22nd February 2024 3:56 pm
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Investec picks up share of FTTH pioneer Vumatel

If you want any proof that fibre-to-the-home (FTTH) is a sound investment, look no further than Investec.

The specialist bank and assets management firm announced today that it has acquired a minority stake in Vumatel, arguably one of the biggest companies behind South African’s major push to get FTTH to as many residents as possible.

The amount of the investment or the size of the equity stake hasn’t been disclosed.

“We are very excited about our investment in Vumatel. We like the business and the experience of the management team. They have lead the FTTH revolution in South Africa, setting the bar for the industry in how it should be done. Their commitment to creating affordable high speed open access fibrehoods through focus on customer service will have a fundamental impact on the telecommunications industry,” said Kobus Viljoen of Investec.

Last month Vumatel revealed that it aims to connect over 30 000 homes by the end of February next year – and 100 000 by the end of 2016.

Niel Schoeman, CEO of Vumatel explained that at its current pace, the company has added around 2 000 homes to the network a month and is “still ramping up delivery thereof.”

“We are in discussions with new suburbs every day. Based on demand we will need to make services available to a further 100 000 homes next year. This demand has resulted in us making a decision to release new areas on our portal so residents can show their support,” he said at the time.

[Image – CC by 2.0/x_tine]

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