Photo by: Duane Daws
Telecommunications firm Vumatel on Tuesday signed a “significant” finance deal with Standard Bank, giving it the financial resources to speed up the delivery of broadband Internet services and expand into new markets within South Africa.
Standard Bank was the lead financier of Vumatel’s bid to exponentially expand its business base.
“It is important that South Africa keeps pace with the rest of the world. We need to ensure that we invest in long-term sustainable infrastructure that can support the growth in demand for high-speed connectivity.
“That is why we plan to invest R3-billion over the next two years in fibre-optic networks to service the residential sector. We look forward to our partnership with Standard Bank and Vantage Capital, which provides mezzanine financing, to create the networks that will contribute to national growth,” commented Vumatel CEO Niel Schoeman.
“The information super-highway is a requirement for the development and growth of national economies. It is through our ability to assist pioneering companies like Vumatel that Standard Bank is part of a growing sector that will enhance communication and create opportunities for South Africans. This is essential if we are to be part of an increasingly information-driven world,” added Standard Bank CE Ben Kruger.