain finance solutions multinational Citi to provide systemic liquidity and help Citi grow its supply chain finance product... 

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