Inspiring Sustainable Business in Africa
ANGOLA – Access Holdings Plc, the holding company of Access Bank Pl, has announced its planned acquisition of a majority equity stake of 51 per cent in Finibanco, an Angolan Bank. Finibanco is a full-service commercial bank with over 20 branches and around US$300 million in total assets in Angola. Sunday Ekwochi, the company secretary said that the transaction would…
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EGYPT – Development Partners International (DPI) has sold ADP II’s 33.4% stake in Egyptian retailer B.TECH to the Saudi Egyptian Investment Company (SEIC), a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF). ADP II’s exit comes following a successful partnership with B.TECH, during which the business has accelerated its digital transformation efforts and cemented its position as the leading…
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SOUTH AFRICA – Pan African Resources PLC, a mid-tier African-focused gold producer, has announced that it has concluded its acquisition of Mogale Gold Pty Ltd and Mintails’ SA Soweto Cluster Pty Ltd. The Rosebank-headquartered gold producer entered into agreements to buy these mines from Mintails Mining SA Pty Ltd for ZAR50.0 million (US$2.8m), in November 2020. Mintails Mining SA, which…
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UGANDA – Renew Capital, an impact investment firm focused on developing small and medium-sized enterprises (SMEs) in Africa via its network of investors, the Renew Capital Angels, has made a new investment in Easy Matatu, a Ugandan minibus ridesharing service. The funding will be used to expand Easy Matatu’s end-to-end technological platform, which allows customers to reserve a seat on…
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KENYA— Britannia Industries, India’s largest bakery firm, has acquired a 51% stake in Nairobi-based Kenafric Biscuits and acquired full control of Britania Foods. In a filing with the Bombay Stock Exchange, Britannia Industries noted the deal was instigated by its subsidiary Britannia and Associates (Dubai), or Badco, for INR92m (US$1.1m). Concurrently, Britannia Industries has fully acquired all of the shares…
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NIGERIA – Spleet, a real estate technology startup, has successfully received a seed round of US$2.6 million to extend its residential rent-focused solutions across Africa. The funding was spearheaded by MaC Venture Capital. Noemis Ventures, Plug and Play Ventures, Metaprop Venture Capital, HoaQ Fund, Assembly Fund, Ajim Capital, Francis Fund, and Eduardo Campos are some of the investors in this…
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KENYA – The venture capital firm HAVAÍC has successfully concluded its third investment in the Kenyan fintech company Tanda. The contribution from the company’s HAVAÍC Universum Core African Fund, which has a total asset value of US$20 million, is being made as part of an ongoing pre-series A round in cooperation with three additional investors, one of which is DFS…
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KENYA – Tushop, a Kenyan social-commerce platform that enables communities in Nairobi to buy groceries more cheaply with free delivery, has secured US$3 million in a pre-seed funding round. The round is aimed at growing Tushop’s team, investing in tech to make its platform as easy to use as possible and to further expand across Nairobi before rolling the service…
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Egypt-based IoT devices manufacturer CardoO raises US$660K seed round EGYPT – CardoO, an Egyptian based startup, has managed to attract its seed investment round, which amounted to US$660,000 dollars, led by The Alexandria Angels, with the participation from Sofico Investments, angel investors from Saudi Arabia, and the European Bank for Reconstruction and Development (EBRD). CardoO CEO noted that this investment…
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KENYA – The Government of Kenya, through The Treasury, has acquired a 60 per cent stake in Telkom Kenya from UK-based private equity fund, Helios Investment Partners, for KSh6.09 billion (US$50.40m), making the company fully State-owned. The exit comes six years after Jamhuri acquired majority ownership in the integrated telecommunications solutions provider from France Telecom in June 2016, through its…
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