Today’s top entrepreneurship and business stories (12 July)

Today's top entrepreneurship and business stories

Today's top entrepreneurship and business storiesVantage Mezzanine Fund III invests R200 million in a black industrialist business New GX, a 100% black-owned investment holding company
Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it has provided a R200 million ($13.7 million) expansion capital facility to New GX Capital, a 100% black and family owned investment company.

The funds will be used to finance additional investments as New GX grows its interests in the telecommunications infrastructure, energy, waste management and information technology sectors in South Africa and the rest of the African continent. The parties will also collaborate in assisting communities in AttridgevilleMamelodi and Soshanguve townships in Pretoria and the Phokwane rural village in Limpopo through the HM Pitje Foundation.

New GX was established in 2005 by Khudu Pitje, a winner in the EY World Entrepreneur Awards Southern Africa emerging entrepreneurs’ category. Khudu and his team have demonstrated an ability to originate, develop and grow companies in some of South Africa’s most dynamic and fast-growing sectors. New GX’s interests in niche markets include equity investments in DFADartcom, Dynamic Instruments and New GX Enviro. “It is amazing to consider that three of our core investments are in companies that were established after 2007” says Graham McGregor the group CFO of New GX.

New GX is one of the founding partners of DFA a carrier neutral provider with over 9000 km’s of open-access fibre infrastructure providing solutions to mobile network operators, fibre to the business users (FTTB), fibre to the home customers (FTTH) and the public sector.

The AU passport is also expected to be unveiled this week at the summit
Rwanda is hosting the 27th Assembly of Heads of State and Government of the African Union (AU) under the theme: ‘2016: Year of Human Rights with a particular focus on the rights of Women’. The AU passport is also expected to be launched this week at the summit.

Bizcommunity reports that during the Summit, the African Union (AU) is expected to launch the AU Passport, a flagship project of Africa’s Agenda 2063. The passport is expected to facilitate free movement of persons, goods and services around the continent – in order to foster intra-Africa trade, integration and socio-economic development.

Dlamini-Zuma has described this initiative as both symbolic and significant, calling it a “steady step toward the objective of creating a strong, prosperous and integrated Africa, driven by its own citizens and capable of taking its rightful place on the world stage”.

The first group of beneficiaries will include: AU Heads of State and Government; Ministers of Foreign Affairs; and the Permanent Representatives of AU Member States based at the AU Headquarters in Addis Ababa, Ethiopia. (Bizcommunity)

Deloitte recognised as the leading global business consulting firm by three organisations 
The global Deloitte group has been recognised in recently released reports as the leading global business consulting firm by three separate international analyst and research organisations.

ALM Intelligence recognised Deloitte as No.1 in Global Business; Gartner ranked Deloitte No.1 in Consulting Service Providers by Market Share, Worldwide 2015; while IDC MarketScape simultaneously named Deloitte a Leader.

Deloitte’s capabilities were examined by the three bodies across a multitude of businesses, including consulting, risk, advisory, tax and audit.

ALM Intelligence works directly with top-level consulting executives and their clients to obtain firsthand perspective on providers’ capabilities and trends driving services, allowing it to rate providers. Gartner is one of the world’s leading information and communication technology (ICT) research and advisory companies. IDC MarketScape is a leading tool for the ICT industry, providing in-depth quantitative and qualitative technology market assessments of ICT vendors for a wide range of technology markets.

This is the sixth consecutive year that Deloitte has been so recognised with prominent accolades for its depth and breadth of consulting services.

Thiru Pillay, Managing Director for Consulting at Deloitte South Africa, responded to the accolades by saying; “We believe these recognitions serve as a testament to Deloitte’s commitment of helping companies solve their most complex problems – while transforming the way our network serves clients, develops our people and leads our industry – in South Africa as much as globally. Additionally, we feel that earning this leadership distinction from top industry analysts year after year speaks to Deloitte’s deep specialisation and ability to provide valuable insights and execution at scale.”

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