Egypt’s wealthy Khamis family moves to sell Oriental Weavers China
Oriental Weavers China is the Chinese subsidiary of Oriental Weavers, the world’s largest machine-made carpet manufacturer.
African Billionaires
Patrice Motsepe-linked Tyme Bank receives $70 million in investment from Tencent and CDC
TymeBank, one of the world’s fastest-growing digital banks, has acquired 4 million customers in 32 months.
Nigerian billionaire Abdul Samad Rabiu secures $200 million from AFC to complete multimillion-dollar sugar project
The development significantly boosts Nigeria’s quest to ensure self-sufficiency in sugar production.
Egyptian tycoon Ahmed El Sewedy’s Elsewedy Electric to build $40-million electrical factory in Tanzania
Elsewedy Electric is an Egypt-based multinational electrical company founded by the Elsewedy family in 1938.
Ghanaian logistics tycoon Daniel McKorley signs $810,000 sponsorship deal with football club
The deal will see the club pocket up to $270,000 per year for the duration of the contract.
Ugandan tycoon Charles Mbire gains $1.2 million as stake in MTN Uganda surges above $51 million
The share price in the leading telecom company has increased by a single digit in just two days.
Equinix to acquire startup founder Funke Opeke’s MainOne for $320 million
MainOne is West Africa’s leading communications services and network solutions provider.
Egyptian tycoon Naguib Sawiris’ property firm Gemini gets $100 million in investment from Abu Dhabi-based Chimera
Gemini is a property developer under Ora Developers, a real estate operator and investment holding.
Ade Ayeyemi-led Ecobank posts strong earnings as profit soars nearly tenfold above $256 million
Ecobank is the leading independent regional banking group in West and Central Africa.
Orascom Construction, controlled by billionaire Nassef Sawiris, moves to acquire equipment distribution business
Orascom Construction is a leading global engineering and construction contractor.
Led by Gavin Hudson, Tongaat Hulett expects $13.8 million in losses in first half of 2021
Tongaat Hulett is a leading agri-business in sugar, ethanol, animal feed and cattle, with a significant footprint in Southern Africa.
Wealthy Mukuha family of Kenya in bitter feud over stake in Naivas supermarket chain
Founded by the late Kenyan businessman Peter Mukuha Kago, Naivas Supermarket is Kenya’s largest supermarket chain.
Kenyan sugar baron Jaswant Rai taken to court by brothers over inheritance
The two brothers object to the will and believe their father could have been coerced into crafting the document.
Moroccan tycoon Abdelali Berrada Sounni’s Dolidol acquires Nigeria’s Mouka Foam in $60-million deal
Dolidol is Morocco’s pioneer manufacturer of branded polyurethane foam and bedding products.
Ugandan tycoon Charles Mbire’s stake in MTN gets $49.6-million valuation following IPO
The public offering was the largest-ever in the history of Uganda.
Egyptian businessman Safwan Thabet’s Juhayna Food Industries reports higher earnings as profits surge
Juhayna Food Industries is a leading company specializing in producing, processing and packaging dairy, juice and cooking products.