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You are here: Home / Archives for News

News

27 July 2023

Navigating the World of Aftermarket Car Parts: A Comprehensive Guide

Location: MyPR

In the world of car enthusiasts and do-it-yourself mechanics, aftermarket car parts are a topic of constant discussion. They offer an appealing alternative to original equipment manufacturer (OEM) parts, usually due to their lower price points and wider range of options. However, for newcomers to the field, the world of aftermarket car parts can be …

Read moreNavigating the World of Aftermarket Car Parts: A Comprehensive Guide
27 July 2023

Gin-fuse your winter with a spiced hot gin cocktail

Location: MyPR

When warm blankets just aren’t doing the trick, there’s only one thing to do – make yourself a hot Cape Town Gin cocktail! If there’s one upside to winter, it’s being able to eat and drink things that you wouldn’t necessarily in summer: hot soups and stews, hot chocolate, but most importantly, hot gin cocktails. …

Read moreGin-fuse your winter with a spiced hot gin cocktail
27 July 2023

Transformation must hold space through availability of opportunities

Location: News

Transformation must take place through availability of opportunities

Transformation must take place via opportunities being made available, and not by dismissal or retrenchment of any group, stakeholders in the labour sector say.

This is the message that resonated during a joint workshop with the Department of Employment and Labour and Commission for Conciliation Mediation and Arbitration (CCMA) on the recent amendments to the Employment Equity (EE) Act and setting of EE targets.

The workshop was held in Rustenburg, North West, on Wednesday. 

Employment and Labour Deputy Director of Employment Equity, Niresh Singh, said in implementing employment equity and affirmative action, race alone should not be a qualification, but competence and ability should take priority. 

“Since 1998 when the EE Act was introduced, we are still found wanting when it comes to equity implementation. We need more African and coloured-owned businesses in place. 

“Government needs to put programmes in place. We need to be aggressive, go a step further by empowering women-owned businesses and those owned by people with disabilities,” Singh said. 

Singh was addressing the workshop held under the theme, 'Real transformation makes business sense'.  
 
The department and CCMA are currently conducting the 2023 EE roadshows in the form of national workshops. 

The focus of this year's workshops is to create awareness on the recently promulgated EE amendments, sector targets and regulations.

Singh said the country’s laws in the main are about inclusivity, and acknowledged that there may be “unintended consequences” in implementing the EE plan.

Employers must strive to achieve the Economically Active Population (EAP) stats, among other factors, to deal with underrepresentation of various population groups at the different occupational levels and for people with disabilities, Singh said. 

According to the Commission for Employment Equity (CEE), the EAP is used as a benchmark to assist employers in the analysis of their workforce to determine the degree of under or overrepresentation of the designated groups in the workforce. 

It also guides employers in the setting of numerical goals and targets for the achievement of an equitable and representative workforce. 

In the 22nd CEE report, Statistics South Africa (Stats SA) figures showed that in 2021, Africans accounted for 79.4% of the EAP, compared to 9.1% of coloureds; 2.7% Indians and 8.8% whites. 

Singh said it is not an “unreasonable request to ask employers to transform”. 

The EE workshops are targeted at employers or heads of organisations, academics, assigned senior managers, consultative forum members, human resource practitioners, trade unions, and employees and other interested stakeholders. 

The national series workshops started on 18 July 2023 in Thohoyandou and will end in Durban on 29 August 2023. – SAnews.gov.za
 

GabiK
Thu, 07/27/2023 - 11:16

Read moreTransformation must hold space through availability of opportunities
27 July 2023

Successful Acquisitions

Location: MyPR

Acquisitions involve the takeover of one “target entity” by another entity (the “acquiring entity”). Their aim is to achieve value. Successful acquisitions play a significant role in business growth. Through them, businesses can expand into new markets, increase their range of products and services, and their competitiveness. Not all acquisitions are successful. Given that they …

Read moreSuccessful Acquisitions
27 July 2023

G4S in last-ditch bid to retain Mangaung Prison contract

Location: News

Employees uncertain if they will still have jobs at the prison where Thabo Bester escaped

Read moreG4S in last-ditch bid to retain Mangaung Prison contract
27 July 2023

Deputy Minister Botes concludes Working Visit to Chile and Uruguay

Location: News

Republic of South Africa: Department of International Relations and Cooperation
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The Deputy Minister of International Relations and Cooperation, Mr Alvin Botes, has concluded his successful Working Visit to the Republic of Chile and the Oriental Republic of Uruguay, which took place from 22 – 26 July 2023.

The purpose of the visits was to strengthen political, economic and social relations as well as multilateral cooperation.

In Santiago, Chile, the Deputy Minister commenced his visit by co-chairing the Eighth Joint Consultative Mechanism (JCM) between South Africa and Chile. The meeting discussed areas of mutual interest which include Education; Mining; Science and Innovation; Social Development; Sport, Arts and Culture; Trade and Investment and Parliamentary Relations.

The Deputy Minister also met with the Chile–South Africa Chamber of Industry, Commerce and Tourism, which included CEOs of South African and Chilean companies, to discuss cooperation in trade and investment and exchanged notes on multilateral issues of mutual concern.

The Deputy Minister concluded his visit to Chile by launching the Exhibition on the 10th Year Remembrance of Nelson Mandela at the Museum of Memory and Human Rights in Santiago.

In Montevideo, Uruguay, the Deputy Minister co-chaired the Second Meeting of the South Africa and Uruguay Bilateral Consultations Mechanism (BMC) on Wednesday, 26 July 2023.

The two countries review progress since the first meeting of 2022 and discussed areas of bilateral cooperation in Agribusiness; Sport; Arts and Culture; Education; Energy; Mining; Social Development; Science and Technology; and Trade and Investment and exchanged notes on multilateral issues of mutual concern.

Distributed by APO Group on behalf of Republic of South Africa: Department of International Relations and Cooperation.

Read moreDeputy Minister Botes concludes Working Visit to Chile and Uruguay
27 July 2023

NARYSEC application deadline extended

Location: News

NARYSEC application deadline extended

The Department of Agriculture, Land Reform and Rural Development (DALRRD) has encouraged young people in rural areas, who want to participate in the National Rural Youth Service Corps (NARYSEC) programme, to submit their applications before the closing date of 8 August 2023.

NARYSEC, which was established in September 2010, is one of the department’s contributions towards alleviating the high levels of unemployment among young people in rural areas.

NARYSEC is linked to the National Development Plan (Vision 2030) and Comprehensive Rural Development Programme (CRDP).

The primary objectives of the programme are:
•    Recruiting unemployed rural youth as part of the District Development Model (DDM) and other approved government programmes and initiatives, working with provinces, the private sector, municipalities and local traditional councils.
•    Building the capacity of rural youth through various skills development interventions.
•    Facilitating the transition of the recruited youth to participate in economic activities.
•    Providing post-programme support to youth who have exited the programme and linking them to economic opportunities.

NARYSEC is recruiting for the 2023/2024 fiscal year. The two intakes will be in September 2023 to December 2023.

The nature and duration of the skills development opportunities will be determined by the skills requirements of the identified exit opportunities (jobs or enterprise development) that the youth have been recruited for in a specific province and district municipality.

“Skills development opportunities will be provided by public Technical Vocational Education and Training (TVET) and agricultural colleges. Recruitment is linked to the priority skills and occupations deemed as critical to the Republic of South Africa, with a specific focus on the Agriculture and Agro-Processing Master Plan (AAMP), and priority areas in the Built Environment. 

“Skills development interventions will relate to agricultural production, processing and equipment maintenance, solar installation and maintenance, automotive motor mechanics, construction, welding, pharmacy assistance, phlebotomy, security services, tourism and hospitality and environmental practices, etc.

"Business development and work readiness interventions will be provided in accordance with confirmed economic opportunities,” the DALRRD explained.

Selection criteria

The programme targets unemployed rural youth aged 18 to 35 years old of all demographics.

Youth must be South African citizena residing in a rural area.

The minimum required qualification is Grade 9.

Youth with disabilities and females are encouraged to apply.
 

Application procedure

•    Download the application form from the department's website - www.dalrrd.gov.za.
•    Complete the application form in full and attach the required documents.
•    Submit to the email address allocated to the district you reside in. – SAnews.gov.za

GabiK
Thu, 07/27/2023 - 10:07

Read moreNARYSEC application deadline extended
27 July 2023

Anti-Competitive Behaviour in Business: Everything You Need to Know

Location: MyPR

Anti-competitive behaviour in business refers to actions taken by companies or individuals that hinder competition in the marketplace, such as engaging in collusion, price fixing, monopolistic practices, or abusing market dominance. These behaviours restrict or eliminate competition, resulting in reduced consumer choice, higher prices, and limited innovation, which can have a negative effect on the …

Read moreAnti-Competitive Behaviour in Business: Everything You Need to Know
27 July 2023

SA condemns Republic of Niger coup d’état

Location: News

Republic of South Africa: Department of International Relations and Cooperation
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The Government of the Republic of South Africa condemns the coup d'état in the Republic of Niger and calls on the military establishment to ensure the safety of President Mohamed Bazoum. The Government further calls for the return of the military forces to their barracks and to ensure the speedy restoration of the democratic order in Niger.

The South African Government strongly rejects unlawful seizure of power by any group or individual as this reverses democratic gains and development and threatens the realisation of Africa's aspiration for a better Africa.

South Africa fully supports the positions of ECOWAS, the African Union and the United Nations in their call for all parties to return to constitutional rule urgently and unconditionally and to refrain from further interference with the democratically elected Government of the Republic of Niger.

South Africa encourages the international community to continue to support the people of Niger, the initiative by ECOWAS, and the fundamental role of the civilians in the transitional process leading towards the restoration of normalcy and civilian-led government in the country.

Distributed by APO Group on behalf of Republic of South Africa: Department of International Relations and Cooperation.

Read moreSA condemns Republic of Niger coup d’état
27 July 2023

Cryptocurrency in South Africa: Is it regulated?

Location: MyPR

Financial technology or Fintech is a relatively new field and has developed faster than many legislative processes. Because the nuances of blockchain applications are varied, Fintech and Crypto Law covers a broad range of regulations, many of which were formulated before its existence.  As such, it covers laws and regulations in the fields of financial …

Read moreCryptocurrency in South Africa: Is it regulated?
27 July 2023

El-Sisi Meets Ramaphosa on the Sidelines of 2nd Russia-Africa Summit

Location: News

The Presidency, The Arab Republic of Egypt
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Today, President Abdel Fattah El-Sisi met with President of South Africa, President Cyril Ramaphosa, on the sidelines of the 2nd Russia-Africa Summit held in St. Petersburg.

The Spokesman for the Presidency, Counselor Ahmed Fahmy, stated that President El-Sisi assured Egypt's aspiration to strengthen the historic bilateral relations between the two fraternal countries and to operationalize the frameworks for joint cooperation in various areas, particularly with regard to increasing trade, exploring opportunities for mutual investment, to achieve the common interests of both sides, as well as continuing coordination on issues of mutual interest on the African continent.

President Ramaphosa underscored South Africa's keenness to develop cooperation relations with Egypt, push it towards greater prospects of joint action, as well as continue to consult with Egypt on the issues and challenges facing Africa, particularly in view of Egypt's leading role at the African level, and its efforts to advance the development process and to maintain peace and security on the African continent.

The talks also witnessed the latest regional developments at the continental level, as well as the most important developments of mutual interest at the international level, in particular the Russian-Ukrainian crisis. The leaders exchanged views on the developments of the African Crisis Mediation Initiative, of which Egypt and South Africa are members.

Distributed by APO Group on behalf of The Presidency, The Arab Republic of Egypt.

Read moreEl-Sisi Meets Ramaphosa on the Sidelines of 2nd Russia-Africa Summit
27 July 2023

Energy One Pause Shop and Energy Resilience Fund launched

Location: News

Energy One Stop Shop and Energy Resilience Fund launched

Trade, Industry and Competition Minister Ebrahim Patel today launched the Energy One Stop Shop and Energy Resilience Fund.

This is part of the Energy Mitigation Strategy through the National Energy Crisis Committee. President Cyril Ramaphosa had tasked Invest South Africa to establish an Energy One Stop Shop to deal with and fast track applications from energy developers.

The Energy One Stop Shop is expected to input to the streamlining of regulatory processes required for private investment in electricity generation, facilitate pre-investment screening for all energy projects and thereby fast-track the approval of energy applications.

This is to be achieved through timely intervention on blockages and red tape, and consequently reduce both the time and cost of getting energy projects onto the grid.

The requirement for predictable energy availability has led the Department of Trade, Industry and Competition (the dtic) to formulate a series of interventions, including alternative energy generation solutions, storage and efficiency measures aimed at supporting businesses to become energy resilient.

Speaking during the launch, Minister Patel said the Energy One Stop Shop was developed to address a key constraint that energy developers face, namely that the many regulatory and other measures that need to be complied with, can and do slow down approval of energy supply projects.

“The Energy One Stop Shop and Energy Resilience Fund are critical steps towards alleviating the challenges faced by our industries during this energy crisis. We are committed to fostering a resilient business environment and accelerating private-sector investment in electricity generation to secure a stable energy future,” Patel said.

Patel said government is committed to fostering a resilient business environment and accelerating private-sector investment in electricity generation to secure a stable energy future.

“While the Presidency is exploring ways to simplify these processes we have seen that having a dedicated resource available to the private sector, to address blockages, has worked in other parts of the economy.

“It is worth noting that we have also put in place several other instruments to support the energy transition – from new standards on light-bulbs issued in May this year, to exemptions granted to companies to collaborate on both the supply of energy and on demand-measures,” Patel said.

Acting Director-General at the dtic, Susan Mangole: Energy Resilience Fund Launch, said the dtic acknowledges the need to assist businesses in alleviating the impacts of load shedding through the implementation of alternative energy systems or processes.

“To contribute towards easing the impacts, the dtic, Industrial Development Corporation (IDC) and the National Empowerment Fund (NEF) established a blended funding facility, the Energy Resilience Funds (ERF) to support companies affected by loads shedding,” Mangole said.

Mangole said the support is provided to assist companies with alternative energy solutions including inverters, batteries, related electrical wiring and components, solar energy systems and any other energy efficient interventions.

“The supported alternative energy systems should not have any additional costs to operate. ERF supports any business adversely affected by the energy crisis across all sectors of the economy.

“The alternative energy interventions must be meaningful for a company to largely remain operational in times of loads shedding. Entities supported through this scheme must retain the same number of jobs or increase jobs for the duration of the term of the funding,” Mangole said.

Chief Executive Officer of Energy Council of South Africa James Mckay said South Africa is re-shaping the regulatory landscape to facilitate the energy transition to distributed, decentralised and traded energy.

“There is significant reform still required and the One-Stop-Shop will play a significant role in developing this evolving landscape,” Mckay said.

Mckay said they need all technologies, collaborative partnerships and significant investment.

The Department of Trade, Industry and Competition said it had availed R240 million to be administered by the Industrial Development Corporation (IDC) under the Manufacturing Competitiveness Enhancement Programme’s Energy Resilience Fund to support companies through interest-free loans, while R150 million will be dispersed in partnership with the National Empowerment Fund (NEF) to support businesses operating in townships. – SAnews.gov.za

 

 

Edwin
Thu, 07/27/2023 - 13:04

Read moreEnergy One Pause Shop and Energy Resilience Fund launched
27 July 2023

Revolutionising Business Operations: Document Management Systems and Electronic Signatures

Location: MyPR

In the digital age, managing paperwork can be an enormous task, especially for businesses that handle countless documents daily. Here’s where document management systems (DMS) step in, offering a seamless way to organise, store, and track electronic documents. Even better, when you pair a robust DMS with electronic signatures, you have a recipe for optimal …

Read moreRevolutionising Business Operations: Document Management Systems and Electronic Signatures
27 July 2023

Egyptian President Attends Meeting on African Initiative to Settle the Russia-Ukraine crisis

Location: News

The Presidency, The Arab Republic of Egypt
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Today in St. Petersburg, President Abdel Fattah El-Sisi participated in a meeting of African leaders on the African mediation initiative to settle the Russian-Ukrainian crisis. Also in attendance were President of the Union of the Comoros and current Chairman of the African Union, Azali Assoumani; President of the Republic of South Africa, Cyril Ramaphosa; President of the Republic of the Congo, Denis Sassou N'Guesso; President of the Republic of Senegal, President Macky Sall; and President of the Republic of Uganda, Yoweri Museveni.

Spokesman for the Presidency, Counselor Ahmad Fahmy, said the African leaders followed-up on progress in the executive status of the initiative, particularly after the visit by an African delegation to both Russia and Ukraine last June, in a bid to contribute, in earnest, to current endeavors to solve the crisis between the two countries. They reiterated the continent's ongoing support to all efforts aimed at settling the Russian-Ukrainian crisis, given the crisis' grave economic repercussions on the economies of African states and on maintaining international peace and security.

Distributed by APO Group on behalf of The Presidency, The Arab Republic of Egypt.

Read moreEgyptian President Attends Meeting on African Initiative to Settle the Russia-Ukraine crisis
27 July 2023

Creating a Smart Home: A Guide to Smart Blinds and Smart Light Switches

Location: MyPR

In the realm of home automation, every aspect of your living space can be improved by smart technology – even the most basic functions like controlling light and privacy. Enter smart blinds and smart light switches. These innovative solutions offer enhanced convenience, increased energy efficiency, and improved home security. This blog post will delve into …

Read moreCreating a Smart Home: A Guide to Smart Blinds and Smart Light Switches
27 July 2023

Collaborative effort can succor tackle youth unemployment

Location: News

Collaborative effort can help tackle youth unemployment

Minister of Employment and Labour Thulas Nxesi says if all spheres of government work together, unemployment – particularly that of the youth – can be tackled and reduced.

Nxesi was speaking at the Nasi Ispan ("Here is work") mass recruitment programme held at Orlando Stadium in Soweto.

The programme is the Gauteng Provincial Government’s plan to recruit thousands of youth into State jobs, with nearly 40 000 youth already recruited.

“As the Department of Employment and Labour, we applaud the good work being done by the Gauteng government to find work opportunities for unemployed young people. I believe that with the same level of commitment and ambition across government, we can make an impact on unemployment. If all of us at different spheres of government, in all the provinces, do this, it will be a big dent on unemployment.

National government is expected to join the Nasi Ispani programme and expand it even further.

“We are putting together the training programmes which are targeting the youth and we are saying, it’s not just going to be training. Once you have been trained, you are going to be placed in a job whether it’s in the private sector or in government. Those opportunities are coming.

“The numbers that we are talking about, with all the departments combined…we are talking job opportunities that will be not less than 400 000,” he said.

Nxesi said government remains concerned about South Africa’s unemployment which currently stands at 32.9%.

“Government is very mindful of the unacceptably high rate of unemployment in South Africa and the terrible waste of human talent this represents, both for the individual concerned and for the society as a whole.

“Government takes the view that whilst ultimately, we need economic growth to impact unemployment, government is also an economic actor and a major employer and has a duty to mitigate the high unemployment rate,” he said.

The Minister said government, through programmes similar to Nasi Ispani, is making its own attempts to curtail unemployment.

“You’ve heard about the Presidential Youth Unemployment programme. We remember the thousands of jobs, close to a million, which were created. As the department… we’ve worked with the President to develop the National Pathway Management Network to digitally link young people to the work and training opportunities.

“We have established the national public employment programmes… [such as] the EPWP and CWP. We are now upgrading those programmes, including NARYSEC, which is the youth leadership development programme. It is providing work experience, some training and it’s giving astipend to young participants,” Nxesi said. – SAnews.gov.za

NeoB
Thu, 07/27/2023 - 13:50

Read moreCollaborative effort can succor tackle youth unemployment
27 July 2023

Hundreds of Southern Sun employees volunteer at Mandela Day community projects

Location: MyPR

As the nation honoured the legacy of Nelson Mandela on July 18th, hundreds of Southern Sun employees went out into their local communities to volunteer at the many projects that are regularly supported by the group’s more than 90 hotels and resorts in South Africa, Africa, Seychelles and the Middle East. Heeding the call to …

Read moreHundreds of Southern Sun employees volunteer at Mandela Day community projects
27 July 2023

Japanese-SA initiative to promote improvement of services, products

Location: News

Japanese-SA initiative to promote improvement of services, products

The Department of Trade, Industry and Competition (dtic) has signed a technical cooperation agreement with the Japanese International Cooperation Agency (JICA) to promote quality and productivity improvement technologies in South Africa.

This, according to the department, will be done through the implementation of a training programme called Quality and Productivity Improvement (QPI), also known as Kaizen, across the country for the lower tier component suppliers in the automotive value chain, including the steel and metal sectors, across the country. 

Kaizen is a hands-on and practical expertise developed through a participatory, learning-by-doing, human-focused and process-oriented approach.

One of the key objectives of the project is to strengthen the competitiveness of the suppliers in the automotive sector, in line with the South African Automotive Masterplan 2035.

The main beneficiaries of the training project are organisations that form part of the dtic’s National Quality and Productivity Network (NQPN).

Among these are training institutions and service providers that support business management and skills support for the companies.

The Deputy Minister of Trade, Industry and Competition, Nomalungelo Gina, says the programme's objectives will promote cooperation between management and workers in companies and organisations that assist to improve the quality of services and products.

"The benefits created by the QPI activities should be fairly distributed among management, workers and customers to promote the welfare of people and reduce disparity in society. Creating a functional training delivery system is one of the most critical issues for the success of the project.

“Members should share common values of QPI promotion in South Africa in order to strengthen business competitiveness and create job opportunities,” Gina said.

The countrywide training programme will begin in Gauteng on 31 July 2023, with a launch ceremony to be held in Sandton. – SAnews.gov.za

Edwin
Thu, 07/27/2023 - 15:05

Read moreJapanese-SA initiative to promote improvement of services, products
27 July 2023

Nairobi: UK’s Jim Skea elected chair of the Intergovernmental Panel on Climate Change

Location: News

The IPCC is one of the most important bodies tackling climate change

Read moreNairobi: UK’s Jim Skea elected chair of the Intergovernmental Panel on Climate Change
27 July 2023

Does the Electric Vehicle Industry Maintain What it Takes to Race Forward?

Location: MyPR

Owning your own electric vehicle is no longer a dream for the far-off future, it is a possibility you could grab in the present. Government initiatives and support, more charging infrastructure, the fast development of battery technology, and our own aspirations to lessen our carbon footprint are helping to push the electronic vehicle industry to …

Read moreDoes the Electric Vehicle Industry Maintain What it Takes to Race Forward?
27 July 2023

Vantage Capital invests €30m in Promamec

Location: News
Vantage Capital Group

Vantage Capital (http://www.VantageCapital.co.za), Africa's largest mezzanine fund manager, announced today that it closed a €30 million equity investment for the acquisition of a significant minority stake in Promamec, a Moroccan medical distribution business. The funds invested by Vantage Capital facilitated the exit of the private equity fund AfricInvest and will also serve to part-fund Promamec's next phase of development.

Promamec was founded in the early 1980s by the Lahlou family. The company is one of the leading medical consumables and equipment distributors in Morocco and is also among the few players engaged in local production of medical consumables – an activity that the company aims to sizably develop over the next few years.

This investment will enable Promamec to finance its development plan that involves building a new production plant, broadening its portfolio by launching new product categories, and strengthening its positioning in sub-Saharan Africa.

Mr. Naoufal Lahlou, CEO of Promamec, commented “We are delighted to welcome into our shareholding Vantage Capital, a leading pan-African investment firm. With Vantage Capital's support, we aim to execute our ambitious growth plan, which consists of diversifying our current product range, increasing our production capacity and, above all, expanding our geographical presence in sub-Saharan Africa. Since our very first discussions, Vantage Capital has demonstrated its total alignment with our vision.”

Mr. Luc Albinski, Executive Chairman at Vantage Capital, added, “We are proud to have concluded our third Moroccan deal. This deal also marks our second investment in Morocco's buoyant healthcare sector, which is undergoing massive development thanks to both public and private investments. We are very enthusiastic about accompanying Promamec in achieving its ambitions and contributing to the improvement of healthcare in the Kingdom.”

Mr. Driss Benabdeslam, Associate Partner at Vantage Capital, concluded, “We are very happy about this investment in one the Kingdom's main medical suppliers. It is great to know that our funds and strategic support will be dedicated to a company operating in such a key sector. We are also pleased to partner with a highly seasoned and committed team, with whom we look forward to taking Promamec to the next level. We would like to thank the Lahlou family for their trust and willingness to welcome us as new shareholders.”

This transaction represents Vantage Capital's 35th investment across four generations of mezzanine debt funds with its portfolio of investments spread across eleven African countries. Promamec also marks Vantage Capital's third investment in Morocco, thus reinforcing its presence in one of its key target markets.

Vantage Capital was advised by Derenia Capital who acted as buy-side advisor for the transaction, and by Clifford Chance (in Morocco) who acted as its legal counsel. PwC (in Morocco) and Webber Wentzel (in South Africa) provided tax advice, PwC & Deloitte (in Morocco) were the financial advisors, Strategy& (part of the PwC network in Morocco) provided commercial advice, and Ibis Consulting (in Morocco) reviewed the environmental impact.

Promamec and AfricInvest were advised by Allen & Overy (in Morocco) and Cabinet Atlassi who acted as their legal counsel and by Smyle Finance who acted as sell-side advisor. A&B Associés acted as legal counsel to the Lahlou family.

Distributed by APO Group on behalf of Vantage Capital Group.

For more information contact:
Luc Albinski                                                                                          
Executive Chairman                                                      
lalbinski@vantagecapital.co.za
Tel: +27 83 390 7703

Driss Benabdeslam
Associate Partner
driss@vantagemezzanine.com
Tel:  +33 7 86 67 53 98                   

About Vantage Capital:
Founded in 2001, Vantage Capital is an Africa-focused fund manager that has raised funds of over $1.6 billion.

Since 2006, Vantage Capital's Mezzanine division has made 35 investments across four successive funds into 11 African countries, making it the largest and most experienced independent mezzanine funder on the continent. In addition, Vantage Capital's GreenX division has made fourteen senior debt investments into South African solar and wind energy projects across two funds.

Vantage Capital targets equity and mezzanine debt opportunities of $10-50m across more than a dozen key African markets.

Mezzanine debt is an intermediate form of risk capital, which is situated between senior debt, the least risky tranche of the capital structure, and equity, the riskiest. It combines elements of both debt and equity thereby providing companies with long-term funding on terms which are less dilutive to shareholders than pure equity.

In addition to the mezzanine debt division and the renewable energy debt business, Vantage Capital recently launched an education investment platform targeting Poland, Czechia, Romania, and Portugal.

Website: www.VantageCapital.co.za

About Promamec:
Founded in 1981, Promamec is the second largest player in Morocco's medical consumables and equipment market, and one of the pioneers in local production of consumables in the Kingdom. The company also stands as the distributor with the most diversified offering in terms of medical specialties covered.

Promamec was founded by Mr. Abdelilah Lahlou, who seized the opportunity to create a new player in the market in the context of the departure of French companies operating in the healthcare sector in the 1970s. The company started its operations in the distribution of medical consumables before expanding into the medical equipment field and gaining the trust of multiple global medical products' manufacturers such as Baxter, Johnson & Johnson, and 3M.

In 2006, Mr. Naoufal Lahlou was appointed as CEO with the objective of further improving the company's organization, strengthening partnerships with manufacturers, and developing exports to sub-Saharan Africa.

In addition to the distribution activity, Promamec operates a production and assembly unit located in Ain Sebaa, Casablanca, where it produces a diversified range of medical consumables such as dialysis sets, gauze bands, sheets, gowns, etc.

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Vantage Capital Group
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Read moreVantage Capital invests €30m in Promamec
27 July 2023

SA tourism sector goes from strength to strength

Location: News

SA tourism sector goes from strength to strength

South Africa’s tourism sector continues to exhibit strong recovery post-COVID-19, with the first half of 2023 recording more than 4 million tourist arrivals.

This is a significant increase from the 2.3 million tourist arrivals between January and June 2022.

The total number of tourist arrivals to South Africa between January and June 2023 showed a 78.2% surge in the first half of 2023 when compared to the same period in 2022.

“There has also been a substantial increase across all regions in the same period. Although the current growth demonstrates signs of recovery, we are still operating at 80% of our pre-pandemic capacity. In 2019 South Africa welcomed more than 5 million tourists between January and June,” Tourism Minister Patricia de Lille said.

De Lille said the African region continues to bring the largest share of tourist arrivals to the country.

“We are pleased with the number of visitors that our country continues to receive from the rest of the African continent. This is a testament to the marketing efforts that we have implemented to attract tourists from this region. 

“Africa remains a key source market for us, and we are committed to collaborating as a tourism sector to make sure we welcome visitors from this region and that we cater for their needs and preferences.

“Beyond the African continent, South Africa has welcomed more visitors from other regions too. These robust figures showcase South Africa’s charm and attractiveness as well as the work that we are doing in marketing South Africa as a tourist destination of choice,” de Lille said.

De Lille said the substantial increase, particularly from Australasia and Asia, reflects the global trend towards post-pandemic travel recovery. 

“We are growing stronger each day and we are determined to pass pre-COVID-19 arrival numbers. South Africa is open for tourism, and we are ready to welcome more tourists from across Africa and the globe to experience our diverse cultures and heritage.

“I wish to express my deepest gratitude to all travellers who chose to explore our country and contributed to the tourism sector’s growth and to our economy. The support of travellers, both domestic and international, has played a crucial role in revitalizing our economy and restoring the vibrancy to our tourism sector.

“I also wish to thank the tourism private sector across the country for all your hard work to grow our tourism offering, promote South Africa as a must-see destination and for your amazing hospitality in welcoming and hosting our visitors,” the Minister said.

South Africa was recently honoured by readers of the UK’s Telegraph Travel publication with the title of "Best Country" while Cape Town claimed the coveted title of "Best City in the World”. – SAnews.gov.za  

 

Edwin
Thu, 07/27/2023 - 14:54

Read moreSA tourism sector goes from strength to strength
27 July 2023

The 5th edition of Sony Alpha Festival 2023 Touches Down in South Africa!

Location: MyPR

The 5th edition of Sony Alpha Festival 2023 Touches Down in South Africa! Sony is delighted to announce the highly anticipated return of the Sony Alpha Festival, 2023 edition in South Africa. Kicking off in Durban on the 29th of July, the festival will make its way to Johannesburg on the 5th of August and …

Read moreThe 5th edition of Sony Alpha Festival 2023 Touches Down in South Africa!
27 July 2023

Ocean Festival organises beach-focused activities to celebrate Marine Protected Areas Day

Location: MyPR

The Ocean Festival team will continue to promote a healthy ocean by celebrating MPA (Marine Protected Areas) Day on 1 August with a number of ocean-based activities and adventures. The focus will stretch from Amanzimtoti to the lower part of Scottburgh, along the length of the Aliwal Shoal Marine Protected Area. This is just one …

Read moreOcean Festival organises beach-focused activities to celebrate Marine Protected Areas Day
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