Sahara Tanzania expands petroleum product storage capacity to 72m liters

TANZANIA – Sahara Tanzania Limited, a Sahara Group company, has expanded its storage capacity for petroleum products to 72 million litres in line with its commitment to promoting availability and reliability of top-quality products in Tanzania and other neighbouring African countries. “Since our Tanzania operations commenced in 2015, Sahara has expanded its infrastructure from 10 loading arms and 4 storage tanks with a combined storage capacity of 36 million litres to 20 loading arms with 8 storage tanks, with a combined capacity of 72 million litres, spurring economic development in…

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I&M Holdings pumps US$3.67m in Mauritian subsidiary Bank One

MAURITIUS – Financial services group  I&M Holdings has invested an additional US$3.67 million in its Mauritian subsidiary Bank One in the year ended December 2020 to boost its capital position. The move came as Bank One sought to strengthen its capacity to handle existing and potential defaults in the course of the Covid-19 pandemic that has hurt bank earnings in most parts of the world. The Nairobi Securities Exchange (NSE) listed firm owns 50 percent of the Mauritian lender, with the other half held by the island nation’s conglomerate CIEL…

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Electric motorbike company Ampersand Rwanda secures US$3.5m investment from VC fund Ecosystem Integrity Fund

RWANDA – Electric motorbike company Ampersand Rwanda Ltd has secured a US$3.5 million investment from Ecosystem Integrity Fund (EIF), its largest-ever venture capital fund investment in sub-Saharan Africa. According Ampersand founder/CEO Josh Whale, the deal marks a turning point in global electric transport. “EIF’s support further dispells the myth that electric transport will happen in rich nations first and trickle down to developing countries later, second-hand,” he added. The San Francisco-based Ecosystem Integrity Fund is a sustainability-focused venture capital company, which invests in companies that reduce or ameliorate threats to…

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Verdant Capital raises US$9.9m financing for Uganda’s tech-enabled lender Tugende

UGANDA – Pan African specialist investment financial institution Verdant Capital has raised US$9.9 million Series A equity capital for Tugende, a technology enabled MSME lender in East Africa. Verdant Capital is Tugende’s financial advisor and arranger for its equity and debt capital raises The transaction is the most recent for the fintech and financial inclusion investment banking franchise of Verdant Capital. Partech Africa, a member of the Partech Group, a leading global technology venture capital fund, and Enza Capital invested in the US$3.6 million extension round agreed and structured in…

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Fund manager Mahlako Financial Services establishes US$103m energy kitty

SOUTH AFRICA – Alternative investments fund manager Mahlako Financial Services, has announced the establishment of a US$103 million fund to invest in energy projects across the country that have growth potential. Speaking to Business Report Online, Mahlako Financial Services co-founder Makole Mupita said the fund hoped to unlock access to capital, especially for black businesses. “We feel that the energy industry played a critical role in the South African economy and those in the majority must also play a role,” she said. The company described itself as an investor in…

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Bell Helicopters delivers first Bell 505 to a Ugandan aviation company, BAR

UGANDA – Bell Textron Inc., a Textron Inc. company, has announced the delivery of a Bell 505 helicopter equipped with the Med-Pac Inc. LLC Emergency Medical Services Lite Interior to BAR Aviation, a leading aviation company in Uganda, marking the first Bell 505 in Uganda and the first Bell 505 designed to complete medical evacuation (medevac) missions in Africa.  “We are elated that BAR Aviation has chosen the Bell 505 as its Helicopter Emergency Medical Services (HEMS) platform and will operate the first medevac Bell 505 in Africa,” said Lynette Loosen, regional sales…

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Mastercard Inc to invest US$100m in Airtel Africa’s mobile money unit

AFRICA – American financial service corporation Mastercard Inc will invest US$100 million in Airtel Africa’s mobile money operations valuing the business at US$2.64 billion, the London-listed company said in a press release to Reuters. Mastercard will hold a minority stake in Airtel Mobile Commerce, in line with Airtel Africa’s plan to monetise the mobile money business by selling up to a 25 per cent stake in the unit, the company said. In March 2021, TPG-owned The Rise Fund announced that they will invest US$200 million in Airtel Mobile Commerce (AMC)…

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Liquid Intelligent Technologies completes 1,700km fiber lines in South Africa

SOUTH AFRICA – Liquid Intelligent Technologies South Africa, a subsidiary of Pan-African technology group Liquid Intelligent Technology, has announced the successful completion of two key digital corridors connecting Durban to Cape Town via the inland route. The company says the completion of this fibre network will support the surging demand for high-speed Internet, as an increasing number of local businesses continue their digital transformation journeys. It noted that increased access to high-speed fibre connectivity is critical to improving telecommunication services for millions of South Africans in the country and will also bring substantial social…

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Media company GroupM expands its presence in Kenya, Nigeria

AFRICA – Media investment company GroupM Sub-Saharan Africa, has extended its GroupM Academy Gradx program established in South Africa in 2020 to Kenya and Nigeria with plans to add other markets in the future. The New York headquartered firm has also appointed a steering committee for Sub Saharan Africa that will harmonise processes across owned offices and affiliates. According to Federico de Nardis, GroupM Sub-Saharan Africa Chief Executive Officer, GroupM has had a strong and direct presence in all key markets in Sub-Saharan Africa for a long time. “GroupM has…

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IXAfrica starts the construction of a hyper-scale ready datacentre at 42.5MW, the largest in East Africa

KENYA – IXAfrica, the new-entrant datacentre operator in Kenya, has announced the start of significant investment in Kenya’s digital economy, with an ambitious plan to build a world-leading and sustainable campus at a prime location in Nairobi. “I am happy to announce that we have broken ground on a major Internet Infrastructure project in Nairobi. We are committed to helping the next generation of tech entrepreneurs in Kenya by providing world-class access to datacentres and networks, welcoming the arrival of hypercloud to East Africa and providing on-campus offices and facilities to allow new tech business to thrive.” Guy Willner, Chairman…

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