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Former Vodacom executive Romeo Kumalo has started a tech-focused South African investment firm and aims to raise as much as $200m in an initial public offering (IPO) in 2019, according to people familiar with the matter. Kumalo, who led Vodacom’s international business until 2016, has teamed up with fellow South African business veterans including banker Michael Jordaan to start the company, said the people, who asked not to be identified as the information is not yet public. The firm, called LLH Capital, aims to invest in internet-related businesses and industries such as drones and car tracking, they said. Along with a joint listing in Johannesburg and Mauritius, LLH plans to raise a further $250m to $300m for a deals fund, said one of the people. A representative of LLH Capital declined to comment on the matter.

Investor sentiment is picking up in SA after President Cyril Ramaphosa committed to reversing years of economic stagnation and policy uncertainty under predecessor ...

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