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…

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Tech services firm Altron unit retrenches staff, put its building on sale

SOUTH AFRICA – Technology services firm Altron is selling its building that housed subsidiary Altron Document Solutions in Isando, Johannesburg and retrenching employees from the business unit. The company says the printing unit was negatively impacted by the COVID-19 pandemic which resulted in a massive drop in the printing business. Altron Document Solutions describes itself as “the world’s largest Xerox distributor and Africa’s leading technology and services company”. It markets and services the complete range of Xerox document equipment, software solutions and services to 26 Sub-Saharan Africa countries. However, the…

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Axia Corporation up its stake in automotive spares distributor Transerv

ZIMBABWE – Specialty retail and distribution group Axia Corporation Limited, has increased its stake in automotive spares company Transerv to an effective 51 percent shareholding from 26,01 percent. The acquisition, effective January 1, 2020 was done through the group’s wholly owned subsidiary domiciled in Mauritius, Excalibur Mauritius Limited for a purchase consideration of US$900,000. Group chairman Mr Luke Ngwerume, indicated that goodwill amounting to $15,63 million was recognised at the date of the transaction. “This acquisition will enable Transerv to pursue strategies that maximise shareholder value with further alignment and support…

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Ghana closes foreign-owned shops to protect local businesses from competition

GHANA – The Government of Ghana has ordered the closure of all foreign- shops that are operating in the country without business operating documents in order to protect local business from stiff competition. According to a report by Ghana Web the Presidential Committee on Retail Trade under the Ministry of Trade and Industry will begin the closure exercise at the country’s capital, Accra before moving to other cities and townships in the country. The Committee is expected to move to Opera Square, Zongo Lane, Kantamanto, UTC and Kumasi to fish…

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MTN seeks to sell stake in Africa’s eCommerce giant Jumia Technologies

SOUTH AFRICA – MTN Group Limited, South African multinational mobile telecommunications company is planning to offload part or all of its US$243m interest in Jumia Technologies AG, Africa’s largest online retailer. Called Africa’s Amazon, Jumia operates in 14 African countries including Nigeria and Ivory Coast where the US giant still lacks distribution infrastructure. This is part of the telco’s effort to reduce debt and drive future growth by disposing non-core assets According to Bloomberg News, MTN would be taking advantage of the fact that Jumia’s shares have gained about 142% so far…

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Kwanza Tukule Foods – Improving Access to Nutritious Foods for Urban Dwellers

START-UP Kwanza Tukule Foods is seeking to change the way lower income earners in Nairobi, Kenya eat away from home. With a focus on providing access to affordable, delicious and nutritious protein foods and utilising the latest digital technology and sustainable practices, the company aims to transform food vending in Kenya and the region’s urban landscape. Innovation is on the rise in Africa and the use of technology to solve day to day problems is moving full steam ahead, and with it the kinds of enterpreneurs and solutions being launched…

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Thai Conglomerate, CP Group buys Tesco’s Asian assets for US$10.6bn

ASIA – Tesco has accepted a US$10.6 billion bid for its Asian businesses from a consortium of companies controlled by Thai billionaire Dhanin Chearavanont. The deal, which remains subject to regulatory approval and Tesco Group shareholder approval, will be completed in the second half of this year, according to RLI. The price represents an earnings multiple of 12.5 times and marks a significant premium on analysts’ estimates of the business being worth about $9 billion.  The CP Group entities which will buy the assets – Tesco Lotus in Thailand and…

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Banque du Caire profits rises by 59% to hit US$257 million in 2019

EGYPT – Banque du Caire, one of the largest commercial banks in Egypt has recorded significant growth in the fiscal year 2019 recording revenues in excess of the targeted rates. The bank’s profits before taxes reached EGP 5.29 billion (about US$340 million) at the end of 2019 compared to EGP 3.89 billion (US$250.16 million) at the end of 2018. The banks net profits increased to nearly EGP 4 billion (about US$257 million), compared to EGP 2.5 billion (aboutUS$160.77 million) the previous fiscal year. The bank also revealed that it achieved…

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Canon forges two new partnerships to enhance presence in Egypt

EGYPT — Canon Central and North Africa (CCNA), a world leader in imaging solutions, has announced two new partnerships, underlining the company’s commitment to the Arab Republic of Egypt. The first partnership was forged with with Delta and it establishes a new local presence in the North African nation. The second partnership made with Tenaui; extends the successful relationship the companies had earlier formed in Nigeria. Canon noted in a statement that, “This win-win collaboration gives it a greater presence in an important market, deepens Canon support for the new…

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Morocco shades 5 spots to rank 12th in Global Retail Development Index

MOROCCO – Morocco ranked 12th out of 30 at the 2019 Global Retail Development Index conducted by US global management consulting company Kearney. Morocco earned its position with a score of 50.2, according to the index chart. The index notes that Morocco has invested around US$47 billion in national retail sales, placing the kingdom 3rd in Africa. Despite the positive ranking, the index also shows that Morocco has dropped by 5 spots from the 2017 Index. China, the world’s second largest market after the United States tops the list with…

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