Finance | - Part 168

Private Equity | Africinvest invests in MicroKing Finance Zimbabwe

Harare, Zimbabwe, Capital Markets in Africa — Microcred Group (Microcred) and AfricInvest Financial Sector Fund (AfricInvest) are pleased to announce they have reached an agreement to acquire a 100% ownership stake in MicroKing Finance (Private) Limited (MicroKing), a leading provider of microfinance products and services in Zimbabwe. The transaction is pending final regulatory approval. Microcred, a leading innovative financial institution focused on financial inclusion in Africa & Asia, and AfricInvest, a pan-African private equity fund manager,…

Infrastructure | The Abraaj Group launches energy development arm dedicated to Global Growth

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London, United Kingdom, Capital Markets in Africa — The Abraaj Group (“Abraaj”), a leading investor operating in global growth markets, today announced the formation of a dedicated project development arm to further extend its investment capabilities in the energy infrastructure space. As a member of The Abraaj Group, Themis Energy (“Themis”) will leverage the Group’s local teams, global network, execution capabilities and existing infrastructure team to originate, develop and manage projects from concept stage to operations….

South Africa | Old Mutual’s Breakup Adds to South Africa Financial Market Woes

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Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc’s plan to separate its four businesses adds further uncertainty to South Africa’s financial-services industry, which is already under pressure after Barclays Plc’s decision to reduce its ownership in the country’s third-largest lender. While Old Mutual said it will spin off its 54 percent controlling stake in Johannesburg-based Nedbank Group to shareholders, it was short on details about plans for its emerging-market business, which is run from South Africa, as well as its U.S.-based OM Asset Management business and…

Africa Internet Group, parent of Jumia, secures over €300M funding

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LAGOS, Nigeria, Capital Markets in Africa —- Africa Internet Group, the parent company of Jumia the online retailer, has secured over €300M in funding. This new round of investment is led by existing investors including MTN and Rocket Internet as well as a new investor, Goldman Sachs. In a statement, AIG said that the funds will significantly strengthen its balance sheet, enabling the company to leverage the significant growth of Jumia and to capitalise on…

Investec Closes its Second Africa Private Equity Fund at US$295 Mill

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Johannesburg, South Africa, Capital Markets in Africa — Investec Asset Management, one of the largest investors in Africa, has successfully closed its sophomore fund, the Investec Africa Private Equity Fund 2 (IAPEF 2) at $295mn. The investor base includes pension funds, endowments, Fund of Funds and development finance institutions from across the US, Europe, the UK and Africa. As with its first African fund, IAPEF 1, launched in 2008, IAPEF 2 will focus broadly on…

Ethiopia to build 4 Agro-Processing industrial Parks

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ADISS ABABA, Ethiopia, Capital Markets in Africa — Ethiopia plans to construct four Agro-processing industrial parks at a cost of US$30 billion, construction is scheduled to start in September 2015, according to Foreign Affairs Ministry, Ethiopia. The decision was announced after meeting between Prime Minister Hailemariam Desalegn, federal, regional government officials. This is in-line with the country’s Growth and Transformation Plan (GTP), which aimed to transform Ethiopia to an industrialized economy and increase the per…

AXA buys 8% stakes in Africa Internet Group at US$84 million …

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LAGOS, Nigeria, Capital Markets in Africa — French insurer AXA plans to invest 75 million euros (US$84 million) in Africa Internet Group (AIG), the owner of online retailer Jumia. AXA and AIG view Africa as a fast developing market for financial services and insurance products, benefiting from strong fundamentals such as low penetration rates, rise in middle class, urbanization as well as the youth of its population. The deal will give the AXA, an 8…

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