To receive this brief in your email every Monday, please subscribe here.
Week commencing 3 June
BP has agreed to sell its interests in the Gulf of Suez oil concessions in Egypt to Dubai-based Dragon Oil for an undisclosed amount. Under the terms of the agreement Dragon Oil will purchase producing and exploration concessions, including BP’s interest in the Gulf of Suez Petroleum Company.
Reuters 3 June
Helios Investment Partners and the Egyptian American Enterprise Fund have acquired a 96.7% stake of Misr Hytech Seed International for an undisclosed amount. Founded in 1993, Misr Hytech is a breeder and producer of proprietary agricultural seeds and is and one of the Middle East and Africa’s largest independent seed companies
Africa Global Funds 5 June
French international banking group BNP Paribas is considering selling units in three West African countries to focus on its larger and more profitable businesses on the continent. The company may dispose of its holdings in Guinea, Burkina Faso and Mali.
Bloomberg 30 May
Water management company Heat Exchange Products is in the process of acquiring water piping company Valco Pipes. Once the acquisition is complete all employees will be retained. The entire business is expected to relocate to the Heat Exchange Products premises in Namibia.
Liquid Africa 5 June
The International Finance Corporation (IFC) is set to invest $2m in Kenyan Mortgage Refinance Company, a public-private company that provides long term funding to banks and savings and credit co-operative organisations to enable the institutions to expand their mortgage loans. The IFC did not say what stake it will get for its investment.
Business Daily 5 June