JOHANNESBURG – UMEH Group Limited, a household name in the media and hospitality sector announced that it has signed a definitive agreement to merge with DafriGroup PLC, the parent company of DafriBank Digital and DafriXchange. After a prolonged discussion between both companies since 2020, the transaction which is reportedly valued at over a billion rand will become effective on 18th of March, 2021.
“We are ecstatic to announce the completion of this merger and we are glad to be a part of the DafriGroup family,” said Xolane Ndhlovu, Founder and CEO of UMEH Group Limited. “This merger allows us to expand our footprint into other African countries as it aligns with our commitment to introducing groundbreaking approaches into various sectors of the communities we serve.”
UMEH Group Limited is a R500 million conglomerate with interests in hospitality, finance, real estate, publishing, and blockchain technology. The South African organization which is headquartered in Johannesburg has made an inroad into West African countries and other parts of Africa through its media group. DafriGroup on the other hand has subsidiary companies like DafriBank Digital, DafriXchange, and DafriTechnologies which operate in the finance, digital banking, and crypto industries.
“We recognize the opportunity of merging with DafriGroup as it helps us provide afrocentric solutions to new age challenges in Africa. We are poised to further invest in sectors that will boost the continent’s economy and help scale digital entrepreneurial businesses,” the company said in a state.
“The combined entity, to be named DafriGroup PLC, is committed to improving lives and transforming Africa through its investment in sectors that helps businesses reach their full potential and at the same time providing strong long-term returns”. It explained.
Xolane Ndhlovu will now become the Chairman of DafriGroup PLC while each of the daughter companies will continue to be operated by its current management team.