Belgian VM Steel partners Moroccan Steel company to supply metallurgical products

MOROCCO – VM Steel, a Belgian stock-listed exporter of a wide range of steel products has launched, in partnership with Moroccan K-Steel Service Senhadji & Trade (K-3S & T), a subsidiary, VM Steel Maroc, in Morocco from where it aims to conquer the African continent.  The subsidiary is the first international branch of the Belgian steel giant which is thus gaining foothold in Morocco to supply specialized metallurgical products, with the ambition to become for its customers “the benchmark in terms of supply in steel products,” announced VM Steel Maroc, in a press…

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Cleopatra Hospitals acquires 100% assets of Alameda Healthcare Group

EGYPT – Cleopatra Hospitals Group (CHG) has signed an agreement for the acquisition of 100% of Alameda Healthcare Group’s assets in Egypt and the operational merger of hospitals and medical units.  The deal, pending certain conditions and regulatory approvals, is expected to close in the first half (H1) of 2021.  The UAE company Alameda, owned and controlled by its Chairman, Fahad Khater, owns and operates through its subsidiaries a number of hospitals and medical units in Egypt, such as Dar El Fouad 6th of October, Dar El Fouad Nasr City, As-Salam International Hospital, and…

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Telecom giant MTN in board shake up

SOUTH AFRICA – Africa’s biggest mobile operator MTN Group has announced some changes to its board of directors. In a statement to shareholders, the company said it is pleased to announce the appointment of Nosipho Molope as an independent non-executive director of MTN Group, effective, 1 April 2021. MTN indicated that Molope holds a Bachelor of Science from the University of the Witwatersrand (BSC Med) as well as a Bachelor of Accounting Science (Hons) (CTA) from the University of South Africa and is a Chartered Accountant (SA). It pointed out…

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Private equity firm B Investment sells its 20% stake of Total Egypt to Total Outre-Mer

EGYPT – B Investments Holding, an Egypt-based private equity firm, has signed a contract to sell 20% of its stake in Total Egypt to Total Outre-Mer, France, for a total consideration of approximately EGP 146 million (US$9.3 million), in accordance with the exit terms pre-agreed with Total at the time of the investment in Total Egypt.  In a statement to the Egyptian Exchange (EGX), the company said that, after the deal’s completion, its stake in Total Egypt will decrease from 7.98% to 6.38%.  During the first nine months (9M) of 2020,…

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TLG Capital exits investment in Branch International Financial Services Limited

NIGERIA – TLG Capital, an investment holding company, has announced its exit from Branch International Financial Services Limited (Branch Nigeria), an investment made through its Credit Opportunities Fund (TLG COF).  TLG’s investment was made in Naira and repatriating its funds in USD successfully is a testament to TLG’s deep experience in the region, and specifically Nigeria.  2020 saw a challenging FOREX liquidity crisis hit Nigeria, triggered by a combination of COVID-19 and the worst oil price shock on record.   “TLG has been an ideal investor. They took time to understand…

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Packaging company SOMIPEM closes second round to finance its development

TUNISIA – Modern Plastic Industry and Packaging Company, SOMIPEM, has successfully closed its second round on the private equity market with a co-investment from Ekuity Capital and UGFS-NA in order to finance its development in Tunisia and Africa. This operation also resulted in an operation of exits of the former institutional shareholders (SODINO, Univers Invest Sicar and CDC Gestion) who supported the company during its first phase of creation and development. This new round of funding confirms the solidity of the SOMIPEM model, the relevance of its strategic vision and…

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European Investment Bank launches US$60.9m Africa pharmaceutical manufacturing program

AFRICA – The European Investment Bank (EIB) has launched the first ever scheme to strengthen local production of Active Pharmaceutical Ingredients in Africa and scale up drug manufacturing essential to improve public health. The EIB’s new US$60.9 million pharmaceutical investment initiative, initiated together with kENUP Foundation, will contribute to reducing dependency on drug imports and address medical supply chain weaknesses linked to COVID-19. The programme will improve availability of specialist drugs and tackle supply chain challenges that currently damage public health across Africa. Scaling up pharmaceutical investment in Africa will…

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Real estate agent SODIC partners with AAIB to launch e-payment solutions

EGYPT – SODIC, a real estate agent, has signed a partnership agreement with the Arab African International Bank (AAIB) to provide its clients with e-payments solutions accessed through the developer’s website. The agreement entails that the AAIB provides a payment gateway that allows clients an e-payment option for their home installments and any other payments against services or products offered by SODIC, ensuring a convenient, safe and secure payment alternative. “The partnership comes as part of SODIC’s digital transformation plans where we are moving towards digitising all internal and customer…

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Global Partners for Education backs Ethiopia, Mozambique and CAR with US$300m in grants

ETHIOPIA – The Global Partnership for Education (GPE) has approved US$300 million in new grants to transform education systems in the Central African Republic, Ethiopia and Mozambique. The three new grants bring GPE’s total approved funding in 2020 to nearly US$1.5 billion for improving children’s education in lower-income countries. That record level of approvals includes more than US$500 million to help countries respond to COVID-19. Mozambique’s US$140 million grant is the single largest grant ever provided by GPE to a partner country. The grants will help strengthen the education sector in the…

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Uganda Airlines receives its first widebody aircraft, A330neo Airbus

UGANDA – Uganda Airlines, the country’s flag-carrier, has taken delivery of its first A330neo, the latest version of the most popular wide-body airliner. It is the first Airbus aircraft delivered to Uganda Airlines, which was established in 2019. In line with the airline’s strategy to keep offering its customers unbeatable economics, increased operational efficiency and superior passenger comfort, the A330-800 is the latest addition to Airbus’ commercial aircraft product line. Thanks to its tailored, mid-sized capacity and its excellent range versatility, the A330neo is considered the ideal aircraft to operate…

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