The former Discovery executive who paid R1.6 billion for stake in fibre and ISP companies in South Africa

Ryan Noach, the chief executive of DNI Group, said that they have made an R1.6 billion investment for an 18% stake in fibre network operator Frogfoot and ISP Vox Telecom.

Noach is a South African medical doctor, entrepreneur, and corporate executive who is closely associated with the healthcare industry.

He joined Netcare in 2002 as the medical director of Netcare 911, and quickly moved through the ranks to become Chief Operating Officer in 2005.

He joined Discovery Health in 2008 as head of provider relations and contracting, served as deputy CEO from 2014 to 2020, and as CEO from 2020 to 2024.

He left Discovery Health to take over as chief executive of the DNI Group, an investment company, on 1 March 2024.

The DNI Group focuses on assets which can leverage technology to distribute products and services to the telecommunications, banking, and retail sectors.

It has investments in mobile products and mobile phone distribution, technology services, and value-added products.

Many of DNI’s underlying businesses have their own management teams who have a level of shareholding and long-term incentives.

DNI has many notable shareholders, including Aspen founder Stephen Saad (10%), Peter Gain (8%), mining magnate Mike Teke (5%), and the Ellerines family (2%).

The Mineworker’s Investment Company owns 25% of DNI, Sabvest Capital owns 20%, and Rand Merchant Bank 4%.

The company generates almost R10 billion in revenue, employs over 1,000 people and operates in 29 countries.

Noach spearheaded DNI’s largest-ever investment. The company bought an 18% stake in Frogfoot, Vox Telecom, and Hypa Fibre for R1.6 billion.

This capital will quadruple the group’s rollout velocity to 360,000 connected homes per annum in lower-income and township communities over the next 12 months.

He said that connecting historically underserved communities and supporting the creation of 5,000 jobs attracted DNI to the investment.

Ryan Noach explains the R1.6 billion investment

Noach said that apart from the social benefits linked to the capital injection to Frogfoot, Vox Telecom, and Hypa Fibre, their investment thesis was premised on four insights.

• The mission. Broadening connectivity is central to DNI’s purpose. This funding will help accelerate fibre rollout in communities where access has lagged. It will open doors to education, employment, financial services and digital opportunity.

• The people. DNI backs founders and management teams it trusts. Abraham van der Merwe, Shane Chorley and the teams at Frogfoot and Vox have built outstanding businesses, with the expertise and leadership needed for the next phase of growth.

• The strategic fit. Across the DNI group, they support mobile network operators in more than 35 countries, so this investment is in a market segment they understand well.

• The economics. The impact and the investment case reinforce each other. The density of lower-income communities means fibre can be rolled out more cost-effectively, creating the potential for strong returns while extending connectivity to far more homes.

“It took a decade for multiple fibre operators, including Frogfoot, to roll out fibre across South Africa’s higher-income suburbs,” Noach said.

Today, South Africa has about 4.5 million fibre-connected homes in higher-income suburbs.

However, more than 80% of the lower-income market remains greenfield. That leaves enormous room for growth.

“Communities are ready to welcome a superhighway of connectivity into their homes and everything that can travel along it,” he said.

“When mission, people, strategy and economics align, we pay attention. That’s exactly what we saw in Frogfoot, Vox and Hypa.”

DNI chief strategy officer Ziyaad Manie provides further details

DNI chief strategy officer Ziyaad Manie said it was rewarding to see a transaction they have worked on so closely come to life.

“The encouraging industry response to DNI’s R1.6 billion investment in Frogfoot, Vox Telecom and Hypa makes this moment even more meaningful,” he said.

“Behind this announcement are months of rigorous analysis, honest debate and an extraordinary amount of teamwork.”

“Great investments are built on strong underlying businesses, capable people, clear strategic alignment and a funding structure that supports long-term value.”

Manie said that this transaction brought those elements together and strengthened DNI’s connectivity ecosystem.

“It backed an experienced founder-led team and supports the expansion of fibre into communities where access remains limited,” he said.

“We have also taken a disciplined approach to funding the investment, structuring it on a ring-fenced basis so that its underlying cash flows support its obligations.”

He said that their greatest satisfaction comes from seeing months of strategy and work take tangible form, with the potential to add real value for South African customers.

“We are proud of the many people and partners who worked so hard to bring this transaction together. It is a milestone worth pausing to appreciate,” he said.