Billionaire Patrice Motsepe’s Sanlam fails to increase stake in Said Alj-led Saham Assurance Maroc
Sanlam backed down from its ambitious pan-African expansion drive after failing to meet key conditions.
African Billionaires
Led by Sultan Ahmed bin Sulayem, DP World to build $1.1-billion deep-water port in Senegal
Founded in September 2005, DP World is a state-owned port operator based in Dubai.
Nigerian billionaire Abdul Samad Rabiu’s BUA Cement signs deal with Wartsila to construct power plant
BUA Cement is Nigeria’s second-largest cement producer and the largest cement producer.
Led by Hazem Hegazy, Al Baraka Bank Egypt targets $89.7 million profits in 2022
Al Baraka Bank Egypt SAE provides retail, corporate, and investment banking solutions in accordance with Islamic Sharia principles.
Canadian software company Volaris acquires majority stake in Sbu Shabalala’s Adapt IT
Volaris acquired a 63.87-percent stake in Adapt IT.
Jailed Angolan tycoon Carlos Sao Vicente continues fight for freedom
Vicente was once a prominent figure in Angola’s oil industry.
Zimbabwean fast food mogul Zinona Koudounaris gains $1.75 million on first trading day in 2022
Axia Corp is a Zimbabwe-based specialty retail and distribution business.
Mauritian real estate mogul Arnaud Mayer’s Evaco Group suffers $5.1-million loss in 2021
Evaco Group was founded by Mauritian businessman Arnaud Mayer in 2001 as a real estate development company.
Tanzanian med-tech tycoon Dilan Ellegala’s AfiyaSasa Africa to sell controlling stake to U.S.-based Xcelerate Inc.
AfiyaSasa Africa is a virtual health company founded by Tanzanian world-renowned spinal surgery specialist Dilan Ellegala.
Nassef Sawiris’ Orascom Construction to build $20-million Heart Care Center in Rwanda
The complex will include a research wing, clinics, operation theaters, pharmacies, an administrative block, laboratories and accommodation.
Kenyan tech entrepreneurs Bendon Murgor, Eliutherius Juma’s Paylend raises $2 million in seed funding
Paylend provides credit access to small enterprises.
Christo Wiese’s Invicta moves to acquire UK-based spare parts distributor, KMP Holdings, in $17-million deal
Invicta said it will acquire 100 percent of the issued share capital and shareholder loans payable by KMP Holdings.
Egyptian tycoon Ahmed El Sewedy-linked Egytech Cables signs $28.1-million contract with Kuwaiti company
Egytech Cables is a 99.98-percent-owned subsidiary of the Elsewedy family-controlled Elsewedy Electric.
James Mwangi’s Equity Bank secures $165-million credit facility from IFC days after buy-in
The credit facility is a seven-year Tier 2, Basel II-compliant subordinated loan.
Moroccan PM Aziz Akhannouch gains $179.5 million from stake in Afriquia Gaz in 2021
Afriquia Gaz SA is a Morocco-based group engaged in refining and marketing liquefied petroleum gas.
Kenyan tycoon Charles Njonjo, country’s first attorney-general, passes away at 101
Njonjo died at his home early Sunday morning.