Remgro’s Vumatel deal faces opposition
In an unusual turn of events, Remgro’s acquisition of fibre provider Vumatel could be scuppered by another network company with links to Johann Rupert’s JSE-listed investment vehicle. In June 2018, Remgro’s Community Investment Ventures Holdings (CIVH) business took a 35% stake in Vumatel and agreed to take full ownership at a later stage. But the second part of the acquisition is being opposed by Octotel, a Cape Town-based competitor to Vumatel that Remgro indirectly controls, according to the Competition Tribunal. Octotel is also partly owned by JSE-listed Caxton and CTP Publishers and Printers, whose ultimate controlling shareholder is founder Terry Moolman. Caxton said in its 2018 annual report it owned 23% of Octotel. PODCAST | Consumers are fed up with Telcos Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Casts | Player.fm The Competition Tribunal said in a statement that Octotel has raised concerns about the proposed merger and has been given permission to make submis...
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