Remgro, a JSE-listed diversified investment holding company has published its results for the year ended 30 June 2026, reporting that the holding company for Vumatel and DFA contributed headline earnings of R319 million, up from a loss of R93 million.
Chaired by South African billionaire Johann Rupert, Remgro owns a 57% stake in Community Investment Ventures Holdings (CIVH). CIVH’s most significant asset is Maziv, which houses Vumatel and Dark Fibre Africa (DFA). Vumatel also owns fibre network operator Herotel.
DFA is South Africa’s primary long-distance wholesale open-access fibre infrastructure provider, whereas Vumatel is the biggest last-mile fibre network operator in the country. On 1 December 2025, Vodacom acquired a 30% interest in Maziv through a combination of assets and cash. Vodacom contributed its metro and last-mile fibre assets to Maziv as part of the deal. It also committed to making the infrastructure open access, in line with Vumatel’s and DFA’s operating models.
According to Remgro, Vumatel remained the primary growth engine of Maziv, while DFA provided a stable, cash-generative structure base. Vumatel’s revenue increased by 15.3% to R4.430 billion, driven primarily by the acquisition of the fibre infrastructure from Vodacom as well as its subscriber uptake growth on its existing network.
“The healthy revenue growth and a focus on cost management resulted in an operating profit increase of 57.0% to R2.157 billion for the twelve months ended 31 March 2026,” Remgro stated.
“DFA’s revenue increased by 8.9% to R3.001 billion, driven by the acquisition of the fibre assets from Vodacom and demand in its fibre-to-the-business vertical. Operating profit for the twelve months ended 31 March 2026 increased by 10.1% to R1.243 billion as the business managed to contain cost increases.”
Remgro’s other infrastructure investments included the contribution from Seacom, which amounted to R71 million, up from R12 million last year.
Remgro cautioned that CIVH’s results were not directly comparable with those of the prior year due to Vodacom’s acquisition of a 30% stake in Maziv. “As a result, CIVH’s interest in Maziv was diluted to 70%. Consequently, its indirect interests held through Maziv in DFA and Vumatel were also diluted.”
“In return, CIVH obtained an indirect interest in the assets contributed by Vodacom. Therefore, the results of the assets acquired from Vodacom were included for the four months to 31 March 2026. The transaction further included an additional share subscription by Vodacom in Maziv, to restore its ownership interest to 30%, following the acquisition by Maziv of a further 49.93% interest in Herotel.”
Remgro explained that Vodacom will subscribe for shares in cash of at least R825 million, while Maziv will acquire the Herotel interest from CIVH. Maziv’s acquisition of the additional stake in Herotel is at a floor value of R2.750 billion in exchange for newly issued Maziv shares. Before the transaction, Vumatel already owned 49.96% of Herotel. CIVH had entered into transaction agreements with Herotel to acquire an additional 49.93% and sell it on to Maziv.
“This resulted in a cash subscription for shares in Maziv by Vodacom and an additional pre-implementation dividend to CIVH,” Remgro reported.
Remgro received a further dividend of R394 million during June 2026. Vodacom has not yet exercised its option to acquire an additional 4.95% interest in Maziv.
Remgro said that several transactions remain outstanding pending the completion of an independent valuation confirming that the value of the 49.93% interest in Herotel exceeds R2.75 billion.
“A further cash subscription for shares by Vodacom, a share issue by Maziv to CIVH, and an additional pre-implementation dividend to CIVH remain subject to the valuation,” it said.
