Investment | - Part 14

Synergy Capital Managers invests in Northstar

LAGOS (Capital Markets in Africa) – Synergy Private Equity Fund (SPEF) is pleased to announce the completion of its investment in Northstar Finance Services Limited (Northstar), a financial services platform providing solutions across the financial service value chain in select countries across West Africa. Northstar is building a portfolio of assets in key segments of the financial sector with the aim to be the leading personal finance brand in West Africa. The investment in Northstar…

Kibo Capital invests in I&M Bank Rwanda

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KIGALI (Capital Markets in Africa) – Kibo Capital Partners, a manager of regional private equity funds, today announced an investment by Kibo II in I&M Bank Rwanda, the oldest and one of the most profitable banks in Rwanda. “Our investment in I&M Rwanda (IMR) builds on a long relationship between Kibo and with I&M Bank. Investing in IMR allows Kibo to support a market leading bank to expand further in one of the Sub-Saharan Africa’s…

Old Mutual puts China insurance joint venture stake on block

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual has put up for sale its 50 percent stake in a Chinese insurance joint venture, people with direct knowledge of the matter said, as part of a revamp of the Anglo-South African financial group and amid a tough market for foreign insurers in China. Old Mutual, which is working with financial advisers on the stake sale plan, could sell its holding in the 13-year-old life insurance joint venture…

Hedge-Fund Owner Peregrine Considers Split to Boost Returns

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JOHANNESBURG (Capital Markets in Africa) – Peregrine Holdings Ltd., the operator of South Africa’s oldest hedge fund, is considering a plan to split the company by using profits from its stockbroking and wealth-management units to create a new investment firm. The stock surged the most in a year. The company, which also owns half of advisory business Java Capital, has about 1.5 billion rand ($115 million) of surplus cash on its balance sheet that could be…

War-Ravaged South Sudan Draws $500 Million Oranto Oil Bet

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LAGOS (Capital Markets in Africa) – Nigeria’s Oranto Petroleum International Ltd. plans to bet half a billion dollars that Africa’s newest nation can end a three-year civil war and create the conditions to revive its oil industry. Oranto, a closely held company part-owned by the Eze family that also has assets in Equatorial Guinea and Nigeria, plans to invest $500 million to develop the oil block awarded by South Sudan earlier this month. “We have faith that the differences in…

China’s Sinopec nears deal to buy Chevron’s South African assets

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LAGOS (Capital Markets in Africa) – China’s Sinopec is nearing a deal to buy Chevron’s South African oil assets for up to $1 billion to secure its first major refinery on the continent, several people familiar with the matter said. China Petroleum and Chemical Corp, or Sinopec, Asia’s largest oil refiner, was the last bidder remaining, and close to a deal with Chevron after an auction that spanned more than a year for its refinery,…

Sonatrach, ENI get 34 bids for Algerian solar power plant

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ALGIERS (Capital Markets in Africa) – Algerian state energy firm Sonatrach and Italy’s ENI have bids from 34 international firms to build a 10 megawatt solar power plant at Bir Rebaa North (BRN) in eastern Algeria, a Sonatrach source said. Major oil and gas producer Algeria is looking to expand into solar energy as it tries to meet growing domestic energy demand and officials say the North African country will soon launch a major project…

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