Contribution to headline earnings 30 June
R million
30 June
R million
CIVH 206 47
SEACOM 47 37
Grindrod 61 263
Other 3 266
317 613


CIVH is active in the telecommunications and information technology sectors. The key operating companies of the group are Dark Fibre Africa Proprietary Limited (DFA) and Vumatel Proprietary Limited (Vumatel), which construct and own fibre-optic networks. Following implementation of an internal restructuring during the year under review, DFA and Vumatel are held under Maziv Proprietary Limited (Maziv), a newly formed wholly owned subsidiary of CIVH.

Corporate information

Equity valuation: R25 075 million
Chief Executive Officer of Maziv: D Mare
Remgro nominated directors: C W Ceasar, P J Uys


Sustainability measures

CSI/Training spend: R36 million
Number of employees: 1 799
BBBEE status CIVH: Level 1
31 March 2023
R million %
Revenue 6 213 16.7
Operating profit 2 475 68.4
Headline earnings – continuing operations 365 111.0
Headline earnings – total operations 361 345.7

Community Investment Ventures Holdings Proprietary Limited (CIVH)

DFA is the premier open-access fibre infrastructure and connectivity provider in South Africa. It builds, installs, manages and maintains a fibre network to transmit metro and long-haul telecommunications traffic, which is leased to its customers (telecommunication companies and internet service providers (ISPs)) using an open-access wholesale commercial model. DFA has in excess of 13 740 km of fibre assets in the ground and owns fibre networks in Johannesburg, Cape Town, Durban, Midrand, Centurion and Pretoria, as well as in smaller metros, such as East London, Polokwane, Tlokwe, Emalahleni and George, to name a few.

Vumatel is an open-access fibre-to-the-home (FTTH) provider and leases its infrastructure to ISPs, who in turn provide broadband retail internet services to the end customers.

CIVH has a March financial year-end and therefore its results for the 12 months ended 31 March 2023 have been included in Remgro’s results for the year under review. The contribution of CIVH’s operations to Remgro’s headline earnings for the year under review amounted to R206 million compared to R47 million in the prior year.

The group is operationally cash generative and continues to reinvest any excess operating cash flow and capital into expanding its operations and network footprint with a continued principle of limiting overbuild in key markets.

Vumatel is the FTTH leader in both the homes passed and connected homes market in South Africa achieving a market share status of approximately 36% in both verticals. Vumatel remains a growth asset for the group as it continues infrastructure expansion into identified lower Living Standards Measure (LSM) areas and accelerating connections in both its traditional core network and lower LSM areas.

Vumatel group revenue for the period increased by 15% to R3 432 million compared to the prior year of R2 981 million, driven through its fibre infrastructure expansion programme and subscriber uptake growth for the period.

DFA group revenue for the financial year ended 31 March 2023 increased by 6.8% to R2 653 million (2022: R2 485 million). The annuity revenue base at 31 March 2022 was R198 million per month and the company ended on a base of R213 million per month at 31 March 2023.

Vumatel continued to support its independent CSI Foundation, which has the objective of creating sustainable eco-systems in the communities in which the business operates. The goal is to contribute meaningfully and sustainably to these communities leading to strong ties that talk to the essence of the Vuma brand, a distinction that will set Vuma apart from the competition. Focus areas include education, safety, environment and healthcare. The business remains committed to the Vuma schools project, where 680 schools have been connected to date in areas where fibre has been deployed – providing every school that Vumatel passes with a free 1 Gbps service offering.

Critical gaps in infrastructure development, e.g. rural school connectivity remain DFA’s ongoing key focus of CSI, enabling it to bridge the digital divide in high poverty areas. This positively impacts the provision of student access to e-learning and ultimately, new job creation and broader access to the economy.


SEACOM’s heritage stems from creating a connected Africa. SEACOM was instrumental in bringing Africa into the digital world as the telecommunications provider to deliver the first independent fibre connection to the continent. With a future-focused mindset and continuous investments in digital platforms, systems, and people, the company has transformed into a converged telecommunications provider and continues to serve the wholesale and enterprise markets in Southern and East Africa through its provision of high-capacity local and international fibre-optic connectivity, internet, cloud services and managed services offerings.

Corporate information

Equity valuation at 30 June 2023: R2 650 million
Chief Executive Officer: A Mangale
Remgro nominated directors: H J Carse, P J Uys


Sustainability measures

CSI/Training spend: $0.4 million
Number of employees: 456
SEACOM is a private company and its detailed financial information is not disclosed due to restrictions on disclosure as agreed among its shareholders.

SEACOM Capital Limited (SEACOM)

Remgro has an effective economic interest of 30% in SEACOM, a converged telecommunications provider which operates subsea and terrestrial fibre-optic connectivity, internet services, voice, cloud, security and managed services offerings to the Wholesale and Enterprise markets in Southern and East Africa.

SEACOM has a December year-end. Its results for the 12 months to 30 June 2023 have been included in Remgro’s results for the year under review. SEACOM’s contribution to Remgro’s headline earnings for the year under review amounted to R47 million (2022: R37 million).

The business has continued to service demand for connectivity and cloud services in the Enterprise sector subsequent to the Covid-19 pandemic, as well as ongoing growth in the Wholesale sector. The business has complemented its offering to include managed services solutions during the period.

SEACOM’s ability to adapt to the rapidly evolving data market and invest in its submarine, terrestrial network and cloud infrastructure allows it to respond to an ever-increasing demand for faster and more reliable data services and is critical to maintain its ongoing competitive positioning. Key highlights during the period include the acquisition of the EOH Network Solutions business during the second half of 2022 and the acquisition of capacity on Google’s Equiano cable in the first half of 2023.

Ubiquity Energy Proprietary Limited (Ubiquity)


Ubiquity is the holding company of Energy Exchange of Southern Africa Proprietary Limited (Energy Exchange) (100%) and Enerweb Proprietary Limited (Enerweb) (51%).

Energy Exchange acts as an aggregator of renewable energy supplied from independent power producers to the industrial and commercial customers. The company is a NERSA licensed electricity trader. By matching supply and demand it is able to create a market for the trading of renewable energy that benefits both buyers and sellers.

Enerweb is a unique utility-focused company, blending engineering, business, and information technology capabilities to provide electricity utilities, traders and power pools with solutions for a rapidly changing environment. The company is a leading supplier of Energy Trading, Utility Analytics, Metering Data Management, and Demand Response.