Liquid Intelligent Technologies, a business of Cassava Technologies (www.CassavaTechnologies.com), has today confirmed the full repayment of its ZAR term loan and USD revolving credit facility.

In tandem with this repayment, Liquid has agreed $410 million in new ZAR and USD credit facilities from a syndicate of commercial and development finance lenders. Cassava Technologies is further reinforcing Liquid’s financial position by injecting $195 million in fresh capital into the business.

Commenting on these developments, Hardy Pemhiwa, President and Group CEO stated: “These transactions, alongside the recent sale of a minority stake in a data centre subsidiary in South Africa, are part of a significant strengthening of our capital structure as we position the Group for accelerated growth. Through our One Cassava ecosystem, we are delivering innovative AI, cloud, data centre, payments, and low latency broadband connectivity solutions to enterprise customers across Africa.”

Africa Data Centre Holdings (“ADCH”) remains a wholly owned subsidiary of Cassava Technologies as the minority stake sale was in the ADCH South Africa business.

Looking ahead, Liquid intends to issue a new $300 million bond to replace its existing $620 million bond in advance of its maturity in September 2026. This move will reduce Liquid’s overall leverage and further strengthen the company’s balance sheet.

Swiss technology company SICPA (www.SICPA.com) secured a landmark traceability contract, in partnership with Spectra Systems Corporation’s subsidiary, Cartor Security Printers (Cartor), reinforcing its global leadership in secure track and trace (T&T) technology. The program will deliver robust traceability solutions to His Majesty’s Revenue and Customs (HMRC) for vape products in the United Kingdom.

Building on SICPA’s proven experience in deploying secure T&T systems for excisable products and leveraging Cartor’s advanced security printing capabilities, the consortium will deliver a robust solution combining banknote‑grade security features with state‑of‑the‑art digital systems to effectively combat the illicit trade of vape products.

The solution will enable HMRC to support excise duty collection, enhance market compliance, protect consumers, and further strengthen its fight against illicit trade.

Following a multistage procurement process launched by HMRC in July 2025, the consortium was appointed upon detailed assessment of technical and financial submissions. The project will run for an initial five-year term, with an option for a further one-year extension. The system will be implemented in phases, beginning with a transitional duty stamp from April 2026, followed by an enhanced stamp supported by a full track and trace solution from October 2026.

Cartor will be responsible for the printing of tax stamps with the provision of core security features. SICPA will complement these with additional material and digital security features that further reinforce the system’s robustness, while also managing tax stamp coding and the track and trace software solutions. Its role also includes managing stakeholder and product registration, tax stamp ordering and payments processes, as well as data collection and compliance monitoring for HMRC across the vape products supply chain. SICPA’s advanced digital market intelligence capabilities will further enable the identification of suspicious patterns and potential fraud hotspots, while audit devices for enforcement authorities and consumer verification applications will support in tackling fraud and fakes.

“We are glad to support His Majesty’s Revenue and Customs in its mission to secure the market against illicit trade, building on decades of experience in excisable products secure traceability systems and the successes of our programs throughout the world,” said Philippe Amon, chairman and CEO of SICPA.

“Cartor is proud to work alongside SICPA to deliver this important program for HMRC,” said Andrew Brigham, Cartor’s managing director. “By combining our complementary strengths, this partnership delivers a trusted solution for our customer and the UK vapes market, while supporting the UK’s efforts to protect both public revenues and consumers.”