Remgro has positioned an fairness valuation of R32.4-billion on Maziv, the fibre operator that owns Vumatel and Darkish Fibre Africa.
The fairness valuation, which is 73% increased than rival Telkom’s market capitalisation on the JSE, was calculated by Remgro by subtracting Maziv’s debt of R19.5-billion from the enterprise worth connected to it of R51.9-billion.
After reductions and internet of some property, Maziv father or mother CIVH’s fairness worth in Maziv is R26.1-billion, translating to fairness worth for Remgro, which owns 57% of CIVH, of R14.9-billion.
In accordance with the Remgro figures, Maziv’s enterprise worth rose by almost R1-billion between June 2024 and December 2024, whereas the fairness worth climbed by an analogous quantity.
The development within the valuation comes regardless of widening losses at Maziv. Remgro mentioned that within the six months to finish 31 December 2025, Maziv father or mother CIVH’s contribution to the group’s headline earnings amounted to a lack of R141-million, down from a revenue in the identical interval of 2023 of R6-million.
Pieter Uys, Remgro’s head of strategic investments and a member of its administration board, instructed traders on Tuesday in a monetary outcomes presentation that Vodacom South Africa and Remgro are revisiting the phrases of their deliberate transaction, which might see Vodacom buying a 30-40% co-controlling stake in Maziv.
The deal, first introduced greater than three years in the past, has nonetheless not gained regulatory approval after being rejected by the Competitors Tribunal final yr.
‘Totally different manner’
Though the events are “ a special manner of trying on the valuation”, Vodacom’s funding, ought to the deal win approval on the competitors enchantment courtroom later this yr, will nonetheless quantity to R6-billion in money and a minimum of R4-billion in contributed infrastructure property, together with fibre networks.
If the deal doesn’t undergo – and assuming the enchantment to the competitors enchantment courtroom is just not profitable – it will likely be a giant setback for Remgro and Maziv, however gained’t put a cease to Vumatel’s enlargement plans, Uys mentioned. Funding will decelerate, nonetheless, he cautioned, particularly on fibre networks in lower-income areas.
Learn: Competitors Tribunal defends delays in Maziv, Cell C circumstances
Uys mentioned Vodacom’s funding will speed up Maziv’s technique, however even with out the deal, “it doesn’t cease our technique”.
Maziv invested simply shy of R1-billion in its community within the second half of final yr, with a lot of that spending going into community upgrades and IT investments at Darkish Fibre Africa, with some cash being spent connecting new clients to the Vumatel community.
Uys mentioned that as of 30 September 2024 (the top of Maziv’s interim reporting interval), Vumatel had 796 167 fibre broadband subscribers, up from 730 258 final March. By 31 December 2024, that determine had risen to 827 558. Its connectivity charge – the share of properties handed which can be related to the community – has risen to 40%. – © 2025 NewsCentral Media
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