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Dr Nthabiseng Moleko is an economist at Stellenbosch Business School: Since 1994 the South African government has employed market friendly policies in an investment led growth strategy. Yet South Africa has averaged 1.2% GDP per capita growth over the last three decades, faring particularly poorly in the last decade by contracting -0,25% in per capita …
The effects of the $45-billion pay package offered to the Tesla boss will be felt across the world
MultiChoice Group (www.MultiChoice.com/) demonstrated resilient operational performance for the year ended March 2024 (FY24), delivering a 26% trading profit margin in South Africa, while increasing trading profit in the Rest of Africa by 48%, despite very challenging macro-economic conditions. Clear strategic milestones were reached, with the group successfully launching Showmax 2.0, SuperSportBet and Moment, all of which are now revenue-generating and supporting the group's future growth prospects.
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“Four years after setting out a clear strategy of building Africa's entertainment platform of choice and investing in services to support a broader ecosystem, our three core segments are now fully operational: video entertainment, interactive entertainment and fintech. Our focus now shifts to building on these solid foundations to drive growth in these new areas, and on further enhancing business efficiency across our operations.
While we are not alone in feeling the challenges of a weak consumer environment, I am proud of the speed and effectiveness of the team in implementing strategic actions to retain customers, safeguard cash generation and drive costs savings which surpassed our targets. It is the strength of this team, the quality of the underlying business and the clarity of our strategy which underpins my confidence in delivering on our potential,” said Calvo Mawela, MultiChoice Group CEO.
Some key points for the past financial year:
MultiChoice is by far the largest producer of original content on the African continent. In FY24, the group again produced over 6 500 hours of local content and its local content library now has more than 84,000 hours of content, a 12% increase YoY.
The highlight for the year was Shaka Ilembe, which launched on Mzansi Magic in June to become Africa's biggest TV series. Filmed entirely on location in South Africa, it was created through the skills and contributions of over 8 000 people. The premiere episode attracted over four million viewers and was the top-performing show with an audience share of over 45% in its time slot.
Other content highlights of the year was Reyka (season 2), Devil's Peak and White Lies on linear (co-produced with Fremantle, Canal +, Abacus Distribution and BBC Studios-owned Lookout Point) and Spinners, Original Sin: My Son The Killer, and Catch Me a Killer, on streaming. Across Africa, the group launched 3 new proprietary channels - in Ethiopia (Maaddii Abol), Uganda (Pearl Magic Loko) and Mozambique (Maningue Magic Kool) while also producing content in Africa's 4th most spoken language, Oromo.
SuperSport broadcast 34 490 live events during the year – arguably more live sport than any other broadcaster in the world. Highlights included the Rugby World Cup in France, the Cricket World Cup in India, a second SA20 season in South Africa, AFCON, FIFA Women's World Cup in New Zealand and Australia, as well as the Netball World Cup in Cape Town.
SuperSport Schools more than doubled its registered user base during the year. The fast-growing platform displayed more than 49 000 hours of live programming across 43 different sports codes, covering 900 school sport festivals and events, featuring more than 1 100 schools, and over 14 500 teams.
SEGMENTAL REVIEW
South Africa Pay-TV (MultiChoice South Africa)
Due to a strong focus on retention initiatives, the decline in active subscribers in South Africa was limited to 5%, despite the challenging environment. The base now stands at 7.6 million households. Power outages experienced on 275 days of the year further discouraged potential subscribers without backup power.
Although the Premium bouquet is trending toward a stable base given the targeted retention efforts, the premium customer tier (which includes the Premium and Compact Plus bouquets) declined by 8%. The mid-market Compact base, which is most exposed to the macro-economic challenges, was down 9%, while the mass-market tier was 2% lower due to pressure in the Family base, the impact of loadshedding, and reduced decoder subsidies.
A consequent 3% decline in subscription revenues and softer advertising income weighed on the segment's total revenues (-2% to ZAR33.6bn), but was partially offset by strong traction from new revenue streams, especially the insurance business (NMSIS) which reported a 35% increase in premium revenue to almost ZAR1bn. Several interventions to reduce costs enabled the SA business to achieve a trading margin of over 26%.
Rest of Africa Pay-TV (MultiChoice Africa)
The business in the Rest of Africa faced the toughest macro-economic conditions in its core markets with high, double-digit inflation and extreme depreciation of local currencies, (especially in Nigeria, Angola, Kenya and Zambia) which impacted USD revenues by 32%.
The active subscriber base declined to 8.1m, but effective retention efforts contributed to an improved subscriber mix.
Due to the challenging market dynamics, the short-term focus of this business shifted from subscriber growth to safeguard profitability and cash flows. Several cost-saving initiatives were implemented, including scaling back significantly on decoder subsidies (-46% YoY or ZAR1.3bn), and reducing SG&A costs by ZAR500m. These interventions enabled the Rest of Africa business to increase trading profit by 48% YoY to ZAR1.3bn.
Sub-Saharan Africa SVOD (Showmax)
FY24 was a pivotal year for Showmax as it relaunched across 44 markets in sub-Saharan Africa on Peacock's world-class platform, which is 4K/HDR and ATMOS ready. Almost 100% of the eligible customer base was migrated to the new Showmax platform, and 88% of those migrated had reactivated their accounts in the seven weeks to year-end.
Alongside local content from M-Net, Mzansi Magic, Africa Magic and Maisha Magic, Showmax ramped up its local content, releasing 59 original movies and series in SA, Nigeria, Kenya and Ghana (FY23: 48). Popular shows that drove viewership included Tracking Thabo Bester, Koek, The Mommy Club, Youngins, Red Ink, Adulting, Outlaws and Real Housewives of Durban in South Africa, Cheta'm, Real Housewives of Lagos, Dead Serious, Wura and Flawsome in Nigeria, and Single Kiasi and Second Family in Kenya.
Showmax revenues for the year grew by 22% (+22% organic) to ZAR1.0bn, while trading losses increased to ZAR2.6bn. These losses came in below the expected range of ZAR3-4.0bn. As noted before, due to the partnership agreement signed in 2023, 30% of Showmax's funding requirements is contributed by Comcast.
Technology (Irdeto)
Irdeto's strong execution, enabled it to become the market leader in managed security services for video with a 22% market share. It also saw significant success in combatting piracy, taking down some 30 000 streaming piracy services during the year. Revenue increased by 17% (7% organic) driven by external customers across video entertainment, gaming and connected transport, with some additional uplift from a weaker ZAR against the USD. Disciplined cost management supported a 23% trading margin.
Irdeto shipped its first keyless solutions to leading customers, including one of the largest fleet operators in the US market. This resulted in a revenue increase of 119% YoY in the connected transport division, with revenue from new services now representing a combined 35.7% of total revenues.
Sports betting and interactive entertainment (KingMakers)
KingMakers reported strong growth in the online business in Nigeria, with monthly active users up 37% YoY and online gross gaming revenues up 26% YoY in constant currency. New products were also launched, including BetKing Casino and BetKing FootballGO, a virtual football sportsbook service.
Revenue of USD147m was affected by the weak Naira, while the business reported a positive EBITDA of USD2m. At the end of its December year-end the business had a retained cash balance USD113m to fully fund its growth initiatives.
KingMakers launched the SuperSportBet business in South Africa in January 2024. Its pre-game shows and live feed integration with SuperPicks, as well as the Playbook preview show were key drivers of uptake, further supported by SuperSportBet becoming the official betting partner of local soccer clubs, Kaizer Chiefs and Orlando Pirates.
Fin-tech (Moment)
After being founded during FY23, Moment officially launched in FY24. The business played a vital role in the Showmax relaunch stepping up to fill a critical payments gap. In January this year, Moment also began processing MultiChoice's payments for DStv, reaching a milestone of processing USD85m in payments in early March 2024.
To-date, Moment has processed local and cross-border card payments in 44 Showmax markets and is already accounting for more than 20% of Group's payment volumes. It also joined real-time payment networks in 18 countries, including South Africa, and is currently piloting instant payment and account activation for DStv.
The business raised an additional USD22m of funding, with MultiChoice contributing USD8m. As a result, Moment is now valued at USD82m and MultiChoice owns a 26% stake.
FUTURE PROSPECTS
The linear video-entertainment business remains the mainstay of the group's operations and provides a valuable base from which to expand its service offerings. The new streaming, interactive entertainment, fintech and connectivity services are having a positive impact on the business, and more importantly, on the lives of its customers. Going forward, the group will focus its efforts on scaling Showmax, Moment, SuperSportBet, as well as on driving growth in insurance (NMSIS), DStv Internet and DStv Stream.
To counter the challenges around an uncertain economic recovery globally and across the group's operating footprint, the group will continue to drive business efficiency and cost optimisation, with an increased cost savings target of ZAR2bn.
Not only should this mitigate the ongoing impact of currency volatility and consumer weakness on performance, but together with the company's strategic plans to continue adapting its platforms to cater to customers' evolving needs, it positions the group well to prosper once currencies stabilize and economies rebound.
Distributed by APO Group on behalf of MultiChoice Group.
MultiChoice Group Contact Details:
Litlhare Moteetee
Senior Manager: Corporate Communications
Litlhare.Moteetee@Multichoice.co.za
Meloy Horn, Head of Investor Relations
Mobile: +27 82 772 7123
meloy.horn@multichoice.com
About MultiChoice Group:
MultiChoice Group (MCG), listed on the Johannesburg Stock Exchange (JSE), is a leading provider of entertainment and related consumer services, with an expanding ecosystem, underpinned by scalable technologies, and a track record now spanning almost 40 years. MCG provides video entertainment products and services through its linear and streaming platforms to 23.5m households across 50 countries on the African continent and continues to grow by producing and acquiring the best local, sport and international content and offering tiered subscription packages and aggregated streaming services to its customer base. MCG's superior technology capabilities enables it to continue innovating around distribution, digital and payment solutions and content security to offer the best customer experience across the continent. Reaching up to 100 million individuals on a daily basis, the MultiChoice Group is using its scale and distribution to expand its platform to include sports betting and interactive entertainment, fin-tech services, household services (focused on internet connectivity and emergency response services) and ed-tech. Irdeto, MCG's technology business, provides platform cybersecurity services which protect over 6bn devices and applications globally for some of the world's best media and technology brands, as well as clients in the connected industries sector.
Unleashing Innovation: The 2024 BCX Digital Innovation Awards Ignite South Africa’s Tech Future! 12 June 2024, Centurion: The BCX Digital Innovation Awards are back, and this year’s event promises to be more thrilling than ever! Celebrating its sixth anniversary, the competition has evolved into the premier stage for trailblazing technology professionals and forward-thinking organisations across …
Banks paid out hefty bonuses, though performance targets were not met
Nowadays, the phrase ‘home is where the tech is' defines modern living, as South Africans increasingly (https://apo-opa.co/3TSowVR) adopt smart home innovations. These advancements are continuing to adapt and evolve in their capabilities which not only improve convenience and security but can also decrease energy consumption, contributing to cost savings.
This is according to Dr Andrew Dickson, Engineering Executive at CBI-electric: low voltage (www.CBI-LowVoltage.co.za/), who says that, in 2024, homes will become even more high-tech in terms of the efficiency, functionality, and personalised living experiences they provide. “We may still be a few years away from homes resembling those dreamed up by sci-fi movies, but we are already heading in the direction of smart technology becoming less of a luxury and more of a staple in modern homes.”
Below, he shares four trends that will help make South African homes smarter this year:
In addition, WiFi-7 is set to roll out in the country this year which will improve internet connectivity to devices in the home, extend range and promises to deliver nearly five times the speed of Wi-Fi 6. This, however, is also reliant on the release of more spectrum and regulatory approvals.
In the future, generative AI will make smart homes even smarter. Soon, these tools will not only help to identify appliances that require preventative maintenance but also set up appointments with service providers for their upkeep based on the homeowner's schedule and availability.
Additionally, as more South Africans embrace rooftop solar (https://apo-opa.co/3IUS6DT), smart technology enables the effortless integration of renewable energy sources to combat the impacts of load shedding while also ensuring that the power produced is used effectively and efficiently.
“In 2024, smart homes will become sanctuaries of innovation, enriching the lives of South Africans and heralding a future where homes understand, adapt and even pre-empt the unique needs of their residents," concludes Dr Dickson.
Distributed by APO Group on behalf of CBI-electric: low voltage.
For more information, go to https://CBI-LowVoltage.co.za or follow CBI-electric: low voltage on Facebook (https://apo-opa.co/3vvHgRW), Instagram (https://apo-opa.co/43Cr9hY), LinkedIn (https://apo-opa.co/4atY8Y6), X (https://apo-opa.co/4aw8czw), Threads (https://apo-opa.co/3VBbqxv) or YouTube (https://apo-opa.co/3IWb2Ce).
About CBI-electric: low voltage:
Ports Regulator of South Africa and B-BBEE Commission sign MoU
A Memorandum of Understanding (MoU) aimed at addressing transformation in the ports sector has been entered into between the Ports Regulator of South Africa (PRSA) and the Broad-Based Black Economic Empowerment (B-BBEE) Commission.
A joint statement by the regulator and the commission explained that the MoU provides for the exchange of information, strategies, expertise and research related to B-BBEE and transformation.
Furthermore, the MoU will provide a platform for strengthening the partnership on the sector’s economic transformation.
“It is intended that the partnership between the PRSA and the B-BBEE Commission will help address the slow pace of transformation. The PRSA report on “Implementation of Broad- Based Black Economic Empowerment in South African indicates that Black Ownership in port terminal operations hovers below 20%, for leases 18%, and 12% for services and facilities. The Ownership by Black Women in the sector is worryingly below 15%.
“On the other hand, the B-BBEE Commission’s National Trends and Status report on B-BBEE for the year 2022, shows that while the Integrated Transport sector managed [to] reach 58% of Black Ownership by JSE listed entities in 2022, and 25% for Black Women, the Ports sub-sector still lags behind.
“This demonstrates that an overarching challenge faced by the PRSA and the B-BBEE Commission is the issue of enforcement and accountability for non- compliance with the B-BBEE Act,” the statement read.
The statement said the commission has played a leading role in “strengthening of accountability and enforcement” of the act but the MoU will enhance monitoring.
“It is anticipated that the collaboration between the B-BBEE Commission and the PRSA will enhance monitoring of transformation activities within the Ports Sector to ensure that black operators and port users benefit in [the] future. [The] MoU states that both partners may from time to time engage in awareness and advocacy programmes concerning B-BBEE.
“In this regard, it should be possible for example, where the PRSA identifies sub-sectors of the Ports where compliance and enforcement should be strengthened to collaborate with the B-BBEE Commission on research and appropriate interventions required, based on the respective mandates of the two entities,” the statement read. – SAnews.gov.za
NeoB
Thu, 03/14/2024 - 11:39
JOHANNESBURG, SOUTH AFRICA, 11 March 2024 — Dipula Income Fund’s (JSE: DIB) new lease with EOH for the Montrose Place at Waterfall Park in Midrand’s Vorna Valley has led to an innovative and high-impact corporate social responsibility project. The entire 4,000qm building was fitted out by REO, using small contractors who not only completed the …
The use of large amounts of recycled rubber crumb for the manufacture of road surfaces and related products is propelling South Africa towards a circular economy. Waste products are usefully used to address key infrastructure needs, says Dr Mehran Zarrebini, CEO of Hammarsdale-based radial truck tyre recycler, Mathe Group The company recycles approximately 1 000 …
The Earthshot Prize will travel to Cape Town, South Africa this November for Earthshot Week 2024, featuring The Prize's annual Awards Ceremony. Across five days of landmark events, The Earthshot Prize will celebrate the groundbreaking work of fifteen global environmental solutions and convene leading innovators, Earthshot Alumni, partners, investors and philanthropists for inspiring conversations and action on catalysing solutions to protect and restore our planet.
The Earthshot Prize is an ambitious global environmental prize which aims to discover and help scale the world's most innovative climate and environmental solutions to protect and restore our planet. The Prize is centered around five ‘Earthshots'; simple but aspirational goals to ensure our communities, oceans and ecosystems can thrive together in harmony for generations to come.
This year, The Earthshot Prize will bring its annual celebration to South Africa for the first time, following events in London in 2021, Boston in 2022 and Singapore in 2023. Over the coming months, a rigorous selection process will unearth fifteen Finalists from around the world, of whom five will be awarded a £1 million (R23 800 000,00) prize to scale their solutions, during the ceremony in Cape Town.
Hannah Jones, CEO of The Earthshot Prize said: “This is the Earthshot Decade, a decade in which we must, by 2030, reduce CO2 emissions by over 40 percent, and protect 30 percent of nature, oceans, and freshwater. The nominations to The Earthshot Prize remind us that human ingenuity, grit and determination can turn the seemingly impossible into the new normal. We're delighted to be working with changemakers and partners across Africa to spotlight the incredible innovation emerging across the continent, to convene courageous conversations about scale and finance, and to partner with young creators and filmmakers to tell the story of changemakers across Africa.”
Nearly 400 nominees for this year's Prize are Africa-based, highlighting the trailblazing creativity and innovation across the continent with the potential to inspire optimism and provide pathways to transformative change around the world. One of The Prize's inspiring 2023 finalists was Cape Town's ABALOBI, a non-profit partnership between fishers and scientists aimed at protecting small-scale fishing communities while arming their customers with better information about the origin of their seafood.
Despite contributing the least to global warming and having the lowest emissions, Africa is the most vulnerable continent to the impacts of climate change. In 2022 alone, more than 110 million people across Africa were directly affected by weather, climate, and water-related hazards according to the World Meteorological Organization. Yet in the face of these challenges, nearly all African countries have committed to enhancing climate action through reducing their greenhouse gas emissions and building resilience.
Earthshot Week will begin with The Prize's annual Awards Ceremony, an evening of extraordinary storytelling and star-studded performances, celebrating the work of the fifteen Earthshot Prize finalists. The ceremony will be followed by Earthshot+, a day of thought-provoking conversations aimed at multiplying the impact of The Earthshot Prize Winners and Finalists.
During Earthshot Week, Cape Town will also play host to the annual Earthshot Fellowship Retreat which will kickstart the yearlong Earthshot Prize Fellowship Programme. The programme is a key element of the wrap-around support that each cohort of fifteen Finalists receives in addition to the £1 million prize, providing mentorship, resources and technical support, helping to accelerate the growth of each groundbreaking solution. That support includes access to the Prize's robust network of the world's largest businesses, philanthropists, investors and environmental organizations committed to climate action.
The Prize has recently completed its annual nominations process, culminating in nearly 2500 entries submitted from 432 Official Nominators from around the world, doubling the nominations from any previous year. Nearly 400 of the 2024 nominations are headquartered in Africa, three times more than in any previous set of nominations. The fifteen new finalists chosen this year will be emblematic of a growing global movement of innovators, gamechangers and entrepreneurs creating transformative solutions that, if scaled, could accelerate a green, just transition to a net zero world.
The Prize's first three cohorts of 45 Finalists have already driven incredible impact to repair and regenerate our planet with more than 1.5 million people benefiting directly from their solutions. Over 7,000 hectares of land and almost 2.1 million hectares of ocean have been protected or restored, while over 35,000 tonnes of CO2 emissions have been reduced, avoided or sequestered. The Prize's 2023 Finalists, announced this past autumn, are well on their way to creating similar impact.
The Earthshot Prize is proud to partner with MultiChoice Group to bring Earthshot Week to Africa. As a member of The Earthshot Prize Global Alliance of Partners, the MultiChoice Group is part of a global network of non-profit and international organizations committed to the environment and sustainable development. It is one of the fastest-growing entertainment providers globally, delivering entertainment products and services to more than 22m households across 50 countries on the African continent. In partnership with MultiChoice, The Earthshot Prize will provide a platform to African Youth Creators to spotlight and celebrate African solutions and the people behind them.
Imtiaz Patel, MultiChoice Group Chairman, said: “As the leading entertainment company in Africa, we are immensely proud to be the African Broadcast partner for Earthshot Prize at such a monumental time. This marks the first time the prestigious prize comes to our continent.
MultiChoice is well positioned to not only amplify the urgent message of climate change but also to inspire and galvanize innovators, corporate partners, and governments to prioritize sustainable solutions. This partnership signifies our ongoing commitment to fostering a sustainable future for Africa, and we look forward to playing a pivotal role in advancing the goals of The Earthshot Prize.”
The 2024 Earthshot Prize Finalists will be unveiled in September. More details about The Earthshot Prize Awards Ceremony and Earthshot Week in Cape Town will be released in due course.
Distributed by APO Group on behalf of MultiChoice Group.
Contact:
For The Earthshot Prize:
earthshotprize@fgsglobal.com
For MultiChoice Group:
Litlhare.moteetee@multichoice.co.za
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About The Earthshot Prize:
Founded by Prince William and incubated in the The Royal Foundation in 2020 for a year before becoming an independent platform/organization, The Earthshot Prize is a global environmental prize and platform designed to discover, accelerate and scale ground-breaking solutions to repair and regenerate the planet. Inspired by President John F. Kennedy's Moonshot, which united millions of people around the goal of reaching the moon, The Earthshot Prize aims to catalyse an Earthshot challenge to urgently encourage and scale innovative solutions that can help put the world firmly on a trajectory towards a stable climate, where communities, oceans and biodiversity thrive in harmony by 2030. The five challenges are: Protect and Restore Nature; Clean Our Air; Revive Our Oceans; Build a Waste-Free World; and Fix Our Climate.
The Prize aims to turn the current pessimism surrounding environmental issues into optimism by championing inspiring leadership and helping to scale incredible cutting-edge solutions. It will discover 50 winners over 10 years with the power to repair the planet. More than an award, The Earthshot Prize works in partnership with a Global Alliance of Partners to support the scaling of the solutions discovered and selected each year.
The Global Alliance Founding Partners are a group of leading global organizations and philanthropists, which act as strategic funding partners to the Prize, including Aga Khan Development Network, Bezos Earth Fund, Bloomberg Philanthropies, Breakthrough Energy Foundation, Coleman Family Ventures, DP World in partnership with Dubai EXPO 2020, Eleven Eleven Foundation, Holch Povlsen Foundation, Jack Ma Foundation, Law Family Charitable Foundation, Legado Para A Juventude, Mastercard Center for Inclusive Growth, Marc and Lynne Benioff, Paul G. Allen Family Foundation, Rob Walton Foundation, Sandy and Paul Edgerley, Standard Chartered Bank, Temasek Trust and Wyc Grousbeck and Emilia Fazzalari.
Global Alliance Partners are non-profit environment and sustainable development organizations that bring expertise, global reach and serve as nominating organizations each year. For full list see website: Global Alliance - Earthshot Prize.
Global Alliance Members are some of the world's largest and most influential companies and brands that will support The Earthshot Prize, implement ambitious changes within their businesses and accelerate the advancement of the solutions of Prize Finalists and Winners.
They are: Arup, Bloomberg L.P., Deloitte, Herbert Smith Freehills, Hitachi, Ingka Group (IKEA), Microsoft, The Multichoice Group, Natura &Co, Safaricom, Salesforce, Unilever, Vodacom Group and Walmart. For more information about The Earthshot Prize, visit: www.EarthShotPrize.org.
About MultiChoice Group:
MultiChoice Group (MCG), which listed in the Main Board of the JSE on 27 February 2019, is one of the fastest-growing video entertainment providers globally, delivering entertainment products and services more than 22m households across 50 countries on the African continent. Its track record of more than 30 years is reflective of a commitment to provide audiences with only the best local, sport and international content.
MCG's strong partnerships with distributors, installers and telecommunication companies, along with its well-established payment solutions, competitive pricing and choice of viewership packages continue to secure its place in the global market, while also providing solutions unique to the African market. Its direct-to-home (DTH), digital terrestrial television.
(DTT) and over-the-top (OTT) solutions enable the business to stay relevant and aligned to changing consumer habits while capturing new markets. Content is at the very core of the business. MCG aims to deliver quality content anywhere, anytime and on any device through a comprehensive video entertainment offering at different price points. As pioneers in African video entertainment, MCG plays an important role in making information and entertainment easily accessible to Africans.
MCG aims to secure content rights in a manner that is cost-effective and reflective of the diversity of its audiences. Its substantial portfolio includes award-winning local content (a key differentiator in its service offering), a leading sport offering (including production capabilities) and access to international content, which is all shared on the group's platforms: DStv, GOtv, Showmax, M-Net and SuperSport.
MCG has superior technology capability through the security solutions that Irdeto, its technology company, brings to the group. These solutions enable MultiChoice to protect its investment, create new offerings and combat cybercrime. With 50 years' expertise in software security, Irdeto's software security solutions and cyber services protect over 5bn devices and applications for some of the world's best brands.
The Eastern Cape, with its diverse landscape and vibrant economy, boasts several companies that have earned their place on the prestigious Johannesburg Stock Exchange (JSE). Here’s a glimpse into some of these shining stars: Retail: Lewis Group: Headquartered in East London, the Lewis Group is a leading South African retailer with multiple store formats like …