Naguib Sawiris-led Orascom Financial Holding swings to consolidated loss in Q1 2024
Orascom Financial Holding has reported a consolidated net loss of EGP 22.81 million ($479,062.20) for Q1 2024.
Billionaires Africa
South African tycoon Laurie Dippenaar loses $32 million in FirstRand stake in 17 days
This decline is primarily attributed to local investors reducing their holdings in the renowned Johannesburg-based financial services provider.
Femi Otedola’s Geregu Power eyes growth as Nigeria finalizes $1.15-billion power plant sale
The company is in line to acquire one of five power plants being sold by the Nigerian government through the Ministry of Power.
Absa led by South Africa executive Arrie Rautenbach seals deal with French giant Renault
The collaboration introduces Renault Financial Services, a new financing and services platform designed for Renault customers.
Robert F. Smith regains top spot as America’s richest Black billionaire
This comes after a month-long reign of David Steward, majority shareholder and co-founder of World Wide Technology (WWT).
Digital bank backed by Africa’s first Black billionaire hits 12.4 million customers in South Africa, Philippines
This achievement comes less than a decade after its inception and is bolstered by a significant $110 million secured in its Series C capital raise finalized in January 2024.
Firm linked to Namibian tycoon Quinton van Rooyen confirms $763-million diamond resource
This revelation follows Trustco’s divestiture of a 70-percent stake in the Meya Mining diamond mine to Sterling Global Trading last year, retaining a 19.5-percent interest.
Revolt unveils new ownership after Sean ‘Diddy’ Combs sells his shares
Diddy divested his stake in March amid ongoing federal investigations and sexual abuse allegations against him.
South Africa’s Ackerman family makes $21 million from Pick ‘n Pay stake
The Ackerman family holds a 25.53-percent stake in Pick n Pay, equivalent to 124,677,238 shares.
Burkinabe tycoon Mahamadou Bonkoungou expands commercial airline fleet to four aircrafts
This new acquisition represents a major milestone for the company. From the outset of its operations one year ago, LIZ Aviation had announced its expansion fleet to four aircraft.
Rihanna expands beauty empire with launch of Fenty Hair, targeting $107 billion market
The recent announcement follows Rihanna’s recent visit to Shanghai to promote the April launch of Fenty Beauty in mainland China
Femi Otedola boosts stake in First Bank parent with new shares worth $7.7 million
Femi Otedola now holds a 7.01 percent stake in the financial services group.
Nigerian oil magnate Wale Tinubu’s Oando resumes trading on Johannesburg Stock Exchange
Oando’s return to JSE is seen as a positive boost for investor confidence and market position under Wale Tinubu’s leadership.
Anthony Joshua eyes $192-million Watford takeover after earning $83 million in past year
The former two-time heavyweight champion, who earned $83 million over the past year, is now setting his sights on the football world.
Egypt’s wealthy Khamis family gains $11 million from Oriental Weavers stake in 6 days
The Khamis family, one of Egypt’s wealthiest, holds a majority stake in Oriental Weavers, a leading carpet manufacturer with a global presence.
South African tycoon Tshepo Mahloele’s Capitec stake declines by $31 million in 48 hours
This follows a $24.84 million loss between May 10 and 28, when his stake declined from R19.3 billion ($1.05 billion) to R18.84 billion ($1.03 billion).