African Diaspora Central Bank to invest US$9b in electric vehicle startup Mandrolli

SOUTH AFRICA – The African Diaspora Central Bank has committed to invest US$9 billion in Mandrolli, a solar and battery-powered electric vehicle (EV) startup based in Johannesburg, South Africa, and a base in the U.S. Mandrolli describes itself as an electric vehicle start-up that is set to drive electric mobility pioneering in Africa. The startup is co-founded by Tami Mase, Ndileka Mandela, and B. Taylor. The investment means that Mandrolli is the first in the EV space to raise investment for the entire full production in one round. “This move…

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Unga Group to sell its subsidiary Ennsvalley Bakery in cost-cutting measure

KENYA – Unga Group, one of the big millers in Kenya, has announced the planned sale of Ennsvalley Bakery assets to cold storage and cold chain logistics company BigCold Kenya subject to satisfaction of certain conditions. The company will be selling its bread business to BigCold as it seeks to cut costs and improve efficiency. According to the Nairobi Securities Exchange-listed miller, Ennsvalley Bakery Limited entered into an agreement to sell all its assets to BigCold Kenya on 26th July 2021. BigCold is the only FSSC 22000 certified company in East Africa…

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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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BAT Kenya maintains US$3.2m interim dividend on slight profit rise

KENYA – Cigarette manufacturer BAT Kenya has maintained Sh350 million (US$3.2 million) interim dividend after net profit for the six months to June rose by 0.71 percent, partly slowed by increased operating cost. The company’s half-year net profit increased by Sh19 million (US$175,519) to hit Sh2.69 billion (US$24.8 million) as sales volumes grew in the Covid-19 environment.  The board has approved an interim dividend of Sh3.50 (US$0.032) per share amounting to Sh350 million (US$3.2 million), being the same as what was paid in the preceding similar period. The payout is…

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Afreximbank and Portugal’s ANJE join hands to promote textile and manufacturing sector in Africa

AFRICA – The African Export-Import Bank (Afreximbank) has announced a three-year partnership with Portugal’s National Association of Young Entrepreneurs (ANJE – Associação Nacional de Jovens Empresários) to support Africa’s fashion apparel and textile manufacturing sector. The partnership is in line with Afreximbank’s Creative Africa Nexus (CANEX) program launched in 2020 to organize a series of events in the run-up to the Intra-African Trade Fair 2021, which will take place in Kigali, Rwanda. “We believe that the vast creative talent pool on the continent is an opportunity to accelerate Africa’s economic…

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Wilmar Africa Limited inaugurates US$30m detergent manufacturing plant in Ghana

GHANA – Wilmar Africa Limited, a manufacturing business, has launched a US$30 million detergent manufacturing plant in Tema, Ghana. The detergent plant has a capacity of 24,000 metric tonnes and can meet the country’s total demand for detergent. “The establishment of this state-of-the-art factory underscores the importance of such a strategic partnership between the Private Sector and Government in pursuit of our common goal of creating jobs and bringing prosperity to our people,” Mr Alan Kyeremanten, Minister of Trade and Industry, said. “This new detergent manufacturing plant is going to…

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E-commerce startup LNKO raises US$335,000 investment to accelerate its growth

MOROCCO – LNKO, an ecommerce business focusing on stylish eyewear, has received a 3 million Dirham (US$335,000) investment from CDG Invest, the investment branch of the CDG group. This seed capital will help LNKO to advance from the seed phase to the acceleration phase, allowing the startup to accelerate its growth in the MENA region, beginning with the United Arab Emirates, a market that is ten times larger than the Moroccan market. This phase will also contribute to the creation of clean technology tools, as well as an ambitious recruitment…

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LG Electronics to open 20 new stores in East Africa expansion drive

EAST AFRICA – South Korean multinational conglomerate corporation LG Electronics is expanding its market footprint in East Africa by opening new shops in four countries in response to the growing demand for home appliances, entertainment and air conditioning solutions.   LG Electronics East Africa now says it will refurbish 20 shops and launch additional ones, in Tanzania, Ethiopia, Sudan and Kenya, targeting an increasingly tech-savvy, environmentally conscious consumer seeking premium products to match their lifestyle.  The company is also keen on the growing market for wearables, driven by lifestyle changes due…

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Crown Paints raises US$5.95m from rights issue

KENYA – Leading paint and coating manufacturer Crown Paints, has raised Ksh.642.7 million  (US$5.95 million) from its just-concluded rights issue/additional shares issuance. Proceeds from the rights issue represent the acceptance of the issuance of 64.3 million more shares by the company. Shareholders nevertheless registered an over-subscription of bids for the rights issue under which they sought 81 million more shares for a combined Ksh.809.6 million (US$7.5 million). The new shares are expected to be processed on a day before their eventual listing and trading on the Nairobi Securities Exchange (NSE).…

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China’s Trina solar opens distribution center in South Africa

KENYA – Trina Solar Company Limited, a global PV and smart energy total solution provider, has announced that it will launch a distribution facility in South Africa coming as a step that further caters to the company’s overarching expansion strategy to grow ambitiously in the region. The new facility comes as part of Trina Solar’s commitment to further increase its footprint and presence in Africa to cater to the rapidly growing demand for solar energy in generating power for residential, commercial and industrial needs, in addition to farming and agriculture.…

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