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Week commencing 11 March
Kenyan-based Sidian Bank has received a $1.2m boost from Danish investment firm Investment Fund for Developing Countries. Its 20% stake makes it the second-largest shareholder in Sidian Bank, which needs to raise its core capital following two years of losses.
Standard Media 8 March
Software Technologies, a Kenyan-headquartered proprietary software solutions provider and IT training company, has secured an investment from global private equity investor Enko Capital Managers. The undisclosed amount will be used to provide funding to roll out its existing suite of software products into other African markets.
Liquid Africa 5 March
Energy company Yellow Door Energy is planning to implement several solar energy projects in Egypt, estimated at $50m, with various capacities of up to 20MW. Yellow Door Energy, based in the United Arab Emirates, will be offering its services at prices that are 15-20% below those of the Egyptian government’s.
Daily News Egypt 5 March
EFG Hermes, Egypt’s biggest investment bank, is considering expanding into southeast Asia as it seeks to grow in emerging markets. The bank, which obtained a stockbroking licence in Kenya in 2017, also plans to use Nigeria as a regional hub.
Bloomberg 3 March
The Emerging Africa Infrastructure Fund (EAIF) has signed a $27m loan to Kikagati Power Company, which is building a 14MW run-of-the-river hydro electricity generating station on the Kagera River. The Kikagati plant is the 10th renewable energy development EAIF has backed in Uganda.
Africa Global Funds 5 March
Mobile-phone company MTN Group has announced the disposal of its share in Botswana’s Mascom. MTN has agreed to sell its 53% stake in Mascom to Econet Wireless Zimbabwe for $300m. The mobile group is facing several challenges across its territories, with a Nigeria court hearing into an alleged unpaid tax bill of $2bn due later this month.
Bloomberg 5 March