Vumatel acquisition contributes to CIV group loss

The CIV group contributed a loss of R104 million to Remgro’s headline earnings, according to the company’s interim results for the six months ended 31 December 2018.

Remgro stated that this was a result of CIV acquiring a 34.9% stake in Vumatel in June 2018.

“Included in the CIV group’s results were finance costs amounting to R136 million, relating to the financing of the Vumatel acquisition, as well as Vumatel’s equity accounted losses amounting to R41 million,” Remgro said.

Remgro has a 54.5% stake in the CIV group.

“Excluding the aforesaid Vumatel impact, the contribution to headline earnings decreased from a profit of R32 million to a loss of R11 million,” Remgro stated.

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Vumatel acquisition contributes to CIV group loss