I&M Holdings completes acquisition of Ugandan lender Orient Bank

UGANDA – I&M Holdings Plc. has completed the acquisition of 90 percent shareholding in Uganda’s privately-owned lender Orient Bank Ltd (OBL) as part of its regional expansion plan. In a press statement, I&M said the acquisition was completed on April 30, 2021 after the transaction received the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the Common Market for Eastern and Southern Africa (COMESA). The agreement for the deal priced at US$26.93 million was made in July 2020. “I&M Group aspires to…

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Solar energy start-up Jirogasy in fundraising push to finance its solar computer and expansion in East Africa

MADAGASCAR – After the successful launch of its solar computer Jirodesk II, Malagasy company Jirogasy, has joined the Seedstar and Shell Foundation’s acceleration program to open a fundraising round.  Jirogasy, the first company to manufacture connected objects and solar kits “made in Madagascar” for e-health and e-education, has been deploying its new generation solar computer Jirodesk II for a month now. The computer is more autonomous, compact, equipped with a GPS, a data feedback box and adaptable to remote maintenance. The local innovation, the fruit of a team of 100%…

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Afreximbank, COMESA partner to implement its US$1b Continental Transit Guarantee Scheme

AFRICA – Pan-African multilateral trade finance institution African Export-Import Bank (Afreximbank), has signed the Instrument of Accession to the Inter-Surety Agreement for the Implementation of the COMESA Regional Customs Transit Guarantee/Bond Agreement. The Bank is now set to begin the implementation of its US$1billion Continental Transit Guarantee Scheme, of which about US$200 million is earmarked for the COMESA region. The Agreement was by Professor Benedict Oramah, President of Afreximbank and Dr. Elirehima Joshuo Doriye, Chairperson of the Council of Regional Customs Transit Guarantee (RCTG). The scheme sets the stage for…

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Saudi Arabian Mining Company buys 85% stake in Malawian firm Meridian Group

MALAWI – Ma’aden Marketing and Distribution, wholly owned by Saudi Arabian Mining Company has acquired 85% of Malawi’s – Mauritius headquartered largest phosphate producers Meridian Group. Meridian group which distributes 500,000 tonnes of fertilizers across Malawi, Mozambique, Zambia and Zimbabwe comprises Farmers World Limited, Demeter Seed Limited, Malawi Fertilizer Company, Agora Limited, Grain Securities Limited, Liwonde Property Investment, and Optichem (2000) Limited. The publicly listed Saudi Arabian mining company’s acquisition comes as part of the Saudi company’s plan to expand its global footprint in key markets. Meridian co- chief executive…

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AFD and TDB partners to open US$150m line credit to finance infrastructure in East Africa

AFRICA – The French Development Agency (AFD), a public financial institution, has recently signed a partnership with the Trade and Development Bank (TDB) of Eastern and Southern Africa, a commercial bank owned by the member states of the Common Market for Eastern and Southern Africa (COMESA), the World Bank and China. The two development banks have just signed an agreement to open a US$150 million line of credit to finance the construction of sustainable infrastructure in East Africa. The agreement was initiated by Admassu Tadesse, Chairman and CEO of the…

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Kenya enacts new guidelines for mergers and acquisition to improve efficiencies

KENYA – Kenya has ushered in a new approval regime for mergers and acquisitions after the country enacted the Competition (General) rules 2019 which will ensure the process is faster despite feared to be costly. The domestication of the new Common Market for Eastern and Southern Africa (COMESA) rules will eliminate double notifications. Companies based in Kenya with at least two-thirds of their combined turnover or assets generated or located in the country will only need approval from the Competition Authority of Kenya (CAK) to merge. Merger transactions that meet…

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