John Kimani-linked Kakuzi expects earnings to fall by 25 percent in 2021
Kenyan media mogul John Kimani who holds a governance role in Kakuzi, is the firm’s largest shareholder with a 32.3-percent stake.
East Africa
U.S. businessman Jeffrey Stoops’ SBA Communications acquires Airtel Africa tower assets in Tanzania
Stoops holds a direct 0.77-percent stake in the U.S.-based wireless asset operator.
Despite ongoing litigation by Kenyan tycoon Julius Mwale, Sarrai Group resumes work at Mumias Sugar
Sarrai Group recently won a multibillion-shilling tender to control Mumias Sugar, but the win has been challenged in court.
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.
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.
Kenyan tycoon Charles Njonjo, country’s first attorney-general, passes away at 101
Njonjo died at his home early Sunday morning.
Ethiopian billionaire Mohammed Al-Amoudi loses $855 million in 2021
Al-Amoudi, who is the wealthiest man in Ethiopia, has a net worth of $6.71 billion.
Kenyan court freezes Mumias Sugar lease to Uganda-based Sarrai Group after Julius Mwale litigation
Justice Anthony Ndung’u has temporarily suspended the leasing of the ailing sugar miller.
Tanzanian magnate Ketan Patel loses $5.3 million in 2021 as Shanta Gold shares lose half value
Patel, who founded Shanta Gold in 2001, has seen a $5.3-million loss in the value of his stake since January.
Kenyan tycoon Julius Mwale threatens court action after losing hold over Mumias Sugar
After losing their bid to revive Mumias Sugar, Mwale and Gale are challenging the tender process.
Turkish tycoon Ersin Arioglu’s Yapi Merkezi signs $1.9-billion contract to extend Tanzania railway
Yapi Merkezi Group is a Turkish behemoth founded by multimillionaire businessmen Ersin Arioglu and Koksal Anadol.
Britam Holdings, controlled by Kenyan tycoons, set to earn $123.3 million from sale of Equity Group shares
The deal comes at a premium of nearly 11 percent over Equity Group’s share price.
Kenyan businessman Andrew Ndegwa gains $1.4 million in three weeks from stake in NCBA Group
NCBA Group is a Nairobi-based financial services conglomerate functioning as a non-operating holding.