Construction group Stefanutti Stocks sells mining services units for US$5.5m to reduce debt

SOUTH AFRICA – Stefanutti Stocks Holdings, one of South Africa’s leading multidisciplinary construction groups, is selling its mining services division, comprising the materials handling and tailings management sub-divisions, but excluding the contract mining sub-division, for US$5.5 million, the company has disclosed. The buyer, whose name was not disclosed, would pay cash and the deal formed part of the restructuring that Stefanutti was implementing, following the appointment of a restructuring team to formulate a turnaround programme for the group. The restructuring also envisaged the securing of short term funding and the…

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Ethiopia launches construction works on the US$126.9m Ajima-Chacha dam

ETHIOPIA – The government of Ethiopia Ethiopian has launched the construction of the Ajima-Chacha irrigation dam in the Amhara region in the north of the country. The US$126.9 million project has been awarded to the Chinese Civil Engineering Corporation (CCEC) in partnership with Amhara Water Works Construction Enterprise. The Ethiopian Minister of Water, Irrigation and Energy, Seleshi Bekele, recently visited the Amhara region to lay the foundation stone for the construction of the Ajima-Chacha Irrigation Dam on the Jimma River. Over the next three years, the two companies will commission…

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African Development Fund approves US$71.5m loan for roads in Uganda

UGANDA – African Development Bank (AfDB) affiliate The African Development Fund has approved a US$71.5 million loan for upgrading of roads in one of Uganda’s high end tourist destinations in the southwestern districts of Kabale and Kisoro. The Board of the African Development Fund (ADF) approved the loan on December 3, to pave sections of two roads which will improve road transport in the area as well as boost livelihoods, school attendance and rural connectivity, the Fund said in a statement. The money will finance the upgrading of roads and ease movement…

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Equity’s venture capital arm set to construct Kigali Financial Towers

RWANDA – Equity Bank’s venture capital is set to fund the construction of the Kigali Financial Towers (KIFC) through Equity Holding (EH) Venture Capital. Equity Highland is the investment arm of the Equity Group and will construct one of the buildings of the Kigali International Financial Centre (KIFC). KIFC is a government project aimed at making Rwanda a regional financial centre. EH says that the project design will be done early in 2021 with the project estimated to take three years to complete. Rwanda’s cabinet approved the development of Kigali…

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Egypt’s construction giant Wady El Nile opens Kenya office, eyeing EA region

KENYA – Cairo-based construction giant, Wady El Nile, is setting itself up for a bruising battle with Chinese multinationals for mega construction projects in Kenya and the entire East Africa region. The company, which is one of the largest engineering and construction companies in Egypt, has opened a regional office in Nairobi from where it will launch its battle for a piece of the region’s big-ticket infrastructure works. The firm is eying major infrastructure contracts currently dominated by Chinese firms. “Our new office in Nairobi presents an opportunity to focus on building…

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Sub Saharan Africa construction sector to slide into recession due to COVID-19

SSA – The construction output growth forecast for sub-Saharan Africa (SSA) in 2020 has been cut down to -4.9% from previous forecast of 0.7%, according to GlobalData, a leading data and analytics company. The region is expected to enter a region-wide deep recession in 2020 because of the COVID-19 pandemic driven by several headwinds, most of which are related to policies imposed to contain the spread of COVID-19. Yasmine Ghozzi, economist at GlobalData said, “The closure of borders adversely affecting trade flows and tourism, the collapse of global demand and…

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German firms Ossberger, Strabag AG to set up operations in Cameroon

CAMEROON – Hydropower manufacturer Ossberger and construction company Strabag are currently negotiating with Cameroonian ministries to set up operations in the country. That was revealed after a meeting between the new German ambassador to Cameroon Corinna Fricke and Alamine Ousmane Mey, Cameroon’s Minister of Economy (MINEPAT), in Yaoundé on September 23. “Other German investors are currently negotiating with various Ministries to set up operations in our country. They are namely Ossberger that specializes in mini-hydro power plants, and Stragbag, which operates in the construction of road and rail infrastructures, etc,” the Ministry indicated. Ossberger is the…

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Cement manufacturer PPC selected to construct 32MW PV solar power plant

ZIMBABWE – Pretoria Portland Cement (PPC), a cement manufacturer, has been selected to construct and head the operations of a 32MW PV solar power plant. The solar power plant is expected to be constructed in the Matabeleland South Province, Colleen Bawn to be specific. The power that is produced at the site will be divided equally to provide electricity to other Pretoria Portland Cement facilities and the other half will be distributed to the Zimbabwean national electricity grid. The plant that is expected to take a year and a half…

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