Who's doing what in the African M&A space?
Who's doing what in the African M&A space?
Published Date: 2021-07-30 | Source: DealMakers | Author: Marylou Greig
- Power Metal Resources, an AIM-listed metals exploration and development company, has exercised its option to acquire a 100% interest in two gold-nickel exploration licences located with the Tati Greenstone Belt located near Francistown in Botswana. In terms of the transaction, Power Metal will pay an initial consideration of £25,000 by way of the issue of 833,333 new shares at an issue price of 3.0p per share and a further £50,000 (through the issue of shares) if Power Metal undertakes an exploration spend programme.
- Zijin Mining Group, a Chinese miner specialising in gold, copper, zinc and other mineral resource exploration and development, has signed a non-binding letter of intent to acquire a 55% stake in the Harvest Project currently held by East Africa Metals' subsidiary Tigray Ethiopia. In terms of the deal, Zijin will make a cash payment of US$900,000, will develop and operate the Terakimti Oxide Mine and fund 100% of Tigray's obligations related to the development and operation of the Harvest Project.
- Tana Africa Capital, a private equity firm jointly owned by Temasek and the South African Oppenheimer family, is to take a minority stake in Africa Protein, the holding company of Nairobi-based meat producer Quality Meat Packers and Anirita Poultry Farms. The group engages in all processes from procuring to breeding to processing to packaging, distribution, marketing and retailing of animal-sourced meats. The aim is to expand the group's footprint in its export markets.
- Prospect Resources, an ASX-listed Zimbabwean-focused lithium company has acquired a further 17% stake in the Arcadia Lithium Project from Farvic Consolidated Mines for A$1,19 million. On completion of the transaction Prospect Resources will own an 87% stake.
- Sound Energy, a Moroccan focused upstream gas company, has entered into a £2 million equity subscription agreement with Afriquia Gaz, a Moroccan company engaged in the refining and marketing of liquefied petroleum gas. Sound Energy has issued 159,731,651 new shares at a price of 1.2521 pence to Afriquia.
- City Lodge Hotels, the South African-based hotel chain, has announced the disposal of its East African Hotel operations to private equity firm Actis. The Kenyan assets have been sold for R140,97 million and include Fairview Hotel, City Lodge Hotel at Two Rivers and Town Lodge Upper Hill. City Lodge will receive R1 million for the disposal of its Tanzanian hotel, The City Lodge Hotel Dar es Salaam. The Kenyan and Tanzanian hotels were sold to Ukarimu and Faraja respectively - both beneficially owned by South African-based Actis.
- GoodsMart, an Egyptian online household shopping service platform based in Cairo, has raised US$3,6 million in a funding round led by Sawari Ventures. The startup receives grocery orders and delivers goods to customers' doorsteps and will use the investment to further accelerate its expansion within Egypt.
- Julaya, an Abidjan-based fintech startup, has completed a US$2 million pre-Series A funding with support from investors such as Orange Ventures, MFS Africa Frontiers, Saviu Ventures, Launch Africa Ventures. Funds will be used to scale the business which provides companies and institutions with an online platform to disburse payment to mobile money and mobile banking wallets.
- Nawy, a Cairo-based property technology startup, has raised an undisclosed sum in a seed round led by the Sawiris Family Office. The seven-figure seed investment included the participation from notable angel investors including Hatem Dowidar.
- The Emerging Africa Infrastructure Fund has entered into a debt deal with Ivoire Hydro Energy, providing a €25 million loan over 18 years to build a 44MW hydro electricity generation plant on the Bandama River in Côte d'Ivoire. The project will cost an estimated €174 million and is forecast to take 3 years to complete.
- AgDevCo, a specialist investor in African agriculture has announced its latest investment in Mozambique's agribusiness sector. The UK social impact investor has closed a US$3 million debt investment in Quinta da Bela Vista (QBV), an irrigated banana estate located in the Boane area in Mozambique. The funding will enable QBV to expand in the south and create employment opportunities.
- Papillon, a UK-based investment company, has announced plans to list on the Nairobi Securities Exchange. The company, which is to be renamed Caracal Gold, plans to focus on solidifying its position as an emerging East African-focused gold producer.
DealMakers Africa is the Continent's M&A publication.
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