Jay-Z’s firm eyes $1-billion merger to expand portfolio
This potential merger with Pendulum underscores Jay-Z’s continued commitment to growing his business empire beyond music.
Billionaires Africa
Egyptian executive Pakinam Kafafi leads TAQA Arabia to $75 million revenue in Q1 2024
Driven by sustained energy demand, TAQA Arabia’s revenue climbed to $75.3 million in the first three months of 2024, up from $61.8 million in the same period last year.
South African tycoon Gerrie Fourie gains $7.6 million from Capitec Bank shares
As Capitec Bank’s CEO, Fourie holds a 0.89-percent stake in the leading retail bank, equivalent to 1,027,673 ordinary shares.
Africa’s richest man loses $2.6 billion amid naira’s descent as worst-performing currency
The decline follows a brief uptick in April fueled by the Central Bank of Nigeria’s (CBN) efforts to address a backlog of dollar obligations, which strengthened the naira.
South Africa’s richest man Johann Rupert’s Richemont acquires Italian jeweler
The transaction aligns with Richemont’s growth strategy under Rupert’s leadership and deepens the group’s jewelry holdings.
JP Morgan invests $215 million in South African tycoon Neal Froneman-led Sibanye-Stillwater
JP Morgan’s investment signals confidence in Sibanye-Stillwater’s ability to weather financial challenges and highlights the growth potential of the mining sector.
Malawian businessman Hitesh Anadkat loses $12 million in FMB Capital share drop
Despite the recent setbacks, Anadkat remains one of the wealthiest investors on the Malawi Stock Exchange.
Nigerian banker Segun Agbaje-led GTCO gets approval for $750 million capital raise
The targeted capital will be sourced through public offerings, private placements, rights issues, and other instruments.
Kenya’s richest banker James Mwangi loses $2.4 million from stake in Equity Group
Equity Group’s share price on the NSE has declined by 5.63 percent, dropping from Ksh44.4 ($0.3377) on Apr. 18 to Ksh41.9 ($0.3187) at the time of this update.
Egypt’s billionaire El-Sewedy family gains nearly $120 million in 10 days
The family’s joint stake in Elsewedy Electric has risen from EGP45.9 billion ($968.4 billion) on April 30 to EGP51.49 billion ($1.09 billion).
South African tycoon Neal Froneman-led Sibanye seeks debt covenant relief after profit plunges
Sibanye-Stillwater under Froneman faces a critical juncture, needing to navigate a series of impairments and potential covenant breaches to secure its financial future.
Sasini, controlled by Kenya’s wealthy Merali family posts $22 million in revenue in H1 2024
The Merali family holds a majority stake of 65.46 percent in Sasini Plc, valued at approximately $25 million.
Beyond chart-topping diss tracks: Kendrick Lamar’s ventures and property portfolio
Beyond his chart-topping hits and captivating performances, Kendrick Lamar has demonstrated a keen eye for business ventures and strategic investments.
Ugandan tycoon Charles Mbire’s MTN Uganda posts $40-million profit in Q1 2024
This strong performance builds on MTN Uganda’s success in 2023, with total revenue rising 16.75 percent to Ush2.67 trillion ($687.97 million).
South African tycoon Laurie Dippenaar’s FirstRand gets nod for $16.2-million bond listing
This issuance brings the total amount outstanding under the company’s seven-year bond program to R41.01 billion ($2.22 billion).
Lagos-based Greek businessman makes $17.1 million from stake in Flour Mills
Founded in 1960 by the late George Coumantaros and now led by his son John Coumantaros, Flour Mills has become a major player in Nigeria’s food and agro-allied industries.