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Week commencing 29 July
AJ Capital and Investment, a Dubai-based private equity firm, acquired a 51% stake in Kenyan micro-insurer start-up, Insurance For All. AJ Capital did not disclose the amount but said the funding would be used to support expansion and marketing.
Liquid Africa 25 July
Bidco Africa Group, a consumer goods manufacturer, has opened a $192m industrial park in Kiambo, Kenya, as it considers expanding its manufacturing footprint with another plant in Nakuru. President Uhuru Kenyatta, who presided over the unveiling, said the new factory had already created 1,000 direct jobs and 5,000 indirect jobs throughout the Bidco distribution chain.
Daily Nation 25 July
Kenya has launched Africa’s biggest wind farm, valued at $680m, at Lake Turkana. The 365 turbine wind farm delivers 310MW of renewable power to Kenya’s national power grid. The wind power project secured $200m from the EU’s lending facility plus finance from a consortium of European and African companies.
Business Day 22 July
The Johannesburg High Court has ordered Zambia to halt plans to liquidate and sell Konkola Copper Mines in Zambia. The court also ruled the state breached its shareholder obligations and continues to do so. The Zambian government said it would appeal the ruling, with Zambian Mines Minister Richard Musukwa saying on Facebook that The South African court has no jurisdiction in Zambia and the ruling isn’t enforceable in the nation
Bloomberg 23 July
Onne Port in Rivers State is set to attract more cargo following its acquisition of two mobile harbour cranes, capable of handling massive cargo, for $10m. The cranes are expected to bring the West Africa container terminal on par with its counterparts in Apapa and Tin Can Island ports in terms of equipment and operational efficiency.
The Guardian Nigeria 26 July
XSML, a private equity fund that invests in central and eastern Africa, has invested in Ice industries through its African Rivers Fund. Ice is a producer of flake ice, which is used to preserve fresh produce, an essential element for the Ugandan fishing sector. The investment is expected to double Ice’s production capacity so that larger quantities can be provided to local fishing communities at lower prices.
Liquid Africa 23 July