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Venture builder Aions Creative Technology announced the addition of two innovative startups, Milli and Franc, to its investment portfolio, bringing the total number of investees to 11. This expansion underscores its commitment to fostering entrepreneurship that drives job creation and economic growth in South Africa. Driving financial inclusion with Franc Franc is a digital wealth …
Service providers ordered to pay back PPE profits
The Special Tribunal has ordered 16 service providers to pay back some R21 million in profits linked to alleged irregularly awarded Personal Protective Equipment (PPE) contracts.
The contracts were awarded by the KwaZulu-Natal Department of Social Development (KZN DSD) during the height of the COVID-19 pandemic.
The order emanates from a probe by the Special Investigating Unit following a provincial Treasury investigation into the KZN DSD.
“The Treasury investigation concluded that PPE was procured from 16 service providers in 18 contracts, with a total cumulative value of R21 242 955.95. The report further recommended disciplinary action against several officials and the registration of a criminal case.
“The SIU [Special Investigating Unit] processed the report through its processes and systems and identified significant shortcomings in the initial investigation. The report did not evaluate potential financial recoveries or quantify the state’s losses. Additionally, no efforts were made to recover funds lost due to overpricing or irregular procurement practices.
“The SIU [investigation] found that all service providers charged rates that exceeded the pricing guidelines set by the National Treasury. Consequently, the SIU has initiated proceedings in the Special Tribunal to recover the overpayments,” the SIU said in a statement on Tuesday.
The corruption busting unit said any criminal conduct will be referred for prosecution.
“In line with the Special Investigating Unit’s and Special Tribunals Act 74 of 1996 (SIU Act), the SIU refer[s] any evidence of criminal conduct uncovered during its investigation to the National Prosecuting Authority (NPA) for further action.
“Under the SIU Act, the SIU is also authorised to initiate a civil action in the High Court or a Special Tribunal in its name to address any wrongdoing identified during its investigation resulting from acts of corruption, fraud, or maladministration,” the SIU concluded. – SAnews.gov.za
NeoB
Tue, 02/25/2025 - 14:08
62 views
South Africa’s growing demand for alternative drinking water sources has led to an increase in refill water stations. While these provide a seemingly affordable and accessible solution, they operate in a regulatory grey area, posing significant risks to public health, food safety and consumer trust. The South African National Bottled Water Association (SANBWA) warns that …
Traditional leaders urged to help build a better SA
President Cyril Ramaphosa has called on traditional leaders to work alongside the Government of National Unity (GNU) in shaping a prosperous and inclusive future for South Africa.
Addressing the annual opening of the National House of Traditional and Khoi-San Leaders (NHTKL) at the Good Hope Centre in Cape Town, the President reaffirmed the vital role of traditional leadership in the country’s development.
“As the Government of National Unity, I once again call on Amakhosi to join hands with us as we embark on a new, glorious future for South Africa and its people,” said President Ramaphosa said on Tuesday.
The National House of Traditional and Khoi-San Leaders comprises traditional leaders who are delegates from the Provincial Houses of Traditional Leaders of South Africa and represent the Provincial Houses at national level.
He highlighted the historical significance of traditional leadership, noting that traditional leaders support governance in many rural and peri-urban communities, often facing the harshest conditions of poverty, inequality, and climate change.
The President expressed concern over the recent devastating floods in KwaZulu-Natal, which led to loss of life and destruction of property and infrastructure. He urged Amakhosi to work with disaster management teams to protect rural communities from extreme weather events.
“The recent floods in parts of KwaZulu-Natal have led to loss of life, damage to farming land, and the destruction of property and infrastructure. Our thoughts and prayers are with all the affected communities.
“I want to use this opportunity to call on you as Amakhosi to work with the disaster management response teams in our provinces and support the work that is being done to protect our rural communities against extreme weather,” he said.
READ | Level 2 heavy rain warning issued for KwaZulu-Natal
Killings
President Ramaphosa strongly condemned the increasing assassinations of traditional leaders, calling the attacks an “affront to our nation".
He referenced the recent killing of Contralesa NEC member and Ndzundza-Fene Traditional Council Chairperson, Kosi Thugwana, in Mpumalanga, stressing that such violence must be rooted out.
“Even one killing is one too many. Be assured that our law enforcement agencies are working around the clock to ensure that the perpetrators of these heinous crime are brought to book.”
Shared prosperity
The President reiterated the government’s commitment to working with traditional and Khoi-San leaders to foster unity and development. He also emphasised the importance of their participation in the upcoming National Dialogue, a platform aimed at fostering inclusivity and shaping the country’s future.
He said that government will rely on the traditional leaders’ guidance to rally people towards a future of shared prosperity and inclusivity.
“It will be important that traditional leaders and the communities they lead [to] participate in the National Dialogue so that the process produces a plan that reflects the interests and aspirations of everyone.
“The Medium Term Development Plan that we have adopted as the Government of National Unity intends to advance three strategic priorities: to drive inclusive growth and job creation, to reduce poverty and tackle the high cost of living and to build a capable, ethical and developmental state,” the President explained.
He also highlighted ongoing consultations to review the White Paper on Local Government and emphasised the role of Amakhosi in shaping policies that affect rural communities.
The Deputy President has been mandated to facilitate dialogues with traditional leaders, further strengthening collaboration between government and traditional institutions.
Legislative developments
Following the Constitutional Court’s ruling that declared the Traditional and Khoi-San Leadership Act unconstitutional, the President confirmed that steps were being taken to reintroduce a revised bill in Parliament.
He urged traditional leaders to actively participate in consultations to ensure their interests are reflected in the legislation.
In addition, President Ramaphosa addressed the longstanding issue of customary initiation practices, particularly in the Eastern Cape, where fatalities and injuries continue to be a concern.
The government has gazetted regulations for public comment and is working towards drafting guidelines to regulate initiation school fees and prevent exploitation.
READ | Hlabisa and traditional leaders discuss safer customary initiation plan
Turning to the issue of land reform and economic development, the President reaffirmed the government’s commitment to land reform, noting the passage of the Expropriation Act as part of efforts to ensure that land is equitably shared.
The Department of Land Reform and Rural Development has completed its work on the Communal Land Tenure Bill and is set to conduct public consultations.
Tackling gender-based violence and Forum of Majesties
The President urged Amakhosi to take a stand against gender-based violence and femicide, emphasising that such crimes have no place in African culture. He commended the House for its existing initiatives and called for greater involvement in protecting women and children.
“We know that such violence is not part of any culture. Violence against women and children is not part of the nation we want to build.”
Turning to traditional leadership, President Ramaphosa welcomed the launch of the Forum of South Africa’s Majesties, chaired by His Majesty King Makhosonke II, and acknowledged efforts to establish a similar platform for Queens.
He also encouraged traditional leaders to continue engaging with government ministries, particularly in sectors such as mineral resources, to ensure communities benefit from the country’s natural wealth.
G20 and National Budget
With South Africa set to host the G20 Summit for the first time later this year, the President urged traditional leaders to use the opportunity to showcase the nation’s diverse cultural heritage.
He also addressed the postponement of the Budget Speech, explaining that further discussions were necessary to align the priorities of the multi-party GNU.
READ | Government continues working for the people, despite Budget postponement
“In the interests of consensus-building, we are undertaking further discussions so that we can arrive at a budget that everyone can have confidence in a budget that promotes inclusive growth, supports job creation and that tackles poverty and inequality,” he said.
The President further emphasised that despite many challenges, it is through cooperation and partnership that a better South Africa can be built in which everyone enjoys equal opportunity and can lead lives of dignity. – SAnews.gov.za
DikelediM
Tue, 02/25/2025 - 13:17
7 views
Bad breath isn’t just embarrassing – it can quietly undermine confidence, relationships and even career success. Yet, a new survey of South African dental professionals reveals that most people don’t know what causes it – or how to fix it. The Fresh Breath Insights 2025 Survey confirms that poor oral hygiene (92%) is the number …
Level 2 heavy rain warning issued for KwaZulu-Natal
The South African Weather Service (SAWS) has issued a yellow level 2 heavy rain warning for KwaZulu-Natal.
This follows widespread flooding that has claimed the lives of nine people.
In a statement released Monday afternoon, the weather service warned of disruptive rainfall leading to localised flooding in susceptible areas, including formal and informal settlements, roads, bridges, and critical infrastructure in the province’s extreme northeastern regions.
On Tuesday, KwaZulu-Natal Premier Thami Ntuli visited the families of those affected by the recent severe weather conditions in the KwaMakhutha Township, south of Durban.
The floods have claimed the lives of three people, including the families’ graves, which were washed away due to the persistent rainfall in eThekwini and surrounding areas of the province.
The three affected families reside in KwaMakhutha, Mbumbulu, and Folweni.
Premier Ntuli expressed his condolences and reassured the public that the provincial government was taking immediate steps to provide assistance.
Ntuli said the MECs have already visited the area to assess the situation and ensure that those affected are not enduring further hardships.
He said the provincial government was committed to providing the necessary support, including temporary shelter and fixing the stormwater drainage system.
The Premier underscored the importance of allocating people in strategic areas, where they would be less vulnerable to floods.
“We asked the traditional leaders, when they allocate land for building houses, to consider flood-prone areas. Even in informal settlements, people must avoid building on land in floodplains,” Ntuli said.
While the provincial Department of Cooperative Governance and Traditional Affairs (CoGTA) has a comprehensive disaster response plan in place designed to provide immediate assistance during and after such crises, the Premier stressed that prevention remains a top priority.
“We must prioritise early intervention over waiting until lives are lost. It is essential that people in KwaZulu-Natal observe the warnings given by weather service and CoGTA,” Ntuli said. – SAnews.gov.za
GabiK
Tue, 02/25/2025 - 12:11
128 views
Energise Mzansi campaign to empower South Africans on energy transition
The Energy Council of South Africa has launched a nationwide campaign to empower South Africans to gain a better understanding of and engage in the energy transition.
South Africa has committed to lowering carbon emissions to net-zero by 2050 and usher in a green economy.
In that regard, government has also committed to an energy transition which is just, inclusive and which responds to South Africa’s developmental needs – leaving no one behind.
“Energy literacy is more than just understanding the basics, it’s the foundation for informed decision-making, constructive collaboration, and ultimately driving investment and economic growth through gained public positive sentiment.
“Through this campaign, we aim to connect South Africans with the factual information they need to make sense of the challenges and take advantage of the opportunities presented by the energy transition,” Energy Council CEO James Mackay said.
According to the council, the campaign focuses on six technical energy topics.
These are:
“The Energy Council estimates that R2 trillion will be required by 2035 for new technology financing and system upgrades. Government policy and commitment is clear. The two key drivers of our energy reform agenda are now anchored in law: The Electricity Regulation Amendment Act, 2004 and the Climate Change Act, 2024.
“It is critical that informed responses lead the transition, ensuring collaboration across all stakeholders to create sustainable, long-term solutions for South Africa’s energy future,” the Energy Council said. – SAnews.gov.za
NeoB
Tue, 02/25/2025 - 12:19
8 views
SA crafts guidelines for green hydrogen development
In a major step towards cementing South Africa’s position as a global leader in green hydrogen, the Minister of Forestry, Fisheries, and the Environment, Dr Dion George, has overseen the launch of two game-changing environmental planning mechanisms.
The Environmental Impact Assessment (EIA) Guideline for green hydrogen projects and the South African Green Hydrogen Potential Atlas will remove regulatory uncertainty, drive investment, and accelerate South Africa’s transition to a green hydrogen economy.
Developed in partnership with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), the Council for Scientific and Industrial Research (CSIR), and GFA Consulting Group, these mechanisms will provide critical guidance for responsible and sustainable green hydrogen development.
In a statement of Tuesday, the Minister hailed the mechanisms as a victory for South Africa’s economic and environmental ambitions, reinforcing his commitment to positioning the country as a leader in clean energy innovation.
“This is a defining moment for South Africa’s green economy. By taking proactive steps to provide regulatory clarity and scientific insights, we are ensuring that green hydrogen becomes a major driver of sustainable economic growth, investment, and job creation. This is about unlocking South Africa’s potential while protecting our environment for future generations,” he said.
Under the Minister’s leadership, the Department of Forestry, Fisheries, and the Environment (DFFE) has strengthened the central role it plays in developing clear, science-based guidelines that provide certainty for investors and developers.
“The EIA Guideline will ensure that projects are planned responsibly, while the Green Hydrogen Atlas offers a powerful, interactive tool for mapping the country’s most promising locations for green hydrogen production.
“With abundant solar and wind resources, strategic port infrastructure, and a central location on global shipping routes, South Africa is uniquely positioned to become a green hydrogen powerhouse.
“Green hydrogen, which is produced using renewable energy, has the potential to replace fossil fuels in industries like steel, cement, and heavy transport, reducing emissions while creating new economic opportunities,” the department said.
The department said the launch of these mechanisms sends a clear message to international investors, industry leaders, and policymakers.
“South Africa is ready to lead in green hydrogen innovation and production,” the department said.
The EIA Guideline can be accessed at: https://bit.ly/SAGH2eia. - SAnews.gov.za
nosihle
Tue, 02/25/2025 - 11:09
41 views
There is certainly no danger of Harri Deaves forgetting his rugby roots. The Ospreys flanker is hugely proud to be a product of Pontyclun RFC – or The Badgers to give them their nickname. He demonstrated as much by wearing the club’s socks during the Vodacom URC Origin Round clash with league leaders Leinster Rugby …
South African consumers continue to buy gifts in February, with data from Standard Bank showing a double-digit increase in shopping activities on Valentine’s weekend. As Valentine’s Day fell on a Friday this year, shopping activity spiked compared to previous years, with jewellery stores, luxury goods retailers, spas and salons, and restaurants seeing the biggest boost. …
After overcoming cancer, Gqeberha resident Xylon van Eyck has embraced a new outlook on life, choosing not to take his health for granted. Now, he encourages others to do the same by staying active and participating in events like the Absa RUN YOUR CITY GQEBERHA 10K, that is set to take place in the ‘Friendly …
Government reiterates call to register spaza shops
Government has encouraged all spaza shop owners and vendors to register their businesses with their local municipality by the end of the week.
“Spaza shops must be registered to ensure that food safety laws are followed, and dangerous goods are taken off the market, keeping children safe and preventing future outbreaks,” the Government Communication and Information System (GCIS) said.
They have until Friday, 28 February 2025, to register their businesses.
Application forms for registration or permits to conduct business can be accessed physically at the municipal offices or on the municipality website.
The registration of a business takes one day, people must not wait until the last day to register.
“Citizens are reminded that registering a spaza shop on behalf of another person is a criminal offense. The Immigration Act of 2002 clearly states that it is a criminal offense to assist an illegal foreigner to conduct any business in the country and to assist an illegal foreigner to obtain a licence to conduct any business,” GCIS said.
For guidelines on spaza shop registrations visit: https://www.sanews.gov.za/features-south-africa/guide-register-spaza-shops.
Last year, President Cyril Ramaphosa extended the registration deadline for all spaza shops and food handling outlets after initially announcing the registration directive in November 2024.
This extension follows a serious incident involving foodborne illnesses, which resulted in over 890 cases and nearly 30 deaths since September 2024.
In October last year, six primary school children from Naledi, Soweto, died after allegedly eating snacks from a foreign-owned local spaza shop. - SAnews.gov.za
nosihle
Tue, 02/25/2025 - 10:53
40 views
SA participates in UNGA meeting marking Russia, Ukraine conflict anniversary
South Africa has voted in favour of a General Assembly resolution, presented by the United States of America with amendments by the European Union, which reiterates that the principal purpose of the United Nations is to maintain international peace and security and to peacefully settle disputes.
It further reaffirms the commitment to the sovereignty, independence, unity and territorial integrity of Ukraine within its internationally recognised borders, extending to its territorial waters; and implores a swift end to the conflict and further urges a just, lasting and comprehensive peace between Ukraine and Russia, in line with the United Nations (UN) Charter and the principles of sovereign equality and territorial integrity of States.
This comes as the United Nations General Assembly met in New York on Monday - on the third anniversary of the conflict between Russia and Ukraine.
“South Africa continues to call for the urgent cessation of the Russia-Ukraine conflict in order to prevent the further loss of life and the destruction of Ukraine’s infrastructure. Every effort must be made to de-escalate the conflict.
“South Africa remains firmly committed to the need for a peaceful and negotiated resolution of the conflict within a rules-based system centred on international law, including the respect for human rights, and the principles of the UN Charter,” said the Department of International Relations and Cooperation in a statement.
It said the sovereignty and territorial integrity of all states remain inviolable.
Consequently, South Africa supports all efforts to bring the conflict to an end and welcomes all efforts to bring about negotiations.
“We remain steadfast in our commitment to peaceful resolution of the conflict through a negotiated settlement with all parties to the conflict having a seat at the table.
“Consistent with the African Peace initiative we have always maintained that a commitment to inclusivity is key to deliver the buy-in of all Parties to the conflict, and to provide acceptable solutions to both parties,” said the department.
It added that countries are at a point of inflection in this conflict with the urgency to seize the momentum towards a negotiated settlement.
Head of UN Peacekeeping and Political Affairs, Rosemary DiCarlo, emphasised that the Russian invasion has “undermined the very foundations of the international order”.
She also reminded delegates that since 24 February 2022, the conflict has resulted in the tragic loss of at least 12 654 Ukrainian civilians, including 673 children.
In light of the recently adopted Security Council resolution, UN News reported that DiCarlo stressed the need for peace in Ukraine to be “just, sustainable, and comprehensive”.
She said such peace must align with the Charter of the UN, international law, and the resolutions passed by the General Assembly, including those enacted during Monday’s emergency special session. – SAnews.gov.za
Gabisile
Tue, 02/25/2025 - 09:51
136 views
Network International (Network) (www.Network.ae), a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa's leading mobile financial services provider. This partnership marks a significant extension of Network's portfolio of issuer processing collaborations throughout the African continent.
With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech's cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.
The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration. Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.
Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa. It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech's growth strategy, and its business development plans across the continent.”
Cedric N'guessan, Executive for Payment and E-commerce at MTN Group Fintech added, "This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond. It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent." Read More (https://apo-opa.co/43aKuII)
MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets.
Distributed by APO Group on behalf of Network International.
For more information, please contact:
MTN Group Press Office
MTNGroup.PressOffice@mtn.com
MTN Group Fintech (Proprietary) Limited:
Head Office: 216-14th Avenue Fairland 2195, Private Bag 9955 Cresta 2118 South Africa
Tel +2711 912 3000
Fax +2711 912 4093
Website www.MTN.com
Corporate Communications:
Network International
Dubai, UAE
Tel: +971 4 303 2431
lambert.espedido@network.global
Follow us:
X: https://apo-opa.co/3QwQZht
Linkedin: https://apo-opa.co/4khrvCr
About MTN Group Fintech:
MTN Fintech, the platform business of MTN Group, is dedicated to revolutionising global financial services through innovative digital technology solutions. Leveraging MTN's extensive reach and expertise in telecommunications, MTN Fintech is committed to advancing financial inclusion for all and empowering communities in Africa. With a primary focus on pioneering mobile financial services, digital payments, e-commerce, short-term insurance, and remittance capabilities, MTN Fintech strives to establish seamless, accessible, and secure financial ecosystems that shape the future of digital finance.
About Network International:
Network International is the Middle East and Africa's largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 250 financial institutions and 130,000+ merchants.
Government activities for the week 24 – 28 February 2025
On Monday, 24 February, the Minister of Communications and Digital Technologies, Solly Malatsi, in collaboration with the World Bank and GSMA, will host a high-level workshop focused on accelerating access to affordable smart devices for all South Africans.
On Tuesday, 25 February, the Deputy Minister in the Presidency responsible for Planning, Monitoring and Evaluation, Seiso Mohai, will visit the Thabo Mofutsanyana District Municiaplity in the Free State as part of the 2025 Back-to-School Programme.
On Wednesday, 26 February, Premier Alan Winde, will deliver the 2025 State of the Province Address (SOPA), outlining the Western Cape Government’s plans for the year ahead and reflecting on its achievements over the past year.
On Thursday, 27 February, Public Works and Infrastructure Minister, Dean Macpherson, undertakes an official working visit to the Middle East to attract infrastructure investment (20-27 February 2025).
Friday, 28 February, Parliament hosts the sitting of the permanent committees and pre-sitting meetings of the Pan-African Parliament (18-28 February 2025).
Neo
Tue, 02/25/2025 - 09:42
1 view
JOHANNESBURG: The Fidelity Titans secured a resounding 168-run victory over the Six Gun Grill Garden Route Badgers in Saturday’s Hollywoodbets Pro50...
Five eThekwini employees suspended for alleged misuse of municipal resources
Five eThekwini Municipality employees have been suspended following their involvement in the alleged misuse of municipal resources.
According to a statement issued by the municipality recently, the employees were caught using municipal equipment to lay asphalt tar at a private residence on Jabu Ndlovu Drive in Verulam, north of Durban.
The suspects allegedly used a municipal truck to transport and lay asphalt tar at the residence. They were spotted and subsequently reported to the City Integrity and Investigations Unit’s Forensic Investigating Team on 17 February 2025.
One of the suspects, a supervisory driver, was arrested, while the other four men fled the scene. The supervisory driver appeared at the Verulam Magistrate’s Court on 18 February 2025, where he was granted bail.
The remaining four employees who fled the scene have since been suspended.
Head of the City Integrity and Investigations Unit, Jimmy Ngcobo, commended the whistleblower who reported the incident, stressing the importance of standing up against fraud and corruption.
“We will not tolerate this behaviour in the workplace. From the reports received, these employees have been visiting this household frequently to lay asphalt tar,” said Ngcobo.
Ngcobo also emphasised the municipality’s zero-tolerance stance on fraud, corruption, and violations of human rights.
“Ignoring work principles will destroy the operation of the municipality. Stealing is done deliberately, and they knew what they were doing is against the law. Such employees do not deserve to be working for the municipality,” Ngcobo said.
The incident follows the arrest of six municipal employees in November 2024, who were caught stealing asphalt tar in Inanda, north of Durban.
The employees were caught transporting the asphalt tar without a valid job card to justify its movement. These six employees remain suspended.
Ngcobo warned that employees who disregard workplace rules and policies will face severe consequences.
He also reiterated that managers and supervisors must enforce control systems to combat fraud and corruption effectively.
“Let us work together to protect the image and reputation of the municipality by rooting out fraud and corruption whenever it rears its ugly head,” he said.
To report fraud or corruption, please contact the City Integrity and Investigations Unit at 0800 20 20 20 or 031 311 4002, or email: ombuds@durban.gov.za – SAnews.gov.za
GabiK
Mon, 02/24/2025 - 15:20
183 views
JOHANNESBURG: Recon Tactical Free State all-rounder Miane Smit is steadily carving out a name for herself in South African women’s...
JOHANNESBURG: Wihan Lubbe’s destructive 64-ball 80 played a key role in the NWU Dragons overcoming the DP World Lions by 65...
Get ready to make a bold statement of support at the CANSA Shavathon, returning to Capegate Shopping Centre on Saturday, 1 and Sunday, 2 March 2025. This vibrant, community-driven event invites people of all ages to shave, spray, or donate their hair in a powerful act of solidarity with cancer survivors. Whether you’re going all …
Dear Editor Health Minister Dr Aaron Motsoaledi’s reluctance to place the Eastern Cape’s Department of Health (ECDoH) under administration is leaving thousands of patients under their care trapped in a cycle of pain and despair. Decades-long surgical backlogs are robbing them of their mobility, their dignity, and potentially, their lives. Each delay worsens the crisis, …
Kholo Capital Mezzanine Debt Fund I (“Kholo Capital” or “the Fund”) (www.KholoCapital.com/), has reached final close at R1,4 billion in commitments, in order to make long-term mezzanine debt investments in small and medium sized businesses in Southern Africa (i.e., South Africa, Botswana, Namibia, Lesotho and Swaziland). The funding provided to these businesses will positively impact communities and support economic growth, job creation, alleviation of poverty and advancement of transformation in the Southern African region. The Fund provides growth capital, BEE Financing and acquisition funding into sectors of the Southern African economy with high social impact including social housing, healthcare, education, renewable energy, food and food security, ICT, financial technology and infrastructure. The Fund follows the United Nation's 17 Sustainable Development Goals as guiding principles with key focus on those linked to Job Creation (i.e., Decent work and Economic growth, Reduced Inequalities and Gender Equality) and those linked to Sustainable Growth (i.e.; Affordable and Green Energy, Sustainable Cities and Communities and Climate Action). The R1,4 billion in commitments was secured from leading South African institutional investors.
Kholo Capital believes that mezzanine debt funding, being a subordinated loan position that sits between senior debt and equity in the capital structure of a business, is attractive because it plugs any equity funding gaps and provides businesses with a tailored and flexible loan solutions in support of their growth requirements. Kholo Capital's investment criteria include investing in small and medium sized businesses generating minimum R25m EBITDA across various growth sectors of the Southern African economy, thereby providing much needed access to capital within a preferred range of R70m to 200m per investment. The benefit of mezzanine debt loan funding lies not only in the ability to tailor funding terms like debt servicing requirements (e.g., providing capital repayment moratoriums), and also because it is a loan funding instrument it avoids the significant equity dilution which is sometimes the sad reality when businesses try to fund their growth ambitions by raising pure equity funding.
Mokgome Mogoba, Founder and Managing Partner at Kholo Capital, said: “We are very bullish about South Africa, the South African economy and the future prospects of this beautiful country and the surrounding region. We are heartened and motivated by the optimism and the resilience of its people. We aim to create in excess of 500 new jobs at a rate of more than 40 nett jobs created per investment and we have committed to investing more than 50% of the Fund in black empowered companies. We are excited at the opportunity to bring creative funding solutions to the Southern African market and to form long term sustainable partnerships with businesses over a 4 to 7-year investment horizon, realising not only strong commercial returns for our investors, but also providing transformational funding that has a positive ESG impact on businesses and surrounding communities as we also look to boost our rural and township economies.”
Zaheer Cassim, Founder and Managing Partner at Kholo Capital, added: “Mezzanine debt funding is non-dilutive by nature and therefore is an attractive funding option for family-owned businesses, BEE companies or any business that needs to raise capital and hold onto the equity in the business. And with the banks becoming more risk averse due to regulatory requirements, lending to small and medium sized businesses has reduced, creating a great opportunity for flexible mezzanine debt structures. We are grateful that our investors recognise the opportunity and have shown us tremendous support.”
With a strong pipeline of opportunities, Kholo Mezzanine Debt Fund I is well positioned to advance its investment objectives, and make a sustainable impact in support of the real economy.
Distributed by APO Group on behalf of Kholo Capital.
For more information contact:
Mokgome Mogoba
Managing Partner
Kholo Capital Mezzanine Debt Fund I
mokgome@kholocapital.com
Tel: +27-79-631-5860
Zaheer Cassim
Managing Partner
Kholo Capital Mezzanine Debt Fund I
zaheer@kholocapital.com
Tel: +27-83-786-0845
About Kholo Capital Mezzanine Debt Fund I:
Kholo Capital is a specialist alternative investment fund management company with deep experience and track record in private markets. It was founded in 2020 by Mokgome Mogoba and Zaheer Cassim. The Kholo Capital investment team has more than 100 years of collective credit and investment experience and is highly skilled in senior debt, mezzanine debt and private equity. The investment team has a strong track record in the credit and investment space and has invested in excess of R50bn of mezzanine debt, private equity and senior debt investment transactions in over 90 transactions in more than 10 African countries. Kholo Capital Mezzanine Debt Fund I is managed by a cohesive, dynamic and nimble team and the management team has worked together over the last 21 years.
Website: www.KholoCapital.com
When it comes to legal matters, there are various areas where professional legal advice is crucial. Whether you’re facing a labour dispute or dealing with family law issues, understanding the role of a labour lawyer or custody lawyer can make a significant difference in the outcome of your case. Labour Lawyers: Protecting Workers’ Rights …
When it comes to hiring the right talent for your business, the process can be overwhelming. Whether you are a small business or a large corporation, finding the right people to help your company grow is crucial. One of the most efficient ways to tackle this challenge is by partnering with a reputable Recruitment agency. …