SA SME Fund backed capital fund E4E launches to build successful businesses

SOUTH AFRICA – Entrepreneurs for Entrepreneurs Africa(E4E), a new venture capital fund aimed at building internationally successful businesses owned by South African entrepreneurs has launched. The venture capital fund is aimed at building internationally successful companies grown by South African entrepreneurs. E4E is backed by a founding investment from the SA SME Fund, is unique as a venture capital fund in that it is run entirely by experienced entrepreneurs. E4E’s six founding partners have had extensive success in the local and international startup ecosystem, both as entrepreneurs and investors. This…

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Mums Village Kenya and BabyBliss Nigeria Merge to form Bliss Group

AFRICA – BabyBliss, a Nigerian retail and eCommerce platform has merged with Kenya’s MumsVillage to form Bliss Group, a Pan-African mother and baby care community and eCommerce platform. The merger is a consolidated move by both companies to enter new markets. BabyBliss will be adding its experience in deep retail and e-commerce in Nigeria while MumsVillage brings its knowledge of building online communities and creating content for pregnant women and mothers. Speaking on the development, the Group CEO, Isis Nyong’o Madison, expressed delight on the successful merger. She added that…

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Gaming company Sea Monster animation raises US$1m funding from Vumela Fund

SOUTH AFRICA – Sea Monster animation, a gaming and AR/VR company, has raised US$1 million in funding from FirstRand’s Vumela Fund, managed by leading SME venture fund manager Edge Growth to help change the way corporates tackle training and communication globally. Formed in 2011, Sea Monster creates engaging, memorable digital content and experiences using animation and games that drive business and social outcomes. “Towards the middle of 2019, we finally felt that we were ready to actively engage with investors to help us create products, and revenue share opportunities, in…

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Futuregrowth invests in online booking platform SweepSouth to expand its business

SOUTH AFRICA – Futuregrowth Asset Manager, a fixed-interest asset manager, via its Development Equity Fund has invested in SweepSouth, a disruptive online platform for booking, managing and paying for home cleaning, and now a variety of other services. “SweepSouth is an early- stage business disruptor that, instead of solving a Silicon Valley problem, is solving South African-specific problems,” Amrish Narrandes, Head of Unlisted Equity Transactions at Futuregrowth, said. “The company has taken a large segment of the informal sector, which is one of the biggest employers in South Africa, and…

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Egypt launches ambitious strategy to shift from gasoline to natural-gas powered cars

cars

EGYPT – Egypt has launched an ambitious plan to shift the primary fuel for vehicles in its jurisdiction from petrol and diesel to compressed natural gas. The strategy launch comes soon after Egypt’s President Abdel Fattah El Sisi was quoted as saying that “new cars will not be licensed until they are converted to natural gas.” “We have the right, as a country, to license gas-powered cars only and to stop licensing new cars that run on gasoline,” H.E El Sisi said while addressing inaugurating a housing project in the…

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Tiger Brands names Deepa Sita as group’s CFO

SOUTH AFRICA – South African packaged food group, Tiger Brands has appointed Deepa Sita as the company’s Chief Financial Officer and Executive Director with effect from 1 October 2020. Sita will be taking over from Pamela Padayachee, who has been serving as acting CFO from 1 February 2020 after former CFO Noel Doyle stepped into the CEO role. Pamela Padayachee will assume a senior finance role within the company once Sita assumes her position. “The Board would like to express its appreciation for the professionalism and personal commitment of the Acting…

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Egypt to invest US$288m in electricity distribution upgrades to improve efficiency

Egypt Energy Control Center

EGYPT– The Government of Egypt has committed US$288 million in an electricity project aimed at improving efficiencies in electricity distribution in the country. The electricity project according to Egypt’s Electricity Minister Mohamed involves the installation of four power control centers in the electricity distribution networks at an estimated cost of LE 4.6 billion (US$288 million). The minister revealed this after the signing of the agreement between his government and representatives from Schneider Electric that paves way for the project’s commencement. Schneider Electric is expected to start building the first four…

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Kenyan juice producer Kevian partners with KARLO to commercialize hybrid potato seed varieties

KENYA – Kevian Kenya, one of the leading fruit juice producers in Kenya has entered into a contractual partnership with the Kenya Agriculture and Livestock Research Organisation (KALRO) to produce high yielding potato seed varieties to meet growing demand. KARLO has licensed the Thika-based firm to commercialise five of its hybrid potato seeds on a 15-year contract to boost production of the right variety required by multinational franchises for making French fries, who have relied on imports to meet their customer needs, reports Business Daily. The partnership will see Kevian, the makers…

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Orascom Investment bounces back into profitability, posts profit of US$3m in Q1 of 2020

Orascom Investment Holdings

EGYPT – Egyptian based technology multinational, Orascom Investment Holding Company (OIH) turned into profitability during the first quarter (Q1) of 2020 recording a profit of LE 51.63 million (US$3.23 million). This is a great improvement compared to the losses of LE 78.86 million (US$4.94 million) including minority rights recorded during the same period of 2019. The company’s indicators showed that the operating profits hit LE 272.17 million (US$17.03 million) during the 2020, a significant drop when compared to LE 322.27 million (US$20.18 million) achieved during the compared period of 2019.…

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Egypt’s Commercial International Bank half year profits drop amid raging COVID-19 pandemic

Egypt’s CIB Bank

EGYPT – The Commercial International Bank’s (CIB), one of the largest commercial banks in Egypt has recorded a profit drop in the first six months of the year owing to a tough business environment occasioned by the COVID-19 pandemic. A statement from the Bank revealed that CIB recorded a profit of LE4.99 billion (US$312 million) during the first six months of this year, a 6.6 percent drop when compared to the LE 5.35 billionn (about US$335 million). Commercial International Bank clarified in a statement that the net income from the…

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