Vumatel parent company announces African expansion plans as CEO steps down
Vumatel and Dark Fibre Africa’s parent company has announced plans to expand into the rest of Africa.
At the same time, Raymond Ndlovu has stepped down as CEO of Community Investment Ventures Holdings (CIVH), with his last day on 31 March 2023.
Remgro is CIVH’s majority shareholder, with a 57% stake, while CIVH owns 100% of Vumatel and DFA.
Ndlovu oversaw the merger of Vumatel and Dark Fibre Africa (DFA) into the newly-formed holding company Maziv.
Vumatel and DFA recorded impressive market performances within the CIVH group while Ndlovu was at the helm, Remgro said.
It said Ndlovu plans to pursue other business interests from 1 April 2023.
“Over the past three years, I have been focused on developing and executing the group’s fibre growth strategy in South Africa, and we’ve achieved substantial growth and increased affordable connectivity access to South Africans,” said Ndlovu.
Ndlovu’s departure comes after a significant transaction in November 2021, where Vodacom intends to acquire a co-controlling equity stake in CIVH’s fibre assets.
The transaction is pending Competition Commission approval.
“Raymond’s quest for a new challenge follows a successful contribution to enhanced shareholder value during his tenure,” said CIVH chairman and Remgro executive Pieter Uys.
“With his team, he has overseen the complex restructuring of the group whilst sustaining its strong growth trajectory through the difficult pandemic trading conditions. CIVH is well positioned for its continued growth in South Africa and into the rest of the African continent.”
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