[South Africa Business Week] JSE grows listing portfolio
Vivo Energy will be included as a constituent of the FTSE 250 Index and the JSE All Share Index later this month. The inclusion in both indices was announced by FTSE Russell. Vivo Energy's entry into the FTSE 250 Index will take effect from the start of trading on Monday 24 September 2018, with inclusion in the JSE All Share Index taking place on Tuesday 25 September 2018.
Naspers on the other hand, announced its intention to list its Video Entertainment business separately on the Johannesburg Stock Exchange (JSE) and simultaneously unbundle the shares to its shareholders. The new company will be called MultiChoice Group and it will include MultiChoice South Africa, MultiChoice Africa, Showmax Africa, and Irdeto companies.
By listing on JSE, these companies will be able to raise additional funds through the issuance of more stock. They will also have additional leverage when obtaining loans from financial institutions and will enjoy market exposure, indirect advertising and incresed credibility with the public.
This week has also seen South African Companies in Russia seek to have export opportunities in the local agro-processing market during the business delegation that will take part in the World Food Moscow in Russia. The main objective of this delegation will be to promote South Africa’s agro-processing industry in order to consolidate and establish market presence of South Africa products in Russia. This will also enhance good economic relations between the two countries.
In the technology sector, Netsol Technologies successfully implemented its NFS Ascent Contract Management System (CMS) for a leading German auto captive.This implementation is part of a larger contract, which had been previously announced in December 2015, where the existing NETSOL NFS customer upgraded to the company’s flagship platform, NFS Ascent.
Wala, a micropayments platform startup has joined many other startups which are gaining recognition both in Africa and beyond. It won the Zambezi Prize for Innovation in Financial Inclusion, as well as the regional winner of the Massachusetts Institute of Technology (MIT) Inclusive Innovation Challenge (IIC) in the Financial Inclusion category. This comes as good news to most startups as they will be motivated to continue working hard for the greater good, even as they seek to make life easier for people.
Still in matters technology, Vodacom invested $21m for rural internet connectivity in Eastern Cape region. This commitment will enable people living in the deeps of Eastern Cape have access to good network coverage. Bad network coverage is a common challenge in most African rural areas and Vodacom is commiting itself to resolve this issue in South Africa.
Last but not least in this week, the United Nations Industrial Development Organization (UNIDO), and the Swiss State Secretariat for Economic Affairs (SECO) signed a €1.38 million project.
This project will aim to support South Africa’s efforts to improve the international competitiveness of South African indigenous essential and vegetable oils. Apart from that, it will also facilitate market access for SMEs in the essential and vegetable oils value chain destined for food, health and cosmetic markets in South Africa.