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EOH employees fight for their jobs - MyBroadband
A group of long-serving EOH employees has approached the company’s executive team and board in a “desperate attempt” to save their jobs.
A group of long-serving EOH employees has approached the companys executive team and board in a desperate attempt to save their jobs. The employees urged the company to take action to continue its City of Johannesburg (COJ) IT support contract which is set to terminate at the end of the month. These EOH employees are stationed in the offices of the City of Johannesburg to provide critical and essential SAP support services to the municipality. The group said they have shown exceptional commitment to EOH and have made personal sacrifices for years. This, they said, has brought stability and enabled business continuity at the COJ. EOH has and continues to derive significant profit from the SAP support services at the COJ, they added. As the CoJ contract is coming to an end, these EOH employees have been subjected to a Section 189 retrenchment process. We are serving the last week of our notice period before we get retrenched, the employees said. The group feels let down by EOH for not pursuing a deal with the City and Johannesburg and trying to keep them employed. According to the group, the COJ said in February 2021 that EOH would not take part in a competitive process followed by the city. When the city commences its bid process for the provision of SAP support services from 1 May 2021, EOH does not intend to submit a tender pursuant to such process, the COJ said. This, they argue, flies in the face of EOHs recent statement that it wants to solidify its business relationship with the state. EOH office EOH management has allegedly informed this group that the COJ has not gone out on public tender. Instead, it has released a request for quotation to a closed panel of service providers. We were further advised that EOH is not on the closed panel and was not aware of who the panel members are, the group said. EOH is now in the process of concluding a contract with Zimele, who is partnering with one of the panel members. We were advised that EOH is in discussion with Zimele to conclude a Section 197 resource transfer process, they said. We are the only team with the requisite skills and onsite experience. It is public knowledge that neither the panel members nor Zimele are in a position to tender these services without EOH. The group said it is of concern that EOH is not engaging with the COJ or panel members and prefers to work Zimele. Questions have also been raised about the relationship between EOH management and Zimele in a whistle-blower complaint. The whistle-blower raised concerns about an enterprise development loan provided to Zimele by EOH. He also alleged that Zimele did not pass the initial supplier vetting process but that EOH executives, who brought Zimele into the business, pushed the agreement through. EOH confirmed that it was investigating this complaint and promised feedback about the investigation by the end of March. This has not happened. Fatima Newman, EOHs group risk officer The employees have urged EOH to cease the retrenchment process and urgently engage with the City of Johannesburg to follow a public tender process. This approach, they said, will enable EOH to retain the skills and capability of its SAP support team and will provide customer coverage through rendering of essential and exclusive services to COJ, they said. Fatima Newman, EOHs group risk officer, told MyBroadband they have received and noted the contents of the open letter. EOH can confirm that, as previously disclosed, and in terms of the City of Johannesburg (the City) support agreement, discussions have been underway for a period of time between EOH and the City, she said. EOH is engaging with the employees and will assist with the transition in compliance with all contractual and labour regulations.
Explosive Huge Group video attacks motives of Adapt IT executives - MyBroadband
Huge Group’s top management has launched an explosive video which attacks the motives of Adapt IT executives related to an offer to acquire the company.
Huge Groups top management has launched an explosive video which attacks the motives of Adapt ITs top management related to an offer from Volaris to acquire the company. Adapt IT has received a firm intention from Volaris to buy over 50% of the shares of Adapt IT for a cash consideration of R6.50 per share. The Volaris offer followed only weeks after Huge Group made an offer to Adapt IT shareholders to acquire all of the issued Adapt IT shares. Huge Group said it would fulfil the purchase by issuing 0.9 Huge shares for each Adapt IT share tendered to each shareholder that accepted the offer. Adapt IT CEO Sbu Shabalala said they were very interested in the Volaris transaction as it gave shareholders a significant premium on the prevailing share price. It gives shareholders an exit price of R6.50 per share which was last seen in November 2018, Shabalala said. Commenting on the Huge Group offer, Shabalala said while it remains an option to shareholders, the Volaris offers makes more sense. Shareholders can take the Volaris cash offer, buy a Huge Group share, and still pocket some change not only get 90%, he said. Huge Group is now questioning the motives of Shabalala and other Adapt IT executives, arguing it is not in the interests of Adapt IT shareholders. Huge Group CEO James Herbst Huge Group CEO James Herbst told MyBroadband Huge and Adapt IT are better off together, remaining listed, and creating more value for shareholders than 650 cents per share. Huge Groups investment style is to back the jockeys and the management teams in place, Herbst said. Herbst dismissed Shabalalas argument that Adapt IT shareholdings can take the cash and buy Huge Group shares, saying it appears to be self-serving. The Huge Group offer ensures that an Adapt IT shareholder retains exposure to the Adapt IT basket of assets, he said. Shabalala, in turn, wants his shareholders to accept the cash offer. He doesnt care what they do with the money afterwards. Herbst said in terms of the Volaris offer the choice is to either:
- Remain invested in Adapt IT but as a minority shareholder in a foreign owned private company, no longer listed on the JSE, or
- Accept cash of 650 cents per share sometime in the future.
Altron acquires Lawtrust for R245 million - MyBroadband
JSE-listed Altron has acquired digital signatures services company Lawtrust from Etion for R245 million, subject to Competition Commission approval.
JSE-listed Altron has acquired digital signatures services company Lawtrust from Etion for R245 million, subject to Competition Commission approval. Lawtrust was founded in 2006 and has grown to become the leader in identity-based security in Africa. It offers a wide range of security services, including digital trust services and cyber information security solutions. It currently offers services to clients across most industries, including telecommunications, financial-services, and industrial companies. Lawtrust has over 500 customers in the private and public sectors and is considered one of the leading cyber and information security companies in South Africa. Altron CEO Mteto Nyati said the Lawtrust acquisition complements its Ubusha Technologies identity management division. Ubusha formed the foundation of Altron Security. It has proven to be a great acquisition as customers accelerated their digital transformation due to Covid-19, said Nyati. The acquisition of Lawtrust positions Altron Security as a one stop shop for all that is digital and information security.
New Bitcoin ETF planned for South Africa - MyBroadband
Sygnia will apply to the Johannesburg Stock Exchange to list a new cryptocurrency ETF in South Africa.
Sygnia is set to apply to the Johannesburg Stock Exchange (JSE) to list a new cryptocurrency exchange traded fund (ETF) in South Africa. This is feedback from Sygnia CEO David Hufton, who was answering questions from MyBroadband about their plans in the cryptocurrency market. A Bitcoin ETF tracks the price of the cryptocurrency and allows investors to buy into the digital currency without trading Bitcoin itself. It also removes the complexities related to storing Bitcoin and moving money in and out of cryptocurrency exchanges. Sygnia’s latest Bitcoin ETF plan follows an unsuccessful attempt in 2017 to list the worlds first cryptocurrency ETF on the JSE. Unfortunately, at the last minute, the JSE decided not to proceed citing a lack of a regulatory framework for cryptocurrencies as the reason, Hufton said. At the time John Burke, the JSEs former director of issuer regulation, said the exchange was not ready to approve cryptocurrency listings. He said the JSE had concerns regarding the robustness and transparency of the various cryptocurrency spot markets. Sygnia CEO David Hufton Sygnia’s Hufton said while the opportunity to launch the first cryptocurrency ETF in the world was sadly missed, they intend to reapply to the JSE any day now. A lot of work went into designing the actual structure of the ETF in 2017 which we can reuse, he said. With cryptocurrencies becoming more mainstream, we are hopeful that the JSE will be more receptive to our application this time round. MyBroadband asked the JSE for feedback on allowing a cryptocurrency ETF on its platform, but the company did not reply by the time of publication. The JSEs director of issuer regulation, Andre Visser previously told Citywire there were important conditions to be addressed before it allowed a cryptocurrency product listing. They will also have to engage with other regulatory bodies like the Financial Sector Conduct Authority (FSCA) and the South African Reserve Bank (SARB). Sygnia is not the only company planning to launch a Bitcoin ETF on the JSE. Earle Loxton DCX Capital, which was founded by Earle Loxton and former CEO Michael Jordaan, is also planning to launch a Bitcoin ETF. Speaking to Moneyweb, Loxton said they have partnered with Easy Equities to list a cryptocurrency ETF on the JSE. Through our partner, Easy Equities, we will be lodging our application to become the first listed South African Bitcoin ETF, he said. He said while they have not submitted their application yet, they were hard at work to ensure they have all the necessary measures in place for a successful ETF listing. One of these measures was to ensure the safe storage of their cryptocurrency assets, which include the use of hardware wallets and web wallets. To meet listing requirements, they need the services of a dedicated, trusted, and regulated custodian. This has been put in place through Easy Equities custodian services they employ in their business, he said. A2X CEO Kevin Brady People questioned whether Sygnia can list its Bitcoin ETF on the A2X exchange if the JSE does not approve it. Commenting on this issue, A2X CEO Kevin Brady explained that A2Xs licence conditions only allow for secondary listings. Were unable to offer primary listings for now of any asset class, Brady told MyBroadband. However, if a crypto ETF has a primary listing on regulated local exchange – or even on an A2X approved international exchange – we would most definitely consider secondary listing it on A2X.
New fibre-to-the-home speed upgrades - MyBroadband
MetroFibre is increasing the speeds of its fibre-to-the-home products and is introducing a new 300Mbps service.
MetroFibre is increasing the speeds of its fibre-to-the-home products and is introducing a new 300Mbps service. The company has informed its ISP clients that their speeds will be increased free of charge from 1 June 2021. Your package will be adjusted to the next higher speed at no additional cost, MetroFibre said. We have also introduced a new package 300Mbps to ensure our 200Mbps customers also benefit from this upgrade. MetroFibre is discontinuing its entry-level 10Mbps service which will be replaced by a 25Mbps product. You do not have to do anything further. Your package will be upgraded automatically between 1 15 June 2021. The table below provides an overview of the new MetroFibre fibre-to-the-home packages.
|New MetroFibre FTTH Packages|
|Current Package||New Package|
Cheapest uncapped broadband services in South Africa - MyBroadband
You can now get an uncapped broadband service for under R300 per month. Here are the best DSL, fibre, LTE, and 5G deals in South Africa.
Afrihost recently launched uncapped 5Mbps Pure DSL service for R297 per month which served as a reminder that uncapped broadband has become truly affordable in South Africa. The days when only businesses and rich households could afford fast, unlimited Internet access is truly behind us. To understand how far South Africa has come you have to go back to 2009 when ADSL data still cost around R70 per GB. Most ADSL subscribers were forced to use less than 3GB of data per month. If you exceeded this limit you were forced to buy prepaid ADSL data at R70 per GB. Afrihost changed the game in September 2009 when it cut the price of ADSL data to R29 per GB. It shook the ISP market to its core, but it did not change the overall cost of an ADSL service too much. ADSL subscribers still had to pay high ADSL access and line rental fees which were controlled by Telkom – and broadband remained a luxury product. The turning point in the journey towards affordable uncapped broadband came when Mweb launched unlimited ADSL accounts starting at R219 per month. An uncapped ADSL service which previously cost thousands per month was now available to residential customers for a total cost of under R500 per month. Since then, many things happened to further drive down uncapped broadband prices, including:
- Lower international bandwidth prices.
- Free and open peering.
- Increased competition from new fibre network operators like Vumatel and Frogfoot.
- Fixed-wireless products, including 4G and 5G services, started to compete against ADSL and fibre.
|Uncapped Broadband Prices in South Africa|
|ISP||Technology||Download Speed||Monthly price|