Heritage Bank to invest US$841bn in Dukia Gold & Precious Metals

NIGERIA – Heritage Bank Plc is set to unlock N344 trillion (US$841.67bn) market worth of gold after a collaboration with Dukia Gold & Precious Metals Refining Co. Limited and concluded plans of being listed on the Lagos Commodities and Futures Exchange. The bank said the move would expand revenue in the non-oil sector through diversification, by stimulating growth in solid minerals in line with the objectives of Economic Recovery and Growth Plan and would also put Nigeria on the global map with regards to standardized gold tracing, sourcing procurement and…

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Algebra Ventures to make first investment after its US$90m second fund

EGYPT – Algebra Ventures, a venture capital (VC) firm, is planning on making its first investments in East and West Africa once it raises its second fund, which has a target size of US$90 million, reports Disrupt Africa. In April 2021, Algebra Ventures had announced the launch of its US$90 million second fund, which is targeting a first closing in Q3 of 2021 and aims to double down on the success of its first fund. Four years into its first US$54 million fund, the firm has invested in 21 startups,…

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IPP Acwa Power secures US$500m funding for its Redstone solar power plant in Northern Cape

SOUTH AFRICA – Saudi Arabian independent power producer (IPP) Acwa Power, has raised US&500 million from the African Development Bank (AfDB), Absa Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance to finance the construction of Redstone concentrated solar power plant (CSP). Following the announcement of the fundraiser, construction work on the 100 MW capacity facility is set to begin. The announcement is an important milestone for this concession granted to Acwa Power…

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Metito set to use 50% of its financing package from IFC to boost investment

EGYPT – Metito, a multinational global provider of intelligent water management and alternative energy solutions, will use 50% of the International Finance Corporation (IFC), a member of the World Bank Group, new financing package value to boost its investments in Egypt. Metito will boost its investments in Egypt through developing more sustainable projects and new technologies by securing additional liquidity and working capital. The US$20 million financing package is part of IFC’s US$8 billion COVID-19 fast-track financing facility, launched in March 2020 to support businesses and sustain jobs through the…

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Radisson Blu celebrates a decade as the largest upper upscale brand in Europe, confirms 16 new signings in EMEA

WORLD – Radisson Hotel Group is celebrating Radisson Blu’s reconfirmed position as the largest upper upscale brand in Europe for the past decade and continues its successful portfolio growth in Europe, Middle East and Africa with over 2,000 rooms and 16 signings added to the Group’s portfolio in quarter 1. In a year of historic challenges, Radisson Hotel Group has remained actively committed to its five-year development plan to be recognized as one of the top hotel brands in the world and the brand of choice for owners, guests, and…

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Kofo Sanusi appointed as new COO for AVCA

AFRICA – African Private Equity and Venture Capital Association (AVCA) has announced the appointment of Kofo Sanusi as its new Chief Operating Officer (COO). Sanusi joins AVCA from Founders Factory Africa (FFA), a venture development company investing in start-ups in sub-Saharan Africa. “Kofo is the right person to support the Association as we implement the strategic vision and continue to deliver value for our members. She brings an exceptional track record of providing strategic, operational, and financial management for various businesses across Africa,” Abi Mustapha-Maduakor, AVCA CEO, said. “Her in-depth…

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Sungrow Power Supply selected to supply inverters in Kom Ombo solar photovoltaic plant

EGYPT – Saudi Arabia’s Acwa Power, an independent power producer (IPP), has selected Chinese company Sungrow Power Supply to supply the inverters for the construction of Kom Ombo solar photovoltaic plant which will be operational in 2022. The facility, which is being built by India’s Sterling and Wilson – which has been awarded the engineering, procurement and construction (EPC) contract for the plant, will have a capacity of 200 MWp into the Egyptian Electricity Transmission Company (EETC) grid., making it one of the largest solar power plants in Egypt. Given…

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Morocco’s BIM sells 35% minority shares to Blue Investment Holding

MOROCCO – BIM, a Turkish retail chain company, has announced the sale of 35% minority shares of the capital of its subsidiary in Morocco, Bim Stores SARL, to Blue Investment Holding, affiliated with British private equity fund Helios Investment Partners. BIM Morocco said that the total value of the sales stands at MAD 742.10 million (US$83.2 million), with the sales price per share standing at MAD 1,000 (US$112.83). BIM Morocco proceeded to the completion of its sales transaction with Blue Investment holding after both entities signed a sale and purchase…

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Etihad Airways to sells stake in Air Seychelles

SEYCHELLES – The government of Seychelles had reached a deal to take full ownership of Air Seychelles, following talks with Etihad Airways in which the UAE-based airline agreed to relinquish the 40 percent stake it holds at a steep discount, Seychelles News Agency has reported. Air Seychelles had owed US$72.3 million to Etihad; with the 79 percent write-down, Seychelles will pay US$11.34 million. A total of $71.5 million is still owed to bondholders. Etihad Airways entered a partnership with Air Seychelles in 2012, when it bought a 40 percent share…

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Asset manager Mergence Namibia acquires majority stake in two Ejuva renewable energy projects in Gobabis

NAMIBIA – Asset manager Mergence Unlisted Investment Managers (Namibia), has upped its shareholding in the two Ejuva renewable energy projects in Gobabis from 17% to a majority stake of 66% having acquired the 49% previously held by co-developer and initial part-financier, CIGenCo, a subsidiary of South Africa-listed Consolidated Infrastructure Group (CIG). The two adjacent Ejuva solar power plants, with a combined output of 10MW, were officially opened in August 2018 as part of the Namibian Feed-in Tariff program (REFIT program). The REFIT programme was initiated by the Ministry of Mines…

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