Richest S. African Man Buys Vumatel Stake in Fiber Expansion

A unit of Remgro Ltd. bought part of fiber provider Vumatel Pty Ltd. as South Africa’s richest man seeks a greater share of the country’s expanding broadband network.

Community Investment Ventures Holdings, in which Johann Rupert’s investment vehicle is the biggest shareholder, took a 35 percent stake in the fiber provider and has agreed to take full ownership at a later date, it said in an emailed statement Friday. The company didn’t say how much it will pay. Bloomberg News first reported the deal in March.

CIVH already owns Dark Fibre Africa, which has a network of about 10,000 kilometers (6,214 miles) of fiber, director Peter Uys said by phone. While the new entity could consider a stockmarket listing if it needs to raise funds, there are no plans at this point, he…

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