Africa’s investment space has remained largely active in recent days, as the continent continues to lure foreign and domestic investors seeking high yields and newer market reach. Investment activities were mostly seen in the Southern and Northern regions, driven by private sector-led deals. Manufacturing, power, and financials were industries that attracted the most investments.
Moroccan insurance company, RMA Wataniya, yesterday acquired four insurance companies operating in “three key countries” within the Inter-African Conference on Insurance Markets (CIMA zone). Media sources however speculate that these companies could be the four subsidiaries of the Ivorian Belifa Insurance Group, namely Beneficial Life Insurance SA Cameroon, Cameroon Beneficial General Insurance SA, Beneficial Life Insurance SA Insurance Belifa Togo and Côte d’Ivoire SA.
The private equity arm of British multinational banking and financial services firm Standard Chartered, on Wednesday, announced that it had paid $57 million to acquire a 25.8 percent stake in Lusaka Stock Exchange-listed power transmission and Distribution Company, Copperbelt Energy Corporation’s (CEC) parent company Zambian Energy Corporation, marking its first investment in Africa’s growing power sector.
Kenya also received a five-year funding of Sh79.2 billion ($915 million) from pan-African development bank (AFDB) to boost economic empowerment, infrastructure upgrades and job creation. The funds, which would be made available from 2014 – 2018, will be spent on infrastructural development and tertiary education, said AfDB.
Last Friday, reports were made public that gaming and resort giant, Sun International (SI), is set to acquire a significant shareholding in a gaming unit of Grand Parade Investments (GPI), an investment holding firm that’s active in South Africa’s tourism sector.
Dubai’s Al-Futtaim Group now holds majority shares in Kenyan automobile retailer, CMC Holdings Limited after 91 percent shareholders accepted its $87.91 million offer for its 533 million shares last week.
East African country Uganda, on Monday, opened its doors to the public and private sector of India (India Inc.) to come to Kampala, and help expand its industrial base. Kampala said it would benefit from investments and expertise of the Asian giant.