COMPANY NEWS IN BRIEF
MTN exploring sale of some smaller units
MTN is considering divesting some of its smaller operations in West Africa as its focuses on core markets, people familiar with the matter said.
Africa’s biggest mobile phone company is currently reviewing its portfolio in the region to identify potential disposal candidates, according to the people. MTN’s assets in Nigeria and Ghana, its largest West African markets, do not form part of the review, they said.
Deliberations are in the early stages and there’s no certainty they’ll result in divestments, the people said, asking not to be identified discussing confidential information.
A spokesperson for MTN said the company would communicate any firm intentions to dispose of assets publicly to its stakeholders, declining to comment further.
Johannesburg-based MTN, which has a presence in West African countries including Benin, Guinea-Bissau, Guinea and Liberia, has been narrowing its focus on its home continent and beyond since 2020.
Last month, it sold its Afghanistan business to Beirut-based M1 New Ventures for US$35 million as part of plans to target more high-growth areas such as data sales and mobile money.-Fin24
Microsoft to bring internet to millions in Africa
Microsoft announced plans Wednesday to bring internet access via satellite to 10 million people, half of them in Africa, as part of efforts to bridge a digital divide with the developing world.
At a summit with African leaders in Washington led by President Joe Biden, the technology leader said it would start the satellite project immediately with a priority on bringing internet for the first time to parts of Egypt, Senegal and Angola.
Microsoft president Brad Smith said that the company has been impressed by its engineers in Nairobi and Lagos. In Africa, "there is no shortage of talent, but there is a huge shortage of opportunity," Smith told AFP.
In the partnership with satellite provider Viasat, Microsoft said it would also provide internet in Guatemala, Mexico and more remote parts of the United States and also step up efforts in Nigeria and the Democratic Republic of Congo.
Smith said the biggest holdup to internet access has been the lack of electricity, which is not reliable for around half of Africans.
"For people who don't go there or don't spend time thinking about Africa, it's hard for them to even to imagine that because electricity in my view is the greatest invention of the 19th century," Smith said.-Fin24
Consortium launches buyout bid for Alviva
A consortium of investors wants to buy out shareholders in the ICT group Alviva Holdings in a R2.5 billion deal.
The consortium consists of Tham Investments and an individual named P Ramasamy, who together currently own almost 19% of Alviva. Some Alviva managers and Day One Asset Management, which is part of Peregrine Capital, are also part of the consortium.
The consortium is offering R28.00 per share for the shares that they do not yet own.
Alviva provides information and communication technology products and services, and has stakes in a variety of African tech companies, including the IT distributor Pinnacle, Axiz, Datacentrix, Centrafin and GridCars, a manufacturer of electric vehicle charging points.
If executed, the transaction will see Alviva delisting from the JSE. It will become just the latest in a string of delistings from the bourse. Earlier this year, Adapt IT, a software provider, delisted – followed by PSG. Mediclinic and Distell are also exiting the bourse.
Letters of support for the deal have been received from several current shareholders, including Old Mutual, which has a 5% stake.-Fin24
Meta accused in R34bn lawsuit
Meta Platforms has been accused of amplifying hate speech and inciting violence on Facebook in Africa, in a lawsuit filed in Kenya’s high court that’s calling for about $2 billion (R34 billion) in restitution.
The case was brought by Ethiopian researchers Abrham Meareg and Fisseha Tekle, along with Kenyan human rights group Katiba Institute, and supported by legal nonprofit Foxglove. Meareg’s father, chemistry professor Meareg Amare, was shot and killed outside his home last November after a series of hateful posts targeted him for attack, the court filings state.
The petitioners argue that the public needs protection from Facebook’s "woeful failure to address violence on its platform" and its design that "promotes and prioritizes hateful, incitement and dangerous content", according to court filings seen by Bloomberg News.
Meta, which generated revenue of US$117.9 billion in 2021, uses a recommendation algorithm on Facebook that promotes content that users are more likely to interact with in order to hold people’s attention. This allows people to be served more ads so the company can maximize revenue, according to the court documents.
"Content that promotes violence can and does translate to violence off-line," the documents state. Meta says it invests in enforcing its rules against hate speech and incitement of violence. -Fin24
MTN is considering divesting some of its smaller operations in West Africa as its focuses on core markets, people familiar with the matter said.
Africa’s biggest mobile phone company is currently reviewing its portfolio in the region to identify potential disposal candidates, according to the people. MTN’s assets in Nigeria and Ghana, its largest West African markets, do not form part of the review, they said.
Deliberations are in the early stages and there’s no certainty they’ll result in divestments, the people said, asking not to be identified discussing confidential information.
A spokesperson for MTN said the company would communicate any firm intentions to dispose of assets publicly to its stakeholders, declining to comment further.
Johannesburg-based MTN, which has a presence in West African countries including Benin, Guinea-Bissau, Guinea and Liberia, has been narrowing its focus on its home continent and beyond since 2020.
Last month, it sold its Afghanistan business to Beirut-based M1 New Ventures for US$35 million as part of plans to target more high-growth areas such as data sales and mobile money.-Fin24
Microsoft to bring internet to millions in Africa
Microsoft announced plans Wednesday to bring internet access via satellite to 10 million people, half of them in Africa, as part of efforts to bridge a digital divide with the developing world.
At a summit with African leaders in Washington led by President Joe Biden, the technology leader said it would start the satellite project immediately with a priority on bringing internet for the first time to parts of Egypt, Senegal and Angola.
Microsoft president Brad Smith said that the company has been impressed by its engineers in Nairobi and Lagos. In Africa, "there is no shortage of talent, but there is a huge shortage of opportunity," Smith told AFP.
In the partnership with satellite provider Viasat, Microsoft said it would also provide internet in Guatemala, Mexico and more remote parts of the United States and also step up efforts in Nigeria and the Democratic Republic of Congo.
Smith said the biggest holdup to internet access has been the lack of electricity, which is not reliable for around half of Africans.
"For people who don't go there or don't spend time thinking about Africa, it's hard for them to even to imagine that because electricity in my view is the greatest invention of the 19th century," Smith said.-Fin24
Consortium launches buyout bid for Alviva
A consortium of investors wants to buy out shareholders in the ICT group Alviva Holdings in a R2.5 billion deal.
The consortium consists of Tham Investments and an individual named P Ramasamy, who together currently own almost 19% of Alviva. Some Alviva managers and Day One Asset Management, which is part of Peregrine Capital, are also part of the consortium.
The consortium is offering R28.00 per share for the shares that they do not yet own.
Alviva provides information and communication technology products and services, and has stakes in a variety of African tech companies, including the IT distributor Pinnacle, Axiz, Datacentrix, Centrafin and GridCars, a manufacturer of electric vehicle charging points.
If executed, the transaction will see Alviva delisting from the JSE. It will become just the latest in a string of delistings from the bourse. Earlier this year, Adapt IT, a software provider, delisted – followed by PSG. Mediclinic and Distell are also exiting the bourse.
Letters of support for the deal have been received from several current shareholders, including Old Mutual, which has a 5% stake.-Fin24
Meta accused in R34bn lawsuit
Meta Platforms has been accused of amplifying hate speech and inciting violence on Facebook in Africa, in a lawsuit filed in Kenya’s high court that’s calling for about $2 billion (R34 billion) in restitution.
The case was brought by Ethiopian researchers Abrham Meareg and Fisseha Tekle, along with Kenyan human rights group Katiba Institute, and supported by legal nonprofit Foxglove. Meareg’s father, chemistry professor Meareg Amare, was shot and killed outside his home last November after a series of hateful posts targeted him for attack, the court filings state.
The petitioners argue that the public needs protection from Facebook’s "woeful failure to address violence on its platform" and its design that "promotes and prioritizes hateful, incitement and dangerous content", according to court filings seen by Bloomberg News.
Meta, which generated revenue of US$117.9 billion in 2021, uses a recommendation algorithm on Facebook that promotes content that users are more likely to interact with in order to hold people’s attention. This allows people to be served more ads so the company can maximize revenue, according to the court documents.
"Content that promotes violence can and does translate to violence off-line," the documents state. Meta says it invests in enforcing its rules against hate speech and incitement of violence. -Fin24
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