Who's doing what in the African M&A space?


Who's doing what in the African M&A space?

Published Date: 2020-06-26 | Source: DealMakers | Author: Marylou Greig

Who's doing what in the African M&A space?

DealMakers AFRICA

  • Banro Corporation, a Canadian gold mining company focused on the development of its four projects in the Democratic Republic of the Congo, has agreed to sell its Namoya Mining gold mine to Shomka Resources and a consortium of investors. Under the agreement Banro will receive a perpetual royalty for all production from the property. Specific details were undisclosed.
  • Network i2i, Bharti Airtel's Mauritius-based arm, has disposed of its 2.3% stake in Helios Towers. The stake in the UK tower company was sold on-market for £36,9 million; the proceeds of the transaction will be used to retire debt.
  • Bezant Resources, an AIM-quoted copper-gold exploration and development company, has reached an agreement to acquire 100% of Virgo Resources which holds a significant interest in the Hope Copper-Gold project in Namibia. Bezant will issue 422 million new shares at a price of 0.2 pence per share - a 62% premium to the closing price on June 18, along with £135,000 to be paid in additional new shares of approximately 112,5 million shares at an issue price of 0.12 pence. In addition, the company is to raise £350,000 in the way of new capital in a share placing of 406 million shares to be priced at 0.08 pence per share.
  • International Finance Corporation (IFC) is to provide €10 million in financing to Tunisian date processing company VACPA as part of an effort to preserve jobs amid the COVID-19 pandemic. VACPA is the country's largest exporter of dates employing more than 1,700 workers and buying its fruits from some 1,000 farmers. The investment is in two tranches - €5,5 million to be used as working capital and €4,5 million for the expansion of operations, diversifying of its product range and improvement of the supply chain.
  • Antler Gold, a Canadian gold exploration company, focused on the acquisition and exploration of gold projects in Namibia, has acquired the Exclusive Prospecting License EPL 6408 which lies adjacent to the northeast of EPL 7261 which Antler has under option and is underlaid by the Kranzberg Fault. The transaction further consolidates the company's landholdings for the Central Erongo Gold Project.
  • EFG Hermes and The Sovereign Fund of Egypt are said to have received approval from the Central Bank of Egypt to conduct a due diligence on the Arab Investment Bank ahead of a planned acquisition of at least 76% of the Bank's capital. Should the transaction go ahead, EFG Hermes will own c.51% and The Sovereign Fund of Egypt c.25%.
  • Turaco a holding company with a portfolio of FMCG assets in Ethiopia, has received a US$22 million funding from Ethos Mezzanine Partners and Proparco. The funds will be used for the expansion and upgrade of Turaco's manufacturing operations in Ethiopia.
  • MoneyFellows an Egyptian fintech platform, has secured US$4 million in a Series A investment from venture capital firms Partech and Sawari Ventures. The platform assists users to manage money circles by digitising the informal traditional rotating savings and credit association model. The investment will be used to expand operations in Egypt and into neighbouring countries.
  • Equity Group Holdings a financial services holding company headquartered in Nairobi, has mutually agreed with Atlas Mara to discontinue discussions on its proposed acquisition of four banks in Rwanda, Zambia, Tanzania and Mozambique due to economic uncertainties triggered by the COVID-19 pandemic.
  • Dangote Cement has successfully completed a debut bond offering of ₦100 billion in five-year fixed rate senior unsecured bonds under its ₦300 billion issuance programme. Dangote Cement will use the proceeds to refinance existing short-term debt and for working capital.
  • FDH Bank plc intends to list on the Malawi Stock Exchange in August. The listing will enable the company to raise capital to support the future growth of the Bank and allow existing shareholders an exit from their investment.

DealMakers Africa is the Continent's M&A publication.

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