Welcome to our weekly round up of the most important news dominating the world of business and finance in Africa.
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Private Equity :
- Nigeria’s Verod Capital’s subsidiary Eustacia Limited has acquired AXA Mansard Pension from AXA Mansard Insurance PLC.
- Zambia’s Industrial Development Corporation (IDC) has received a sixty million kwacha short-term loan financing facility from the National Pension Scheme Authority (NAPSA) to build three new fruit processing factories. The IDC is setting up the Kalene Hills Fruit Company Limited in Mwinilunga District in North-Western Province, the Eastern Tropical Fruits Company in Eastern Province and a cashew processing company in Western Province.
GB Foods has opened a new $14.5million factory in Ogun state which will be used to make its mayonnaise brand, Bama, for the Nigerian and West African markets.
Venture Capital Deals:
- Kenyan retail startup MarketForce 360 has raised $350,000 in funding from Venture Platform, ViKtoria Business Angels Network( VBAN), EchoVC Partners, and P1 Ventures to explore new revenue streams.
- Egyptian Fintech startup PayMob has raised $3.5 million in funding from Dutch Entrepreneurial Development Bank FMO, Global Ventures, and A15 to support their expansion ambitions.
- Cairo-based Beauty Platform Glamera has secured $250,000 from Saudi’s Dual Gate Investment Holding to support its expansion project.
- Kenya’s Diamond Trust Bank has secured a $50 million loan from the World Bank’s private sector arm to lend to small and medium-sized businesses impacted by the Covid-19 pandemic.
- Egyptian Bank Banque Misr has received a $100 million unsecured loan from The European Bank for Reconstruction and Development (EBRD), under its Resilience Framework (FR) to support companies impacted by the COVID-19 pandemic.
M & A Activities:
- The Nigeria Debt Management Office (DMO) will auction N150 billion bonds by subscription on August 19.The breakdown of the figures includes a N25bn 10-year reopening bond that would mature in January 2026 and be offered at 12.5% ; and a N40bn 15-year reopening bond that would mature in March 2035 and be offered at 12.5 %.
- The Ghanaian government has announced the issuance of a seven year treasury bond this week and follows the release of an initial pricing guidance for the bond issuance through the Ghana Stock Exchange. The bonds will mature in 2027.
Ghana’s inflation rate rose to 11.4% in July 2020 according to data from Ghana statistical service up from 11.2 % in the prior month.
Egypt’s interest rates remain unchanged at 9.25% despite inflation falling to an eight month low according to the Central bank of Egypt.
South Africa’s seasonally adjusted mining production decreased by 1,4% in June 2020 compared with May 2020 according to Statistics South Africa. This followed month-on-month changes of 46,6% in May 2020 and -37,8% in April 2020.
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