Greek businessman John Coumantaros’ Flour Mills to raise $467 million in new capital
Coumantaros controls a majority 63.34-percent stake in the company.
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South African billionaire Christo Wiese gains $34 million in seven days
Bekker owns 11.63 percent of Shoprite.
Moroccan tycoon Alami Lazraq gains $15 million from stake in Casablanca-based property developer
The news solidifies his position as one of the richest investors on the Casablanca bourse.
Types of family businesses: Steward?
Succession in the Steward family business type comes with little conflict.
Egyptian tycoon Hend El-Sherbini’s IDH posts lower profits amid slowdown in COVID-19-related business
El-Sherbini controls a significant 26.1-percent stake in Integrated Diagnostics Holdings.
Nigerian billionaire Tony Elumelu to receive $1.11 million in interim dividends from UBA
Elumelu owns 6.96 percent of UBA, or 2,380,941,756 ordinary shares.
Aliko Dangote drops out of list of top 80 billionaires as net worth slumps
The decline in his net worth can be attributed to the fall in the share price of Dangote Cement.
Ecobank names Kenyan banking exec Jeremy Awori as CEO
Awori is joining Ecobank after 25 years in the banking industry.
South African retail mogul Mark Lamberti’s Massmart starts shutting down loss-making Game stores
Massmart is the continent’s second-largest distributor of consumer products.
Egyptian tycoon Ahmed El Sewedy’s electric firm signs contracts worth $113 million to execute Toshka Project
El Sewedy Electric is a multinational manufacturer of cables and electrical equipment.
Seplat spent $450 million in transactions linked to Nigerian energy magnates Bryant Orjiako, Austin Avuru
The payments were made to 18 firms linked to Orjiako and Avuru.
Led by Kenyan banker James Mwangi, Equity Group set to acquire Spire Bank
The acquisition could present additional challenges and opportunities to Equity Group.
Kenyan banking exec Jeremy Awori to take over from Ade Ayeyemi as CEO of Ecobank
Absa Bank Kenya reported triple-digit earnings growth in the 2021 fiscal year.
Nigerian multimillionaire banker Jim Ovia loses nearly $22 million in 11 days
Ovia owns a significant 16.2-percent stake in Zenith Bank.
African-American billionaire Oprah Winfrey earns $6.6 million in profit from sale of CA property
Her primary residence is still her 66-acre “Promised Land” estate in Montecito, California.
Egyptian billionaire Nassef Sawiris’ OCI N.V. to build ammonia plant in Texas
OCI N.V. stated that the project is well under way.