By Rukayat Moisemhe
The South African Housing and Infrastructure Fund (SAHIF), a private investor in South Africa’s optical fibre industry, says it is rasing capital to accelerate expansion of high-speed internet access throughout the country.
The SAHIF Chief Executive Officer (CEO), Mr Rali Mampeule, made the disclosure in a telephone interview with the News Agency of Nigeria (NAN) on Saturday.
He said that the firm, through one of its subsidiaries, had secured $38 million.
Mampeule said the fund (around R700 million) was to recapitalise the business by settling existing facilities with African Infrastructure Investment Managers (AIIM) and old mutual hybrids equity.
According to him, the company aims to secure up to $225 million (around R4.1 billion) in investments from both domestic and international sources, including pension funds, development finance institutions (DFIs) and Limited Partners (LPs).
He said the funding initiative would pave the way for equitable access to high-speed internet, drive economic growth and nurture innovation.
“SAHIF’s capital raise comes on the back of the announcement, in 2022, by MetroFibre that it had successfully finalised a R5 billion debt finance package from Standard Bank to support its continued fibre optic data network rollout across South Africa.
“This funding would help it to increase its reach by 500,000 households by 2025,” he said.
Mampeule, emphasising the significance of capital infusion, said that the company was in talks with several local and international pension funds, DFIs, and LPs.
He said that the engagements had been fruitful, expressing the hope that capital secured would create valuable investment platform from which SAHIF would scale its investments.
He stated that in addition to its focus on digital infrastructure, SAHIF’s capital injection would expedite delivery of affordable housing and facilitate strategic investments within the financial services sector.
According to him, the initiatives will encompass innovative home loan products and the leveraging of cutting-edge technologies aligned with the Fourth Industrial Revolution and Shelter Tech both within South Africa and across Sub-Saharan Africa.
“Furthermore, SAHIF has adopted an eco-friendly business approach, prioritising Environmental, Social and Governance investments.
“Recognising the critical role of renewable energy in diversifying its asset portfolio and driving sustainable growth, the organisation has assembled a team of seasoned renewable energy investment professionals.
“This dedicated team will spearhead SAHIF’s expansion into the renewable energy value chain, ensuring a comprehensive ESG investment strategy within the utilities businesses on the African continent,” he said. (NAN)(www.nannews.ng)
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Edited by Ijeoma Popoola
Tyler Fields is your internet guru, delving into the latest trends, developments, and issues shaping the online world. With a focus on internet culture, cybersecurity, and emerging technologies, Tyler keeps readers informed about the dynamic landscape of the internet and its impact on our digital lives.
