Etihad Airways to sells stake in Air Seychelles

SEYCHELLES – The government of Seychelles had reached a deal to take full ownership of Air Seychelles, following talks with Etihad Airways in which the UAE-based airline agreed to relinquish the 40 percent stake it holds at a steep discount, Seychelles News Agency has reported. Air Seychelles had owed US$72.3 million to Etihad; with the 79 percent write-down, Seychelles will pay US$11.34 million. A total of $71.5 million is still owed to bondholders. Etihad Airways entered a partnership with Air Seychelles in 2012, when it bought a 40 percent share…

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Medical underwriter AAR Insurance to shut its Tanzania unit

TANZANIA – Medical underwriter AAR Insurance has commenced the process of winding-up of its Tanzania business citing financial difficulties. The move comes just after the Kenyan business recorded a 55 per cent drop in performance for the year ended December 2020, attributed to high claims due to Covid-19 pandemic. In a memo to staff, AAR Health Care Limited Acting CEO Andrew Rowell said the firm has been facing financial difficulties “for some time” now worsened by the failure of the medical insurance model in Tanzania, the Covid-19 pandemic, and a…

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Tullow Oil Plc to divest its asset in west coast of Central Africa

WEST AFRICA – Tullow Oil Plc TUWOY plans to divest its overall assets in the productive fields of Equatorial Guinea and the Dussafu Marin in Gabon on the west coast of Central Africa. Tullow Oil signed the individual sale and purchase agreements with Oslo-listed Panoro Energy ASA (or Panoro) for all of its holdings in the Equatorial Guinea and Dussafu assets. Notably, Panoro will have a 14.25% ownership interest in the exploratory Block G offshore Equatorial Guinea and an extra 10% interest in the BW Energy-operated Dussafu Marin Permit, wherein…

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Orascom Holdings divests its stake in Sarwa Capital for Beltone Securities

EGYPT – Orascom Investment Holding, a holding company, has sold its entire stake in Sarwa Capital Holding for Financial Investments, Beltone Securities Brokerage. The company stated in a statement to the Egyptian Stock Exchange (EGX) that Orascom Investment has sold 350.08 million shares of Sarwa Capital, which represents its entire stake in the company by 29.25 percent. It added that the total value of the deal amounted to LE 1.6 billion (US$100m), with an average selling price of LE 4.58 (US$0.31) per share. EGX announced the implementation of a deal…

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Vodafone Group set to sell its Ghanaian business as it plans to pay down debt

Vodafone extends zero charge on mobile money transfers

GHANA – Vodafone Group, multinational telecommunications company, is considering options to sell its majority stake in its Ghana business to Johannesburg-listed Vodacom Group, in which Vodafone is the biggest shareholder, as it focuses on reorganising the group and paying down debt, reports Bloomberg. According to people familiar with the matter, the West African country’s government will have to approve of any deal, they said. Vodafone holds a 70% stake in the Ghana business, with the balance held by the West African country’s government. The state has taken a proactive interest…

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Lafarge Africa divests 35% shareholding in Continental Blue Investment Ghana

NIGERIA – Lafarge Africa Plc, a cement manufacturer, has announced to the Nigerian Stock Exchange (NSE) that it has resolved to divest its 35 percent shareholding in Continental Blue Investment Ghana Limited (CBI), a company involved in development, financing and operation of a cement grinding plant in Ghana. The cement manufacturer held an emergency meeting with its board of directors on October 6, 2020, to discuss its investment in CBI. The notice signed by Adewunmi Adole, Lafarge’s general counsel and company secretary, said the decision to sell-off its shares in…

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Vodafone to sell its 55% shareholding in its Egyptian subsidiary to Saudi Telecom Company

Vodafone extends zero charge on mobile money transfers

EGYPT – Vodafone, a British multinational telecommunications company, has sold its 55% sharehoding in Vodafone Egypt to Saudi Telecom Company on a US$2.4 billion agreement after a series of missed deadlines to complete the deal. STC, the kingdom’s biggest telecom operator, had struck a preliminary deal in January with the London-listed telecoms company to buy the stake as it sought growth in the Arab world’s most populous nation. Vodafone had said in September that it remained in talks to finalise the deal in the near future despite the expiry of…

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Eterna Plc Board of Directors approve proposed divestment plans by its shareholders

NIGERIA – The Board of Directors of Eterna Plc, an oil and gas downstream operators, has approved plans by some of its major shareholders to divest or sell their equity holdings in the firm to a new investor. This is according to a notification, signed by the company’s Secretary, Bunmi Agagu, and sent to the Nigerian Stock Exchange. As at the time of reporting this, Nairametrics gathered that the company (Eternal Plc) is yet to have full details of the transactions, hence the reason for the anonymous status of the…

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Tiger Brands disposes value-added meat products business for US$24.7m to Country Bird Holdings, Molare

SOUTH AFRICA – South African food manufacturing giant, Tiger Brands has entered into two separate agreements to sell its value-added meat product (VAMP) business units as going concerns for a combined R428 million (US$24.7 million). The agreements are with two separate and unrelated purchasers i.e. Molare Proprietary Limited, one of South Africa’s largest pork processors and Silver Blade, a subsidiary of Country Bird Holdings. The first agreement with Molare regards its abattoir business at Olifantsfontein, which Molare will acquire for R100 million (US$5.7m) and a further R17m (US$0.97m) for inventories at…

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Shoprite set to exit the Nigerian Market after 15 years of operations

NIGERIA – South African retailer, Shoprite has announced that it is considering the sale of all of or a majority stake in its Nigerian subsidiary, Retail Supermarkets Nigeria Limited after reviewing its operating model and receiving approaches from various investors. In its trading update for the 52 weeks to end June, Shoprite indicated that Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. “Any further updates will be provided to the market at the appropriate time,” stated the company. This is…

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