Jumia cashes in on bullish stock trading aims to raise US$400m to finance expansion drive

AFRICA – The New York Stock Exchange listed Africa-focused eCommerce company, Jumia is seeking to raise US$400 million by floating 9 million American depositary shares (ADS). ADS are stocks offered by non-US companies, available to be purchased by US investors. Secondary sales like this are usually done by public companies to finance debt or facilitate growth. The Ecommerce giant with stock trading at US$42.14 on Monday, aims to raise more cash to fund its expansion drive. Jumia listed the ADSs at US$50 per share, but investors could buy these shares at…

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Amethis acquires majority stake in Moroccan distributor of irrigation systems Magriser Group

MOROCCO – Africa-focused private equity firm Amethis has expanded its portfolio with an investment in Magriser, a pioneer in the distribution and installation of turnkey micro-irrigation and solar pumping systems in Morocco. Under the deal, Amethis has acquired a majority stake through its Amethis MENA Fund II, dedicated to the SMEs in the region. The investment is aimed to enable Magriser to transition in a new development phase which will entail launching its own production unit for micro-irrigation pipes by the end of 2021 and ambitions to expand its activities to…

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