Only 18 months after setting up shop in Cape Town, emerging markets streaming video services specialist Iflix has decided to exit the African market and has sold its stake in Kwesé Iflix to Econet Global, Kwesé's parent company.
It then forged a relationship with, and sold a "significant stake" in Iflix Africa to Kwesé, the pan-African TV services unit of Econet Media, in February 2018. (See Kwesé Acquires Stake in iflix Africa.)
Now Iflix has sold its remaining stake in Kwesé Iflix to Econet for an undisclosed sum, saying it can now focus on its core markets in Asia.
The South African IT services firm has confirmed that an investigation has found evidence of unsubstantiated payments, tender irregularities and other unethical business dealings that could add up to $87 million.
South African Minister of Communications and Digital Technologies, Stella Ndabeni-Abrahams, has given herself short deadlines for big moves when it comes to spectrum and the extremely delayed digital migration process.