Starsights Energy expands to East Africa with 50% acquisition of Premier Solar Group

NIGERIA – Starsight Energy, a commercial & industrial(C&I) solar power supplier, has announced its expansion into East Africa via the acquisition of a 50% stake in the East African operations of Premier Solar Group, a market-leading Commercial & Industrial (C&I) solar company with a focus on Sub-Saharan Africa and South Asia. The transaction will see the creation of Starsight Premier Energy Group which will offer sustainable power and cooling-as-a-service and battery storage solutions to C&I clients in Kenya, Uganda, Tanzania, and Rwanda. Founded in 2015, Starsight Energy is the leading…

Read More

Morocco’s BIM sells 35% minority shares to Blue Investment Holding

MOROCCO – BIM, a Turkish retail chain company, has announced the sale of 35% minority shares of the capital of its subsidiary in Morocco, Bim Stores SARL, to Blue Investment Holding, affiliated with British private equity fund Helios Investment Partners. BIM Morocco said that the total value of the sales stands at MAD 742.10 million (US$83.2 million), with the sales price per share standing at MAD 1,000 (US$112.83). BIM Morocco proceeded to the completion of its sales transaction with Blue Investment holding after both entities signed a sale and purchase…

Read More

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…

Read More

Raya Holdings to sell its subsidiary BariQ for Techno and Advanced Industries

EGYPT – Raya Holding Group for Financial Investments has signed a contract to sell one of its subsidiary companies, BariQ for Techno and Advanced Industries, to Intro Waste Management and Material Recovery Holding Ltd. The deal involved the direct stake of Raya Holding, which accounts for 98.76% of the BariQ shares, and its indirect share through its subsidiaries, amounting to 1.24%. This means a total of 6.5 million shares. The Board of Directors at BariQ decided to authorise its Chairperson to take the necessary measures to implement the sale amounting…

Read More

AXA Mansard Pensions Ltd rebrands to Tangerine Pensions Ltd after its acqusition

NIGERIA – AXA Mansard Pensions Limited has announced a rebrand and change of name to Tangerine Pensions Limited, this is after receipt of all necessary approvals from the National Pension Commission (PenCom). This follows completion of the acquisition of 100% of AXA Mansard Pensions Limited’s equity by Eustacia Limited, a company controlled by Verod Capital Management Limited. Verod is a leading West African private equity firm, focused on creating economic value across Africa. The firm is active across various sectors, including, life and general insurance, other financial services, light manufacturing,…

Read More

Zenith Energy set to acquire oil production and development assets in Tunisia

TUNISIA – Zenith Energy, an oil & gas production company, has announced it has made a binding offer to wholly acquire a company holding a 100% interest in two hydrocarbons production and development concessions in Tunisia, which has now been accepted. The Offer is represented by a mix of cash payments and assumption of debt by Zenith for a total consideration of approximately US$200,000. The Potential Acquisitions currently produce approximately 80-100 barrels of condensate per day with 5.5-6 MMSCF of natural gas, which is re-injected into the formation, from the…

Read More

Nigeria’s Access Bank set to buy controlling stake in African Banking Corporation of Botswana

NIGERIA – Access Bank, Nigeria’s biggest lender, has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after acquiring a South African bank. The Nigerian bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment, Atlas Mara said in a statement. Access Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market. The…

Read More

Ghanian government acquires 100% shares of AirtelTigo from Bharti Airtel

GHANA – The Government of Ghana, Bharti Airtel (Airtel), and Millicom International Cellular S. A. (Millicom), through their respective subsidiaries, have announced that the definitive agreement for the transfer of ‘AirtelTigo’ (Airtel Ghana and Millicom Ghana) to the Government of Ghana on a going concern basis has been signed. The Ghanaian government would buy all of AirtelTigo’s shares, as well as all of its clients, properties, and liabilities, under the proposed agreement. According to the agreement, the deal will include a smooth acquisition by the Ghanaian government, after which AirtelTigo…

Read More