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Vantage Capital exits Thebe Timrite

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Thebe is one of South Africa’s leading black-owned investment companies, managing assets of over R6 billion ($420m)

JOHANNESBURG, South Africa, April 18, 2019 – Vantage Capital, Africa’s largest mezzanine debt fund manager, announced today that it has fully exited its investment in Thebe Timrite (“Timrite”), a leading black-controlled supplier of mining support products and services in South Africa.  Vantage provided an R89m ($6,3m) mezzanine debt facility to fund the 100% acquisition of Timrite by Thebe Investment Corporation (“Thebe”) and the Timrite management team in 2013, as well as to fund expansion capital expenditure. Thebe is one of South Africa’s leading black-owned investment companies, managing assets of over R6 billion ($420m).

Mokgome Mogoba, Associate Partner at Vantage Capital, said, “the investment we made in Thebe Timrite demonstrates the support we provide to black-controlled businesses and our commitment to transformation in South Africa. Furthermore, it highlights the faith that we have in the resilience of the South African mining sector and the employment opportunities it creates. This was the second time we had partnered with Thebe as we had previously supported Thebe’s investment in Safripol, another successful investment.”

Luc Albinski, Managing Partner at Vantage Capital, added, “Vantage was an active participant in many board discussions over the past six years at Timrite, helping to shape the growth strategies of the company during a difficult time in South Africa’s mining sector. It was a privilege to engage with Timrite management and Thebe as the company diversified its product range through world-class R&D, introducing new products into the market that have made our mines safer.”

Nonhlanhla Mabusela, CEO of Thebe Timrite, said, “we are grateful to have partnered with Vantage Capital during both strong and turbulent times within the mining sector in recent years. Vantage’s funding did indeed play a key role in facilitating black ownership in the underground roof support market, placing Timrite miles ahead of its peers in its transformation targets.”

Sizwe Mncwango, CEO of Thebe said “We would like to express our deepest gratitude to Vantage Capital for the partnership and support afforded to Thebe in steering the company over the last 6 years. The exit by Vantage Capital allows Thebe to become a sole shareholder of Thebe Timrite and we are excited about the future of this business.”

To date, Vantage Capital has successfully exited nine investments generating proceeds of R2.6bn ($190m) across its three generations of mezzanine debt funds and achieved an aggregate money multiple of 2.0x.

Vantage Capital Group

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Sahara Group Canvasses More Investment In Africa’s E&P Business

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Paris France: June 25, 2019 – Oil and Gas businesses in Africa need to intensify exploration efforts to guarantee reserve replacement and enhanced capacity to meet growing demand and global competition, Olajumoke Ajayi, Managing Director, Asharami Energy (A Sahara Group Upstream Company), has told participants at the Oil and Gas Council’s Africa Assembly in Paris.

Ajayi noted that Africa’s large volumes of undiscovered oil and gas makes the continent a veritable frontier for investment, adding that operators need to adopt new technology, explore alternative cost saving measures, ensure sustainable community relations, and build diverse multidisciplinary teams to ensure successful exploration projects.

In her presentation, “Renewing Players Commitment to Exploration and the Importance of Community Engagement in Capital Intensive Projects”, Ajayi cited the downturn in global oil prices and the corresponding negative effect on investor funds and returns as factors that have made a good number of Exploration and Production (E&P) companies in Africa cut down on investments, delay Final Investment Decision (FID) or totally stop embarking on new capital projects.

“Consequently, producing companies continue to pump oil from operated mature fields thereby depleting existing reserves with non-corresponding efforts for reserve replacement via new exploration discoveries. The big question remains whether or not E&P players should commit to exploration and how players can justify this commitment in the face of lower oil prices,” she stated.

According to Ajayi, the compelling case for the relevance of hydrocarbons in the future, in addition to huge investments on new technology, responsible and intentional community engagement will play a significant role in creating a stable and conducive environment for exploration and production. “Sahara Group’s exploration success story is being driven by a combination of technology, innovation and community management expertise. At Sahara, we are intentionally committed to creating a sustainable balance between our projects and host communities to ensure the creation of shared value for all stakeholders.”

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Going by the PwC Oil and Gas Review 2018, proven oil reserves in Africa have stayed at the same level of 7.5% of global reserves. The report also notes that exploration activity continued to decline in 2017. “The consequences of modest recovery in exploration spending and a continued decline in new discoveries are unavoidable and imminent. The International Energy Agency and various players in the oil industry have warned of demand exceeding supply as oil demand continues to grow and investment in projects is deferred,” the report stated. The report adds that Africa’s oil and gas consumption is predicted to increase by 45%, increasing its global share 5.1% by 2050.

Ajayi said strategic community engagements eliminate community interference in operations of capital projects that may lead to significant downtime; ensure that the host community understands its role as a project stakeholder and treats projects as commonwealth source for the people; reduce security breach as community representatives serves as infrastructure surveillance outfit; and promoting easy negotiations for Freedom To Operate (FTO) and Global Memorandum of Understanding (GMOU).

– Sahara Group

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Moustafa Madbouli witnesses signing of agreement with Mercedes-Benz on car assembly

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Mercedes-Benz A-class cars are displayed in a dealership of German car manufacturer Daimler in Paris, July 30, 2013. REUTERS/Christian Hartmann

STUTTGART, Germany – 24 June 2019: Prime Minister Moustafa Madbouli on Monday witnessed the signing of a cooperation agreement between the Egyptian government and German automaker Mercedes-Benz to boost bilateral cooperation in auto industry.

The deal is meant to establish an engineering hub for Mercedes-Benz in the Suez Canal area for assembling and manufacturing of automobiles, the premier said.

This comes as part of the state’s strategy to support the intelligent transportation system and electricity-powered means of public transport, the premier added.

He noted that the agreement represents a quantum leap in Egypt’s auto industry, asserting that Mercedes-Benz hub will not just serve Egypt, bu also the whole region.

Madbouli is currently on a visit to Germany to take part in the 22nd session of the Arab-German economic forum. He is accompanied by a high-level delegation grouping the ministers of international cooperation, electricity, petroleum, communications, trade and industry in addition to a number of businessmen.

– Egypt Today

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Taxify, now Bolt, launches Bolt for Business in SA

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Bolt Image: Techcentral

DURBAN –  Bolt has launched Bolt for Business, allowing companies of all sizes to manage and pay for corporate trips via a single, easy-to-use portal.

This addition to the Bolt range of services broadens the positive impact of on-demand transport for businesses, as companies can now democratise access to jobs by removing the ‘own transport required’ condition for employment, and have access to a simple service offering for employees and clients alike.

They can do this by allocating a monthly budget through the Bolt platform to individual employees, ensuring that all employees who travel for business enjoy the benefits of affordable and reliable personal transport without the often prohibitive costs associated with vehicle ownership.

“We have launched Bolt for Business after noticing that a growing number of Bolt trips are taken for business purposes during working hours, whether it’s commuting to work, rushing to client meetings or getting to the airport,” said Gareth Taylor, country manager for Bolt South Africa.

He added, “In a country with unreliable public transport and high costs of car ownership, Bolt for Business offers a convenient and cost-efficient solution to business travel. It also provides an alternative transport option for the many young people entering the workplace who cannot yet afford their own vehicle, or who actively choose to not buy a car”.

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In addition, Bolt for Business is the perfect solution for entrepreneurs and SMEs, where time is money and hours spent in traffic can be put to better use if someone else – like a driver on the Bolt platform – is driving.

Bolt for Business gives companies the ability to offer employee groups, clients and recruits the option to utilise the Bolt service at the company’s expense, and gives account managers the ability to set and customise spending allowances and the number of trips employees can take.

The digitised travel management solution, available on desktop and mobile, saves businesses time and money by storing all the information about their employees’ corporate Bolt trips on a single dashboard. Paying for trips is quick and easy: instead of reimbursing each individual employee, companies can pay Bolt once a month via a bank transfer.

“Bolt for Business is so much more than an efficient expenses management tool – it removes workplace discrimination based on access to vehicle ownership and offers a strategic use of time spent on the road, demonstrating again the positive impact that on-demand transportation  services can have on the South African economy,” added Taylor.

Additional functionalities such as adding restrictions to specific times and locations for taking trips, as well as a prepaid payment method, will be added to Bolt for Business later this year.

Bolt for Business is available in more than 30 markets across Europe and Africa.

BUSINESS REPORT ONLINE

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