Imperial inks US$300m deal to acquire logistics company J&J

MOZAMBIQUE – Imperial Logistics has announced that it reached an agreement to buy African logistics company J&J Group in a R4.4 billion (US$300 million) deal. The agreement comes on the back of Imperial’s announcement that Dubai Ports World (DP World) wants to buy and de-list the local group in a R12.7 billion deal (US$867.9 million). Imperial explained that it had received DP World’s consent for the J&J transaction, which will be concluded once regulatory and other conditions are fulfilled.  J&J has logistics operations between Mozambique, South Africa, Zimbabwe, Zambia, Malawi and…

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AgDevCo expands portfolio to develop banana industry in Mozambique

MOZAMBIQUE – Social impact investor AgDevCo has announced its latest investment in Mozambique’s agribusiness sector. The UK-based social impact investor has closed a US$3 million debt investment in Quinta da Bela Vista Limitada (QBV), an irrigated banana estate located in the Boane area in Mozambique. QBV was established in 2016 as a joint venture between Silverstreet Capital’s Silverlands I Fund and Crookes Brothers Limited (JSE: CKS) and currently comprises 128ha of irrigated bananas. QBV’s strategy is to expand the operation to 260ha over the next two years. Crookes Brothers have a proven track record in…

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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…

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Standard Bank appoints acting CEO in Mozambique after US$4.6m fine

MOZAMBIQUE – Standard Bank has appointed an unnamed acting Chief Executive Officer to replace the outgoing country MD, Adimohanma Chukwuma Nwokocha, who was fined roughly R1.5 million (US$103,405) by the Bank of Mozambique for fraudulent activities, following an on-site inspection by the bank. Also fined was Domingos Francisco Madeira, director of corporate and investment banking “for serious infringements of prudential and exchange rate nature,” according to a statement by the Bank of Mozambique. Madeira was fined the equivalent of R3.3 million (US$227,492). Standard Bank was fined the equivalent of R66.18…

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AfDB appoints Cesar Augusto Mba Abogo as Country Manager for Mozambique

MOZAMBIQUE – The African Development Bank Group (AfDB), has announced the appointment of Mr. Cesar Augusto Mba Abogo as Country Manager, designated for Mozambique Country Office, effective 16 August 2021. Mr. Cesar Augusto Mba Abogo, a citizen of Equatorial Guinea, is an Economist and a writer with more than 15 years of experience in natural resource economics, development economics, public policy and international negotiations. From April 2019 to October 2020, he served as Minister of Finance, Economy and Planning for the Republic of Equatorial Guinea. He was appointed during challenging…

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Nedbank partners with IFC to support trade in Mozambique

MOZAMBIQUE – Nedbank Mozambique S.A., has joined International Finance Corporation’s (IFC) Global Trade Finance Program (GTFP) to boost a vital economic engine of growth that has been strained by the COVID-19 pandemic. IFC announced a trade finance facility guarantee of US$10 million under its GTFP to Nedbank Mozambique which will provide support to strengthen the bank’s trade finance operations and assist in redesigning its trade solutions to promote Mozambique’s cross-border trade. IFC has already started to provide Nedbank Mozambique with technical expertise under the GTFP through a workshop that took…

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Raxio Group to establish Tier III data center in Mozambique as part of its African expansion

MOZAMBIQUE – The Raxio Group, a Pan-African data centre developer and operator, announced that it is establishing and investing in ‘Raxio Mozambique’, with a state-of-the-art, carrier-neutral, data centre in Mozambique. Set to be commissioned during 2022, Raxio Mozambique’s first facility will be located approximately 20 kilometres from downtown Maputo at the Beluluane Industrial Park, ideally situated to meet both primary and disaster recovery needs of a wide range of customers. The park benefits from ideal power and connectivity infrastructure ensuring a stable and highly connected operating environment for the facility and Raxio expects all power used by the facility to…

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iGAS Energy and CMG exercise rights to up stake in Mozambique pipeline company ROMPCO

MOZAMBIQUE – Onshore oil and gas exploration iGAS Energy Plc. in partnership with Companhia Mocambiçana de Gasoduto (CMG) declared that they have exercised their pre-emptive rights to acquire a 30% equity stake in the Republic of Mozambique Pipeline Company (ROMPCO) pipeline valued at US$293 million. ROMPCO is a joint venture between Sasol South Africa (50%), CMG (25%) and South African Gas Development Company (SOC) Limited (iGAS) (25%). The joint venture owns the 865-kilometre gas transmission pipeline from Mozambique to South Africa.  This decision is the culmination of a public statement issued by…

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AfDB and Italian Technical Cooperation Fund extend US$1.18m grant to boost agriculture value chains in Mozambique

MOZAMBIQUE – The African Development Bank (AfDB), with financing from the Italian Technical Cooperation Fund, has provided a €990,000 (US$1.18 million) grant to help smaller agro-processing enterprises in Mozambique boost production and quality control. The project will enable the businesses to better tap into national and regional markets and capitalize on the opportunities created by the African Continental Free Trade Area (AfCFTA). The Confederation of Business Associations of Mozambique is the implementing agency. “We are pleased to receive this grant from the African Development Bank and the Italian Technical Cooperation Fund,…

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Mozambique to offload majority stake in US$2.4b Mphanda Nkuwa hydropower dam

MOZAMBIQUE – Mozambique has announced plans to sell a majority stake in the planned US$2.4 billion Mphanda Nkuwa hydropower, which is set to be one of the biggest in Southern Africa. The aim is to reach a financial close by 2024 on the 1,500MW facility and an associated transmission line that could increase the total project cost to as much as US$4.4 billion. The government will issue a request for proposals this year 2021 and will take up to four months to select the winner and another six weeks to…

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