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We accelerate Vumatel’s delivery of high-speed fibre to South African suburbs!
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This month we signed a significant finance deal with Vumatel, which will provide them with the financial resources required to speed-up the delivery of broadband internet services and expand into new markets in South Africa. The deal is likely to be one of the largest debt capital raising-based deals of its kind in the fibre-to-household industry to date. Vumatel is a supplier of high-speed fibre connectivity to homes and they have become one of the leading providers of broadband connectivity to South African suburbs since launching less than 18 months ago. Their best-known project is in Parkhurst, Johannesburg. Since then, Vumatel has embarked on rolling out fibre broadband to many other suburbs around Gauteng. Further targeted growth is already taking place in Cape Town.

 

Our agreement with Vumatel sees Standard Bank becoming the lead financier of the company’s bid to exponentially expand its business base. Vumatel recognises the importance of South Africa keeping pace with the rest of the world. We need to ensure that we invest in long term sustainable infrastructure that can support the growth in demand for high speed connectivity. Commenting on the formal signing of the agreement, our Group Chief Executive, Ben Kruger said, “The information super-highway is a requirement for the development and growth of national economies. It is through our ability to assist pioneering companies like Vumatel that Standard Bank is part of a growing sector that will enhance communication and create opportunities for South Africans. This is essential if we are to be part of an increasingly information-driven world.”

 

 

For more information on our recent deals, visit our CIB website 

 

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