SPE Capital and AfricInvest fundraising, Economic updates and Brait's exit.

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Economy updates:

Private Equity Deals:

  • The U.S. International Development Finance Corporation (DFC) has approved an investment in SPE AIF LP, a private equity fund managed by SPE Capital of $25 million. Meanwhile an investment of $30 million was made in AfricInvest Fund IV private equity firm to support businesses in healthcare and financial services across Africa and to expand services in more isolated communities.

  • Asset management company Mergence Investment Managers and investment firm Third Way Investment Partners have jointly committed $26.2 million to a renewable energy project in South Africa.

Venture Capital Deals :

  • Futuregrowth, fixed-interest asset manager has invested in South Africa based Lifecheq, a digitised personal finance business. The business has two target markets, mainly individuals for their personal use; and employers, who are interested in offering their employees a financial wellness programme.

  • Nigerian Venture Capital firm Platform Capital announced an investment in South African Merge, an app and web-based platform that acts as a digital meeting place for entrepreneurs and investors. The investment will help the company to expand across Africa.

  • Harambe Entrepreneur Alliance invested $100,000 each in two Nigerian tech start-ups Max.ng, a taxi-hailing service, and Releaf Group, a platform for sorting and distribution farm products, to help them through economic downturns caused by the Coronavirus pandemic. Harambe recently raised $1million to support African Tech start-ups and increase their venture funding in the continent.

M & A

  • ApexAfrica Capital and AIB received regulatory approval for the partnership which will see ApexAfrica client accounts move to AIB.The deal will see the two merge stock brokerage, bond trading, research and corporate finance businesses under a joint venture company which will form part of AXYS Group.

  • South African Brait sold its 63 per cent share for £115 million returning full ownership to founder Malcolm Walker and Chief Executive, Tarsem Dhaliwal.

  • Absa Group becomes fully self-sufficient after separation from Barclays PLC. Critical projects on the separation journey have been completed by the Absa group following Barclay’s decision to sell its controlling stake in Barclays Africa Group Limited in 2016.

Liquidity Actions:

  • The African Development Bank’s Board of Directors has approved a $1.2 million grant to Ethiopia’s government to finance a feasibility study for construction of a railway link between Ethiopia and neighbouring Sudan.The grant covers 35 per cent of the total estimated $3.4 million cost of the study. The remaining funding will be provided by the NEPAD Infrastructure Project Preparation Facility (NEPAD-IPPF) in the form of a $2-million grant, and by a contribution of $100,000 each from the two countries involved.

  • Burkina Faso receives $147 million from World Bank to improve financial and health system management. This will help the government’s reforms of the mobilisation of domestic revenues and rationalise public spending; strengthen the health system and social services, boost productivity, and reduce the environmental impact of livestock and mining activities.

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