Business
Africa Investment Round Up
Private Sector
– First City Monument Bank (FCMB) Capital Markets Limited, a subsidiary of Nigeria’s FCMB Group Plc says it is investing $65 million in the construction of “Heritage Place”, Nigeria’s first green building, as it looks to bridge the gap of suitable office space in Lagos, Nigeria’s commercial capital. By providing a structured debt of $65 million for the project, FCMB capital will act as the sole financial adviser and arranger for the debt-financed eco-friendly green building situated minutes away from Victoria Island—the Central Business District in Lagos. The project is also sponsored by First Concept and Properties Limited, a Nigerian special purpose vehicle (SPV) led by Actis, a leading private equity investor in sub-Saharan Africa
– Investment management firm, Kagiso Asset Management has defied South Africa’s low economic growth dynamics by investing in Standard Bank and FirstRand. Kagiso acquired 8 percent and 7.9 percent stakes respectively in both South African banks. According to Kagiso, it acquired Standard Bank for its strength in Africa and FirstRand for its operational momentum.
– Jubilee, a Kenya-based investment holding firm, is poised to buy more than a half-a-dozen new firms in 12 countries in East, Central and West Africa in the present financial year. This shows that the company, in its bigger spreading-out strategy, plans to grow by acquisitions to improve its earnings in the future. According to Jubilee, it is attracted to firms with turnovers between Sh1 billion and Sh2 billion and those exposed several markets with wide-ranging financial track record.
– UAE-based hospitality firm, Caramel Group, wants to set up shops in Nairobi, Kenya before the end of this year. Caramel is poised to open up a new Caramel Restaurant & Lounge in the east-African city towards the middle of this year
– JSE-listed explosives and chemicals firm, AECI, says it has received R1 billion ($91.3 million) in cash for the sale of its Modderfontein property assets to Chinese real estate developer, Shanghai Zendai. The massive property, on which it often experimented with its commercial explosives, has become an extra burden to the company because advancement in explosives expertise means the company now utilises smaller pieces of land for experiments.
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