Mining company Exxaro Resources to offload thermal coal amid environmental concerns

SOUTH AFRICA – Coal and heavy minerals mining company Exxaro Resources, public utility Eskom’s biggest coal supplier, has become the latest company to offload thermal coal assets as pressure mounts for mining companies to reduce exposure to fossil fuels amid climate change concerns. The Johannesburg Stock Exchange (JSE) listed mining firm announced the sale of its Exxaro Coal Central (ECC) to black-owned and private mining operator Overlooked, without disclosing the value of the transaction. Exxaro said the sale was part of playing a meaningful role in helping black mining operators obtain…

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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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Tech investment group Prosus to sell 2% stake in Tencent for increased flexibility

SOUTH AFRICA – Technology investment group Prosus, a unit of consumer Internet company Naspers, has announced its intention to sell more than 191 million shares, or 2 percent of its shares in tech behemoth Tencent  valued at about US$15 billion  as it seeks further acquisitions for growth amid Covid-19. Prosus will reduce its stake to 28.9 percent from 30.9 percent in Chinese tech giant Tencent and intends to use the proceeds of the sale to increase its financial flexibility to invest in growth sectors and for general corporate purposes. Naspers…

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Dimension Data acquires Acacia Cloud Solutions

SOUTH AFRICA – Information technology company Dimension Data (DiData) has acquired Acacia Cloud Solutions, an Amazon Web Services (AWS) partner and cloud implementation firm. In a statement, DiData says the acquisition cements its investment in cloud services and solutions that meet the digital transformation and hybrid cloud requirements of organisations in the Middle East and Africa. In addition, the company says the acquisition will expand its AWS capabilities and provide its clients with cloud managed services solutions that deliver relevant optimisation tools and speed to market. Commenting on the acquisition,…

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Investment holding firm Remgro ups stake in Vumatel and DFA in a rights issue

SOUTH AFRICA – Investment holding firm Remgro, has increased its stake in Community Investment Ventures Holdings (CIVH), the parent of Vumatel and Dark Fibre Africa (DFA), following a rights issue used by CIVH to raise capital for expansion and reduce debt. Remgro disclosed in its interim results for the six months ended 31 December 2021, that its stake in CIVH has increased marginally from 54.7% to 55.2% through the share subscription offer, in terms of which it subscribed for an additional 54,738 shares in CIVH for a total consideration of just…

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First National Bank acquires 100% stake in fintech firm Selpal

SOUTH AFRICA – One of South Africa’s big five banks First National Bank (FNB), has acquired fintech firm Selpal for an undisclosed amount. In a press statement, FNB said the purchase aligns with its commitment to increase the level of financial inclusion in South Africa. “Community-based businesses have an important role to play in driving economic activity and creating employment opportunities in townships and rural areas in South Africa,” said FNB CEO Jacques Celliers. “As the banking sector, we can help facilitate this by accelerating financial inclusion through tailored financial services to elevate…

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REIT Attacq sells half of its stake in MAS in order to reduce debt

SOUTH AFRICA – Attacq, the South African retail, office, and industrial real estate investment trust (REIT), has sold about half its stake in central and eastern Europe focused MAS over the past three months, with the proceeds going towards debt reduction. The results for the six months to December 31, 2020, showed Attacq sold 69.67 million shares in MAS for US$59.2 million cash, cutting its shareholding from 20.7 percent at the end of the interim period, to 10.9 percent. “A minimum of US$66.9 million of debt will be settled permanently…

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Guaranty Trust Bank eyes Kenyan financial institution

KENYA –  Nigerian multinational financial institution GTBank, has revealed  plans to buy a rival bank in Kenya, adding to the growing list of Nigerian lenders closing acquisitions locally to grow market share. The London and Nigeria Stock Exchanges listed bank said it wants to tap into East Africa’s biggest economy. “I think the place we would still like to do business or do an acquisition is Kenya,” GTB’s managing director, Segun Agbaje told reporters during an investor call, responding to a question about whether there was a plan by the…

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Helios to buy Airtel Africa towers in four markets

AFRICA – London Stock Exchange-listed Helios Towers has reached agreements to buy and deploy over 2,500 high sites from and for Airtel Africa Group in deals that potentially give it access to four “attractive new markets”. Helios is acquiring Airtel’s passive infrastructure in Madagascar and Malawi and has signed an exclusive memorandum of understanding for the “potential acquisition of its passive infrastructure assets in Chad and Gabon”, all subject to regulatory approvals. In a statement on March 23, 2021, Helios said the transactions comprise four separate agreements: one for each market,…

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PE firm TPG buys stake in Airtel’s mobile money unit for US$191m

AFRICA – Airtel Africa is set to sell an undisclosed minority stake in its Pan-African mobile money business to private equity firm TPG for US$191 million, underlining the huge value of mobile financial service platforms in Africa. The multinational telco announced the transaction through the London Stock Exchange where it is listed. The record-breaking deal values Airtel Money, available in Share sale to private equity comes amid struggle to cut M-Pesa dominance in the Kenyan market and 14 African countries including Kenya, Malawi, and Uganda, at US$2.65 billion. TPG is investing…

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