Amazon acquires stake in valU worth US$10Mexpands in Egypt

EGYPT – American multinational technology company, Amazon has expanded into the Egyptian market with the acquisition of US$10 million stake in valU. Based on the terms and conditions of the transaction agreement, the option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU. It will be in the form of…

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Egyptian online shopping platform Wasla secures US$9M funding from CFH for regional expansion

EGYPT – Egyptian browser-based shopping platform Wasla has raised US$9 million in funding from Contact Financial Holding (CFH) to assist with its product rollout and regional expansion. Wasla is the first emerging markets mobile web browser and desktop extension optimized for online shopping. The e-commerce site is currently preparing to launch a number of new products and services, including BNPL…

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Prop-tech startup Nawy closes US$5M seed round to expands operations in Egypt

EGYPT – Egyptian prop-tech startup Nawy has raised a US$5 million seed funding round to provide more services, capitalize on digital technologies, and expand the business regionally. The latest funding was led by the Sawiris family, an Egyptian family that owns the Orascom conglomerate, spanning telecommunications, construction, tourism, industries, and technology. Nawy was founded in 2016 to allow users to…

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Imperial Logistics acquires 49% stake in healthcare services company Pharmafrique

SOUTH AFRICA – Imperial Logistics Ltd, an African and European focused provider of integrated market access and logistics solutions, has acquired a 49% stake in Pharmafrique, trading as Kiara Health an African pharmaceutical manufacturing and healthcare services company based in Johannesburg. Imperial says the investment is in line with the group’s strategy to backward integrate into contract manufacturing as part…

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Transnational Bank renames to Access Bank Kenya after being completely acquired by Access Bank

KENYA – Access Bank, a Nigerian multinational commercial bank, has renamed Transnational Bank a medium sized commercial bank that mainly focuses on Kenya’s agricultural sector, after it completed its acquisition, reports Business Daily. Central Bank of Kenya said that the Kenyan lender will now be known as Access Bank (Kenya), indicating the end of the buyout deal. “Transnational Bank PLC…

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Stanlib acquires 10% stake in renewable energy developer Mulilo Energy

SOUTH AFRICA – The Infrastructure Investments unit of South African asset manager Stanlib has bought a 10% stake in local renewable energy developer Mulilo Energy Holdings. A joint statement emphasises that this transaction is strategic and complementary to both companies. “It provides Mulilo with a robust financial partner that has an appetite to invest in new developments and planned growth.…

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Axis Holdco acquires HMG and HMA subsidiaries of asset manager Harel Mallac Co

MAURITIUS – Axis Holdco, a private limited company, has acquired Harel Mallac Global (HMG) and Harel Mallac Advisory (HMA), subsidiaries of Harel Mallac Co, a company that is involved in the manufacturing and trading, business service as well as asset management businesses. The transaction has already received regulatory approval and completed on August 21, 2020. As part of this process,…

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Standard Bank acquires 35% equity stake in digital escrow company TradeSafe Escrow

South Africa’s Standard Bank maintains position as Africa’s Top Tier 1 Bank

SOUTH AFRICA – The Standard Bank of South Africa Limited, a financial services group, has acquired a 35% equity stake in digital escrow company TradeSafe Escrow, providing a means for buyers and sellers to mitigate transaction fraud. TradeSafe is an online escrow platform that safeguards the buyer’s funds in trust in a transaction involving two or more parties. Established in…

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Shanta Gold Ltd completes acquisition of Barrick Gold’s asset in AEKL

EAST AFRICA – Shanta Gold Limited, an East Africa-focused gold producer, has completed its acquisition of the Acacia Exploration (AEKL) Kenyan gold assets from Barrick Gold. It follows the receipt of regulatory approvals in Kenya, which now satisfied all remaining closing conditions of the transaction. The primary asset is the West Kenya project, which has a resource currently pegged at…

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Namibia’s Ohlthaver & List Group acquires majority stake in Germany’s renewable energy company

NAMIBIA – The Ohlthaver & List (O&L) Group, Namibia’s largest private company, has acquired the majority stake in Cronimet Mining Power Solutions GmbH, from the exiting shareholder CRONIMET Mining AG of Switzerland, thereby growing its operations into the international market beyond the south Western African country. Cronimet Mining Power Solutions GmbH is a German-based renewable energy project development, Engineering-Procurement-Construction (EPC),…

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