City Lodge Group sells hotels in Kenya and Tanzania for US$9.6m

TANZANIA –  South Africa’s City Lodge Hotel Group is selling its stakes in three hotels in Kenya, as well as its City Lodge Hotel Dar es Salaam in Tanzania, to subsidiaries of the UK-based investment firm Actis. The Kenyan hotels, 127-room Fairview Hotel in Nairobi, the 171-room City Lodge Hotel at Two Rivers in Runda also in Nairobi and the 84-room Town Lodge Upper Hill in Nairobi, will be sold for almost R141 million (US$9.5 million) while the Tanzanian hotel will fetch R1 million (US$67,366).  The 148-room City Lodge Hotel…

Read More

Orange expresses interest for stake in Ethio Telecom

ETHIOPIA – French multinational telecommunications company Orange has submitted an expression of interest to participate in the ongoing partial privatization of Ethiopia’s Ethio Telecom firm for an undisclosed value, Ethiopia’s ambassador to Paris has revealed. Henok Teferra Shawl said in a tweet Orange had “formally submitted an interest to participate in the partial privatization of @ethiotelecom.” In June 2021, Ethiopia launched a tendering process for the proposed sell-off of a 40% stake in the state-owned carrier Ethio Telecom to private investors, part of the government’s broader plan to open up the Horn…

Read More

Private equity fund Kibo Capital Partners sells its stake in I&M Bank Rwanda

RWANDA – Private equity fund Kibo Capital Partners, the Mauritius-based private equity fund, has sold its shares in I&M Rwanda to Egide Gatera, a business magnate, assisted by Enexus Finance. Established in 1963 as Banque Commerciale du Rwanda and bought by I&M Group in 2012, I&M Rwanda is considered the second largest bank in Rwanda. With this investment, Gatera indirectly becomes the third-largest shareholder of I&M Rwanda, after I&M Group and Africinvest. Gatera, a prominent business tycoon in Rwanda, owns a chain of companies with interests in agribusiness, finance and…

Read More

Quest Electricity Nigeria Limited acquires Yola Electricity Distribution Company

NIGERIA – Quest Electricity Nigeria Limited has acquired the Yola Electricity Distribution Company (YEDC) with a bid price of N19 billion (US$46.16m). The Bureau of Public Enterprises (BPE) in a statement by Amina Othman, Head, Public Communications indicated that the Share Sale and Purchase Agreement (SSPA) for the privatisation of YEDC was signed between the agency and the investor. According to BPE Director General Mr. Alex Okoh, the new investor has committed to a Performance Improvement Programme which would involve an investment of N28 billion (US$68.02m), over a period of…

Read More

Imperial Logistics in talks to buy Mozambique transport firm J&J Africa ahead of its own takeover by DP World

MOZAMBIQUE – Imperial Logistics is planning to acquire transportation firm J&J Africa ahead of its own takeover by Dubai giant logistics giant DP World. The South Africa-based company is holding talks to buy the business from its private equity owners, it said in a press statement that confirmed an earlier Bloomberg News report. There is no certainty that any agreement will be struck, Imperial said. A deal, if completed, could value J&J at US$350 million to US$400 million, according to people familiar with the matter. J&J provides transport and logistics services…

Read More

Ascendis Health to dispose of its animal health division for US$52.5m

SOUTH AFRICA – Health and wellness company Ascendis Health has said that it had reached a deal to sell its Ascendis Animal Health division for R770.19 million (US$52.5 million) as it ramps up the disposal of non-core assets to reduce its unsustainable debt levels. The South African-based global health and care company concluded the sale of a shares agreement between subsidiary Ascendis Health South Africa Holdings and the purchaser, Acorn Agri & Food, as well as with the guarantor AAF Invest, for the disposal of the entire issued share capital…

Read More

Investment group Remgro increases stake in CIVH in new US$251.7m rights offer

SOUTH AFRICA – Investment group Remgro is set to increase its shareholding in Community Investment Ventures Holdings (CIVH) after participating in the company’s rights offer to raise R3.7 billion (US$251.7 million). CIVH is raising fresh capital from its shareholders, which will be used to build up operations and offset debt. Remgro currently holds 55.2% in CIVH and will now increase it to 55.5% after the rights offer. CIVH, which is now valued at R23 billion (US$1.56 billion), issued a notice in May 2021 inviting all its shareholders to participate in…

Read More

Standard Bank to buy remaining insurer Liberty Holdings stake for US$729m

SOUTH AFRICA – Standard Bank, Africa’s largest bank by assets has announced plans to acquire 100% ownership in financial services firm, Liberty Holdings, an acquisition that is expected to expand the bank’s network across the continent. The top bank already owns 54% of Liberty Holdings but wants to purchase 100% ownership of the company at a price of US$729 million. “We are creating a more united group that will bring our banking, insurance and asset management businesses much closer together to create something really special,” said Standard Bank Group CEO…

Read More

Lending startup Akiba Digital raises US$1.1m pre-seed funding to scale up

SOUTH AFRICA – Akiba Digital, a fintech startup that is lowering the barriers to entry to enable small businesses to unlock financing through their lending partners, has raised over US$1.1 million in pre-seed funding to help it grow its market share. Founded in 2017, Akiba Digital enables lenders to better extend capital to small businesses and individuals, providing nuanced credit insights and real-time lending decisions. The startup uses alternative datasets to provide inclusive scores that allow lenders to score people and small businesses that cannot be reached by traditional credit bureaus –…

Read More

UK’s Linkham Group completes Resolution Insurance Kenya acquisition

KENYA – A specialist global insurance services firm Linkham Group, has confirmed the completion of a deal to acquire a majority stake in Resolution Insurance Kenya. The acquisition undertaken at an undisclosed consideration will see the Linkham Group invest significant resources to revamp and fuel Resolution Insurance Kenya growth plans. This will involve focusing on quality customer service delivery, adopting cutting-edge technologies, and risk management practices. As part of the growth plans, Linkham Group has also confirmed the appointment of Peter Nduati as the new Resolution Insurance Kenya Chief Executive…

Read More