WATCH LIVE as Ganbakwe looks at the warning given to Mnangagawa by Zimbabwe Generals over the unexplained deaths of various geerals in recent days.
Key events today
Vice President Constantino Chiwenga’s team visited a tech conference in Russia to learn about ICT and manufacturing solutions for Zimbabwe’s digital economy. He told the meeting that the Fourth Industrial Revolution should reduce inequality, not increase it, and called for fair global cooperation.
Top trending news
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Zenzele Ndebele is in Berlin
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Blessed Mhlanga is in Ireland
Business
Pick n Pay sold 12.5% of Boxer for R4.7 billion.
Entertainment
None listed
Africa
Gauteng Gambling Board CEO Dr. Karabo Mbele fired.
Community
Mve: buy one, get one free promotion.
Notes — Pick n Pay
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Sold 12.5% of Boxer for R4.7 billion. Still controls Boxer.
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Racing to break even by 2028.
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Facing staff dispute affecting 22,000+ workers.
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Pick n Pay now worth less than half of Boxer’s value.
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Shares fell 3%; Boxer shares dropped 7.5%.
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Analyst (Aheesh Singh): Sale is not a crisis but to fund a long turnaround, including possible job cuts.
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Investors doubt Pick n Pay can fix its core business in South Africa’s weak economy.
Financial recovery so far
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2024: Lost R3.2 billion; core supermarket lost R1.5 billion → liquidity crisis.
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Two-step rescue: R4 billion rights offer + R8.5 billion from listing Boxer.
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Net debt of R6.1 billion turned into net cash of R4.2 billion by end of 2025.
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2025 loss narrowed to R736 million.
Boxer
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Strong performer: double-digit sales growth, low-cost model works well.
Operational fixes
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Closing or fixing weak stores, improving products and pricing, recovering sales.
Share performance
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Down over 32% in 3 years; down 60% in 5 years.
Timeline
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2024
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Feb: Rights issue R4 billion.
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May: Ackerman family gives up control after 60 years.
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Nov: Boxer listing raises R8.5 billion.
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2025
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May: CEO Sean Summers extends contract to 2028.
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May: Losses exceed R700 million.
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2026
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May: Plans job cuts (Section 189).
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May: Sells 12.5% of its 65.6% Boxer stake for R4.7 billion.
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MTN and Vodacom
Vodacom South Africa
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Service revenue growth: ▲ 2.8% (March quarter)
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Prepaid customer revenue (full year): ▼ 2.1% to R26.7bn
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Prepaid decline slowed to 1.6% in Q4 (from 3.6%)
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Prepaid customers: ▲ 0.4% to 39.1 million
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CEO Shameel Joosub: Focus on quality new customers, prepaid trends improving.
MTN South Africa
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Service revenue growth: ▲ 0.7% (March quarter)
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Data revenue: ▲ 4.9%
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Fintech revenue: ▼ 18.1%
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EBITDA: ▼ 12.5%
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CEO Ralph Mupita: “Mixed performance.”
Actions
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MTN: Reduced airtime lending (XtraTime) to favor cash customers; launched new network “Pi” in April.
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Vodacom: Completed R13 billion fibre merger with Remgro’s Maziv at end of 2025.
Guidance
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MTN expects “low to mid-single digit” service revenue growth in South Africa.
Both companies are pushing many initiatives to improve local performance.
