Car part manufacturer Clayens NP expands its plant in Mohammedia by approximately 70%

MOROCCO – Clayens NP Morocco, Car parts manufacturer, expanded the surface area of its manufacturing plant in Mohammedia by approximately 70%. The Moroccan manufacturing plant, with a reported US$8.1 million (MAD 73 million) investment, expanded its surface area by additional 5,300 square meters, nearly doubling the original size of the plant. The investment will create 100 new jobs, as well as generate an additional turnover of US$14.2 million (MAD 128.4 million) for the company. Specialized in the production of precision metal parts for the automotive, electrical and electronic sectors, Clayens…

Read More

Cement manufacturer Lafarge Egypt partners NRC to promote cement industry

EGYPT – Lafarge Egypt, a construction materials company and a member of LafargeHolcim Group, has inked a Memorandum of Understanding (MoU) with The National Research Centre (NRC) to promote the future of the Cement Industry in Egypt. Both entities have allied to build upon NRC’s witnessed research capabilities & Lafarge Egypt’s seasoned expertise in the construction sector which will leveraging their mutual potentials. “Optimizing scientific innovations & comprehensive applied research, our promising collaboration shall bring to life high-end local products that can competently compete with imported equivalents,”  President of the…

Read More

Carbacid takeover of BOC Kenya hits legal hurdles

KENYA – BOC Kenya’s proposed takeover by Carbacid in collaboration with Aksaya Investments has been put on hold pending the hearing of an appeal at the Capital Markets Tribunal of Kenya. In a cautionary announcement in the Kenyan local dailies, the Nairobi Securities Exchange listed gas manufacturer BOC Kenya Plc has informed its shareholders and the investing public that an appeal was filed by a shareholder at the Capital Markets Tribunal(CMT) on March 2nd, 2021, in respect of the takeover offer by Carbacid Investments Plc and Aksaya Investments LLP. Section 35A (17)…

Read More

BAT acquires 19.9% stake in Canadian cannabis producer OrganiGram for US$176m

WORLD – Cigarette manufacturer British American Tobacco (BAT), has announced plans to buy a 19.9 percent equity stake in the Canada-based cannabis producer, OrganiGram, for about US$176 million, even as the London based company seeks to diversify beyond its main tobacco business. The deal makes BAT the largest shareholder in OrganiGram, with the ability to appoint two directors to Organigram’s board of directors and representation on its investment committee. Further, as part of the agreement, a Centre of Excellence will be established to focus on developing the next generation of cannabis products…

Read More

China’s Tsingshan Group to build iron ore mine and steel plant in Zimbabwe

ZIMBABWE – China’s Tsingshan Holding Group is set to start developing an iron ore mine and a carbon steel plant in Zimbabwe from May 2021, the Southern African country’s information minister has revealed, three years after the firm first announced the investment deal. Tsingshan signed a US$1 billion outline agreement with Zimbabwe in June 2018 to build a two-million-tonne-a-year steel plant and has been carrying out exploration and seeking more mineral concessions. The Chinese company, through its Zimbabwean subsidiary Afrochine, already produces ferrochrome, which will also be used in the…

Read More

Brick maker Brikor acquires 40% stake in transportation services provider Zingaro Holdings

SOUTH AFRICA – Brick manufacturer and supplier Brikor has acquired a 40% shareholding in multi-product road transportation services provider Zingaro Holdings for US$3.4 million. Zingaro primarily operates in South Africa and mostly services short to medium distance routes in Gauteng, North West, Mpumalanga, and Limpopo, with a fleet of more than 100 specialised transportation vehicles and trucks. Zingaro also specialises in providing turnkey services for mine activities, such as loading, hauling, stockpile management and haul road maintenance by using a range of specialised trucks and earthmoving equipment. The company’s specialised…

Read More

Precious metals producer Sibanye-Stillwater enters battery metals sector after buying 30% stake in Keliber

SOUTH AFRICA – Precious metals producer Sibanye-Stillwater has entered the battery metals sector after securing a 30 percent stake in Finland-based lithium producer, Keliber. Sibanye and Keliber signed a US$14 million bridge financing agreement that will enable Keliber to advance its lithium project in Finland, creating the first vertically integrated lithium producer in Europe. Sibanye-Stillwater said in a statement that it would make an initial phased equity investment of US$36.5 million, for a 30 percent equity shareholding into Keliber while a  further US$12.2 million equity issuance would simultaneously be offered…

Read More

IA Bell company buys additional shares in Bell Equipment

SOUTH AFRICA – IA BELL, the family-owned company that holds 38.7 percent of Bell Equipment, is paying US$0.68 a share for an additional 31.7 percent stake that it is acquiring from John Deere. The price is broadly in line with the market price but represents a deep discount to net asset value. The struggling Bell Equipment said that the formal binding agreement for the acquisition by IA Bell of John Deere’s shareholding in the company had been concluded, but the conditions precedent had not yet been fulfilled. Previous reports have…

Read More

BAT Kenya sees its net profit jump by 42% to US$50.2m

KENYA – Cigarette manufacturer BAT Kenya has posted a 42% jump in net profit for the year ended December 30, 2020. The company’s net profit hit US$50.21 million at the end of 2020, from US$35.46 million reported in 2019. However, the Nairobi Securities Exchange listed firm saw its gross revenue decline slightly to US$354.6 million from US$363.6 million in 2019. BAT says that the year 2020 posed numerous challenges including, competition from illicit products, drop in consumers’ disposable income, and a tough economic environment. The firm’s domestic sales in Kenya…

Read More

Ellies Electronics to liquidate its manufacturing arm, blames TV migration delays

SOUTH AFRICA – Johannesburg Stock Exchange (JSE) listed Ellies Electronics has applied to the high court in South Africa for the liquidation of its manufacturing subsidiary, Ellies Industries, which employs 148 people. Ellies Industries manufactures and distributes satellite dishes, terrestrial aerials, TV brackets, mounts and shelving solutions. “Arrangements will be made to ensure uninterrupted supply of these products to our customers,” the company said in a statement. “This subsidiary has long been underperforming and has been severely impacted by the lack of movement on the digital terrestrial television programme by government.…

Read More