Cameroon ups its stake in Shelter Afrique with injection of US$3.5m fresh capital

KENYA – Pan African housing finance and development institution Shelter Afrique has received US$3,529,801.29 from the Government of Cameroon in additional capital subscription increasing its shareholding by 2% from the current shareholding of 3.61% to the revised shareholding of 5.24%.

Cameroon, which recently acceded to the helm of the Institution at the recently concluded 40th Annual General meeting has indeed demonstrated its commitment to strengthening Shelter Afrique’s capital base.

The Cameroon Minister for Housing and Urban Development, Her Excellency Madame Celestine Ketcha Courtes was newly appointed as President of the Shelter Afrique General Assembly at the Shelter Afrique AGM which was held in Yaoundé, Cameroon on the 24th of June 2021.

The Group Managing Director and Chief Executive Officer Andrew Chimphondah commented after receiving the capital funding said: “We are grateful for the unwavering support of the President of the AGM Bureau, Her Excellency Madame Celestine Ketcha Courtes and for the instrumental role she played in ensuring this capital commitment is honored. We are confident that Shelter Afrique will benefit immensely from her leadership as the President of the 40th Annual General Meeting

In 2013 and 2017 Shelter Afrique shareholders which include 44 African countries, African Development Bank (AfDB) and African Reinsurance Corporation agreed to recapitalize it with total contributions currently standing at US$96 million.

“This capital injection will go a long way in supporting the Company’s ambitious plans to drive substantial capital investment into the low-cost housing sector”

Andrew Chimphondah – CEO, Shelter Afrique

“Even with the COVID-19 pandemic, Cameroon has shown willingness to sustain its support for Shelter Afrique. This is a demonstrable strong vote of confidence by Cameroon in the Board and Management of the Company. This capital injection will go a long way in supporting the Company’s ambitious plans to drive substantial capital investment into the low-cost housing sector,” Mr. Chimphondah added.

“We also wish to thank several other shareholders such as Kenya, Nigeria, Mali, Namibia, Rwanda Uganda, Togo, Zimbabwe Morocco, Lesotho, and Swaziland for their positive response to the call for recapitalization,” the CEO concluded. 

Earlier in July 2021, Kenya became the majority shareholder with additional capital amounting to US$9,276,437 pushing its stake to 18.72%.

Shareholders of the firm which include 44 African countries, African Development Bank (AfDB) and African Reinsurance Corporation agreed to recapitalize it with total contributions currently standing at US$96 million.

Contributions made so far in 2021 include Mali (US$2,062,994), Rwanda (US$1,099,826), Uganda (US$41,740), and Swaziland (US$323,687), Togo (US$580,000), Cote D’Ivoire (US$569,295) and Kenya (US$9,276,437).

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