Arab Banking Corporation submits offer to buy all shares of BLOM Bank – Egypt

EGYPT – The Arab Banking Corporation (ABC) has submitted an offer to buy up to 300 million shares representing 100% of the issued capital of BLOM Bank – Egypt at EGP 22.33 (US$1.42) per share. The Egyptian Exchange (EGX) also said that the validity period of the offer is 10 working days, starting from the day following the date of the purchase offer’s publication, and will run until the end of trading on 5 August. Implementation will be carried out on the EGX within five working from the end of…

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E-commerce platform Capiter aims to achieve US$1bn in revenue by 2023

EGYPT – Capiter, the e-commerce platform specialising in the field of fast-moving consumer goods (FMCG) and foodstuffs, has announced that it aims to achieve revenues of US$1 billion by 2023. The target comes as part of the company’s ambitious plan to multiply the volume of its business tenfold, after achieving fruitful results during 2020 despite the novel coronavirus (COVID-19) pandemic crisis. Capiter presents a new concept for the Egyptian market in retail trade, by serving as a link between consumer goods makers, major companies, and wholesalers in the field of…

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E-commerce website Amazon set to launch in Egypt in 2021

EGYPT – Amazon, a global e-commerce website, has revealed its intention to launch its Egypt website this year, to give entrepreneurs, business owners, and local sellers the opportunity to reach a larger number of customers nationwide. The company said the registration for local sellers would take place through the Amazon Seller Partner Center, a tool dedicated to managing their businesses. Amazon clarified that sales partners previously registered on Amazon’s Souq.com affiliate can access their accounts through the Amazon Seller Center. They will also be able to verify the accuracy of…

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Logistics startup Errand360 launches it delivery services in Nigeria

NIGERIA – Errand360, a new logistics startup has launched bicycle-based delivery service in Nigeria. The bicycle delivery platform is built to serve users with demand for quick and short errands within their communities and on-demand delivery services. It serves users with a variety of delivery services, with the first phase of rollout beginning in Lagos and users able to access its services via mobile app. The self-funded Errand360 has purchased 100 branded bicycles, backpacks and helmets, and deployed its apps, and is now working on building its user base. The…

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Early-stage investor Olumide Soyombo launches VC firms for tech founders

NIGERIA – Olumide Soyombo, one of Africa’s most active early-stage investors in tech startups, has launched Voltron Capital, a pan-African VC firm that will make pre-seed and seed investments in elite tech founders tackling critical problems in the continent’s largest markets. Voltron Capital will deploy capital in up to 30 startups across a range of sectors, with a ticket size of US$20,000 to US$100,000 per company. Voltron Capital’s portfolio will primarily focus on startups in Nigeria, Kenya, South Africa and Northern Africa. Soyombo, who is also the co-founder of LeadPath…

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Solar distributor MyJouleBox completes US$3.54m Series A round

WEST AFRICA – MyJouleBox, a solar distributor & operator, has completed a €3 million (US$3.54m) Series A round aimed at strengthening its positions as a leading energy specialist in Benin and accelerate its expansion in Burkina Faso, Senegal and Togo. The company, operating under the trade brand ARESS, has developed a competitive one-stop-shop approach to service complementary segments of clients (retail, SMEs, communities) in their decentralized, renewable energy needs. “After 10 years with only our sweat and our desire to change things, we are very happy to welcome such a…

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Insurtech startup Pineapple raises US$5.4m Series A funding round

SOUTH AFRICA – Insurtech startup Pineapple has raised ZAR80 million (US$5.4 million) in Series A funding as it looks to expand further into the car insurance space off the back of growing by 200 percent in the last six months. Launched in 2018 and an alumnus of the Google Launchpad Africa accelerator, Pineapple allows users to get quotes and insurance on items with just the snap of a picture. The startup raised funding around the time of its launch and in 2019 banked US$1.5 million after winning the US-based VentureClash competition, and it has…

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Sturdee Energy signs first two solar PV power purchase agreements in Botswana

BOTSWANA – Sturdee Energy, a Sub-Saharan Africa-focused independent power producer (IPP), has signed two power purchase agreements with the Botswana Power Corporation (BPC) for the country’s first two solar PV IPP projects. A 3MW (AC) solar PV project will be created in Bobonong in the central district of Botswana and a 1MW project will be built in Shakawe in the northwest of the country. Under the executed Power Purchase Agreements (PPAs), Sturdee Energy will sell electricity to BPC for 25 years. The projects are expected to produce more than 10,000MW…

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Old Mutual to install solar power plant at its Harare headquarters

ZIMBABWE – Old Mutual Life Assurance Company Zimbabwe, the subsidiary of the insurance company Old Mutual, is planning to install a 648 kWp solar power plant at its headquarters in Harare. The solar photovoltaic system will be connected to the Zimbabwean national electricity grid. Faced with load shedding in Zimbabwe, many companies are turning to self-consumption and this is the case of Old Mutual Life Assurance Company Zimbabwe. The insurance company wants to equip its Emerald Hill headquarters in Harare with a 648 kWp solar power plant. Old Mutual has…

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AFSIA launches second edition of Solar Awards

RWANDA – The African Solar Industry Association (AFSIA) in partnership with Africa Energy Forum (AEF), is launching a call for entries for the second edition of the AFSIA Solar Awards. The competition is organized to honor the excellence of all solar industry professionals for their activities and contribution to electrification. The AFSIA Solar Awards are organized by the African Solar Industry Association (AFSIA) as part of the Africa Energy Forum (AEF) and is the solar industry’s premier awards ceremony, recognizing major players and successes in the African solar market. This…

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