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


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

Published Date: 2020-08-07 | Source: DealMakers | Author: Marylou Greig

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

DealMakers AFRICA

  • San Leon Energy, an independent oil and gas exploration company, is investing US$15 million, in the form of a shareholder loan, and taking a 10% stake in Energy Link Infrastructure (ELI), an oil exporting system in Nigeria. The project is to construct a dedicated oil export route from OML 18 assets and a floating storage and offloading vessel which once commissioned will reduce downtime to below 10%.
  • Goldplat an AIM-listed gold recovery services company, is to sell its Kenyan underground operation Kilimapesa to Dutch investment firm Mayflower Capital Investments. In terms of the agreement Goldplat subsidiary Gold Mineral Resources will receive an initial consideration of $1,5 million payable in Mayflower shares and will be entitled to receive a 1% net smelter royalty on future production capped at $1,5 million.
  • UAC of Nigeria plc has signed a binding agreement with Custodian Investment plc to dispose of a 51% stake in UACN Property Development. The shares will be sold to Custodian in two tranches with the purchase consideration yet to be disclosed - UPDC has a market capitalisation of ₦30 billion.
  • Veggie Victory a plant-based food tech company based in Nigeria, is reported to have received investments from international vegan companies in the UK and US.
  • Plentywaka, the Nigerian bus-hailing startup, has raised $300,00 in pre-seed capital in a round led by Microtraction, Niche Capital and EMFATO Holdings. The funds will be used to transform the transport system in Nigeria with improved mapping technology. It will also expand into Abjua and other Nigerian states.
  • FDH Bank, listed on the Malawi Stock Exchange on August 3, the fifth bank to list on the bourse, following an initial public offer for 20% of the company's issued share capital. Shareholders include FDH Financial Holdings (74.05%), The Malawi Government (4.75%), MSB Employee share Ownership Scheme (1.2%) and the public (20%).
  • Bharti Airtel's African subsidiary, Airtel Networks Kenya has announced it will no longer proceed with the merger with Telkom Kenya saying the decision not to pursue the completion of the transaction was due to challenges to secure regulatory approvals for the deal.
  • The Namibian Competition Commission has blocked the N$1,5 billion sale of Ohorongo Cement to West China Cement due to concerns that the link between it and Whale Rock Cement would increase and strengthen the dominant position of the merged undertaking.

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

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