Welcome to our weekly round up of the most important news dominating the world of business and finance in Africa.
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Kenya became the 3rd largest economy
in sub-Saharan Africa according to the International Monetary Fund(IMF). The 4th largest economy Angola (previously 3rd) has experienced decline in oil output with GDP expected to contract by 1.4 % in 2020, while Kenya is projected to grow by 1%.
Private Equity Deals:
- Private Equity group CDC has invested in Ghanaian based mPharma to provide the company with resources to distribute pharmaceutical products at lower cost than their competitors.
- The Agri-Business Capital Fund (ABC Fund) has approved a loan of €800,000 to soya milling company Dragon Farming, along with technical assistance. The loan is intended to increase Dragon Farming operations local operations from source to market.
- Private Equity firm Tana Africa Capital has acquired a stake in Egyptian based leading hospital operator Mabaret Al Asafra, through its Tana Africa Capital II fund.
Venture Capital Deals :
- Nigerian based B2B AI and Blockchain startup Jamborow raised $400,000 from existing shareholders to expand their blockchain offering to B2B companies.
- Ugandan based Fintech startup Eversend raises $706,000 in funding through a Seeder crowdfunding campaign to expand to West Africa and Europe.
- South Africa based Fintech startup Sticitt has raised $249,000 in funding from Crucis Venture Capital to support its current rollout of services.
M & A
- The South African Financial service group Sanlam has acquired FBN General Insurance.
PIC has purchased a 13% stake in Morocco based real estate platform Aradei Capital for $50M on behalf of its client, the Government Employees Pension Fund (GEPF) of South Africa. The funding allows Aradei Capital to take advantage of the country recently enacted legislation that enables real estate investment trust (REIT) policy.
- A “Murabaha” financing of $8.8million was approved by the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group in favour of the Islamic Bank of Senegal (BIS) to support 1,000 jobs in the private sector amid the coronavirus pandemic.
FMDQ Securities Exchange Limited approved the Flour Mills of Nigeria Plc combined N30.00 billion Series 13 and 14 Commercial Paper (CP) notes under its N100 billion CP Issuance Program. The money is for meeting shortfalls in their working capital needs, as well as other short-term expenditures that have arisen do to COVID.
East Africa Cables has agreed a $2.85 million debt restructuring deal with State Bank of of Mauritius (SBM)