Tech

SPAR Group announces sale of majority stake in South Africa

Published

9 months ago

April 6, 2024

Global merchandising firm, SPAR Group, has announced selling a majority stake of its interest in South Africa.

In a statement announcing the sale, the provider of merchandising, marketing and distribution services, said it was shedding its majority share in South Africa’s Meridian Group to the minority shareholder, Lindicom, for R181 million and the sale of SGRP Brasil Participações Ltda for 58.9 million BRL to a minority shareholder.

The transactions, according to the statement, have been approved by the SPAR Board of Directors and are expected to close in the second quarter.

“We completed a robust evaluation of the Company’s operations and structure, paying special attention to the quality of earnings for each of our businesses within each segment,” the statement signed by SPAR Group CEO, Mike Matacunas, said.

“Our divestitures of China, Australia, and National Merchandising Services joint ventures, as well as the sales of South Africa and Brazil included as Subsequent Event disclosures in the Form 10-K filed today, reflect the actions and results of our larger plan.

“In working through the strategic alternatives over the last 18 months, it became clear that growing through joint venture partnerships is complex and the process of re-patriating related cash from them is even more complicated.

“To create long-term value for shareholders, we have taken actions to simplify SPAR Group’s operating structure, bring in cash for further growth and use our brand equity and capital on a strategy that maximizes opportunities in the market and return on invested capital.

“We are confident that streamlining the operations and finances at SPAR Group will allow us to accelerate growth and generate better returns for our shareholders.”

The CEO added that as part of the divestiture agreements, Australia and The Meridian Group have also entered into software as a service (SAAS) agreements with SPAR Group to continue the use of SPAR’s technology.

Related Topics:Featured Sale South Africa SPAR Group

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Tech

Safaricom Ethiopia launches 4G network in Gambella

Published

22 hours ago

December 27, 2024

Isaac Dachen

Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

Tech

Facebook returns to Uganda after 4-year ban

Published

4 days ago

December 24, 2024

Isaac Dachen

After four years of being in the cooler as a result of suspension by government, Facebook, now Meta, is making a return to Uganda after prolonged negotiations saw the Ugandan government reverse the ban it placed on the platform since 2021.

The suspension of the social media platform had stemmed from accusations by the government that Facebook was meddling in the country’s political affairs during the 2021 presidential elections which arose after it deleted government-affiliated accounts for allegedly spreading disinformation.

This ban of Facebook has led to widespread disruptions across the nation, affecting not only political discourse but also personal connections and business operations.

But according to reports, with a potential re-launch on the horizon for December 2024, Facebook’s comeback could be a game-changer with approximately 2.5 million Ugandans poised to reconnect on the platform, while the Uganda Revenue Authority stands to gain financially from its revival just as businesses, especially smaller enterprises, stand to benefit from advertising incomes.