Finance | - Part 167

Finance | Forte Oil Nigeria Plans to Raise US$500 Million for Expansion

LAGOS, Nigeria, Capital Markets in Africa — Forte Oil Nigeria Plc, said it plans to raise as about 100 billion naira (US$502 million) in equity or debt in 2016 as it aims to double profit and expand amidst Nigerian economic slowdown and commodity slump. The company plans to get approval this month and raise the capital by the third quarter, Chief Financial Officer Julius Omodayo-Owotuga said in an interview. The company is “already looking at” acquiring retail…

Investment | Nigerian Ntel Pursues US$1 Billion Investment for Mobile-Broadband Growth

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian Internet provider Ntel is looking more than US$1 billion to invest in 4G mobile broadband by 2020, to take advantage of a rising number of smartphone users in the country. “We are speaking to investors and to banks who are interested in a growth story for Africa,” Chief Executive Officer Kamar Abass, 51, said in an interview on March 31. “We are seeing the very beginnings of a…

Investment | Ford Invests US$167 Million in South Africa, Create 1200 jobs

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Johannesburg, Ghana, Capital Markets in Africa — Ford Motor Company will invest 2.5 billion rand (US$167 million) in the U.S. automaker’s South African operations to start production of the Everest sport utility vehicle and create about 1,200 jobs. The company’s plant in Pretoria, the capital, will have capacity to build 10,000 Everests a year and will be the fourth production hub for the SUV after factories in Thailand, India and China, Dearlove, Michigan-based Ford said in…

Investment | Orange invests 75 million-euros in Africa Internet Group

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PARIS, France, Capital Markets in Africa — Orange announces the acquisition of a 75 million-euro equity interest in Africa Internet Group, joining AXA, Goldman Sachs and longstanding investors MTN Group, Millicom and Rocket Internet. Through this investment, which will be accompanied by a series of strategic partnerships between the subsidiaries of the two groups, Orange will help Jumia and other websites run by Africa Internet Group to accelerate their growth and seize development opportunities in…

Private Equity | Mediterrania Capital Partners invests in CIEPTAL CARS, Algeria

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Algiers, Algeria, Capital Markets in Africa: Mediterrania Capital Partners, the regional private equity firm focusing on growth investments for SMEs in North Africa and Sub-Saharan countries, announces the acquisition of a 43% stake in Cieptal Cars through its second fund Mediterrania Capital II (“MC II”). Founded in 2006, Cieptal Cars is a privately-owned company that specializes in the long-term car rental business. The company is the current market leader in Algeria. It owns a large, young fleet of 761 cars and…

Private Equity | Helios scores first for Africa fund with Crown Agents deal

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LONDON, Capital Markets in Africa: Helios, the pan-African investment firm, is set to deliver a postcolonial turnround with a deal for key divisions of Crown Agents — a company which was once a pillar of the British empire. The deal for Crown Agents Bank and its sister asset management company, for an undisclosed sum, marks the first time an African-managed fund has won approval from regulators to acquire a UK financial institution. Helios is one…

Finance | IFC, EIB and Ecobank Partner to Boost SME Finance across Africa

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Abidjan, Cote d’Ivoire, Capital Markets in Africa — International Finance Corporation (IFC), a member of the World Bank Group, the European Investment Bank (EIB) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group and leading pan-African full-service banking group, today signed a landmark risk-sharing agreement that will help fill the gap in financing for small and medium sized enterprises in some of Sub-Saharan Africa’s poorest and most fragile countries. Under the agreement, EIB,…

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