Mansour family firm to launch new car model in Egypt with $20 million
The announcement comes hot on the heels of a pivotal meeting convened at the New Administrative Capital’s government headquarters.
Karooooo shares propel South African tech leader Zak Calisto’s wealth by $33 million
Calisto, who holds a 74.7-percent stake in Karooooo worth more than $640 million, ranks as one of Africa’s leading tech entrepreneurs.
Nigerian chess master Tunde Onakoya seeks $1-million funding for initiative
Onakoya aims to empower one million underprivileged children within five years by providing free chess instruction, after-school programs, and tournaments.
Kenyan tycoon Gideon Muriuki-led bank’s wealth arm hits $1.7 billion in assets under management
Co-op Trust’s assets have quadrupled since 2014, rising from Ksh52.5 billion ($392.4 million) to Ksh218.38 billion ($1.7 billion) in 2023.
Egypt’s Khamis family gains $18.8 million from Oriental Weavers stake
This increase is fueled by heightened investor interest in the Cairo-based company on the Egyptian Exchange.
South African tycoon Gerrie Fourie loses $11.9 million from stake in Capitec Bank
Fourie holds a 0.89-percent stake in the leading retail bank, equivalent to 1,027,673 ordinary shares.
South African billionaire Christo Wiese takes $66.3-million hit on Shoprite stake
Despite this setback, Wiese remains a prominent figure among JSE investors and retains his position as one of Africa’s wealthiest businessmen.
Bamburi Cement, backed by Kenyan tycoon Baloobhai Patel, to distribute $15 million to shareholder
The proposed dividend payout represents a notable increase from the previous dividend of Ksh0.75 ($0.00563) per share, amounting to Ksh272 million ($2 million).
Nigerian tycoon Tony Elumelu’s Transcorp Hotels sells entire stake in Calabar unit
The recent decision to sell Transcorp Hotels Calabar exemplifies a wider consolidation trend within the Nigerian hospitality sector.
Top Black CEO Marvin Ellison loses $4.6 million from Lowe’s shares
This recent setback comes on the heels of a previous surge in Ellison’s wealth between Feb. 20 and April 1, when his stake in Lowe’s increased by $6.63 million.
South African exec Anthony Leeming-led Sun Int’l finalizes $14.4-million exit from Nigeria
With Leeming at the helm, the leading hospitality and leisure group will sell a 43.3-percent equity stake in TCN, which operates the Federal Palace Hotel in Lagos.
Kenyan entrepreneur Thomas Njeru’s Pula raises $20 million to broaden insurance access for farmers
Pula’s successful fundraising round underscores the growing recognition of the vital role played by insurtech in bolstering climate resilience for smallholder farmers.
Black businesswoman Cathy Hughes’ Urban One to acquire four Houston radio stations
The transaction, subject to regulatory approval and customary closing conditions, is expected to be finalized in Q3 2024.
Nigerian tycoon Atedo Peterside loses $3.4 million from Stanbic IBTC stake
While Peterside faces a significant decline in his stake in Stanbic IBTC, he remains poised to benefit from impressive dividends proposed by the leading Nigerian bank.
South African billionaire Koos Bekker’s Prosus backs Sydney startup in $33-million raise
Prosus, a global consumer internet group founded in 1997 under South African billionaire Koos Bekker’s leadership, has become one of the world’s largest technology investors.
Nigerian energy tycoon Austin Avuru-linked Seplat generates $1.7-billion cash flow in last decade
Since its IPO on the Nigerian Exchange and London Stock Exchange in 2014, Seplat Energy has generated $1.7 billion in cash flow.