To receive this brief in your email every Monday, please subscribe here.
Week commencing 12 November
Econet Wireless Zimbabwe plans to list its financial units as a single entity on the country’s stock exchange and sell a majority stake in network operator Liquid Telecom back to the South African firm’s parent company. The Harare-based firm founded by Zimbabwean tycoon Strive Masiyiwa plans to create a newly listed business called Cassava Smartech Zimbabwe Ltd. EcoCash, Econet Life, Econet Insurance and Steward Bank will be transferred into the new entity.
Bloomberg 9 November
Oil marketer KenolKobil, listed on the Nairobi Securities Exchange, is set to acquire 33 petrol stations in Uganda and Rwanda from Delta Petroleum for an undisclosed amount. KenolKobil is back on the expansion trail having previously scaled down its regional footprint in Tanzania and the Democratic Republic of Congo markets.
The Daily Nation 7 November
Dangote Cement, Africa’s biggest producer of the building material, has expressed an interest in acquiring Kenyan rival ARM Cement, according to three people familiar with the matter. ARM has been exploring a sale since at least October 2017. The company, part-owned by CDC Group, was placed in administration in August after failing to find a strategic investor to help it manage debts of $141m.
Bloomberg 8 November
Finnish power manufacturing and service company Wärtsilä won two engineering, procurement and construction contracts to develop grid-connected solar firms in Kenya. The Wärtsilä east African unit will begin construction next year and each plant will have a capacity of 40 megawatts.
Bloomberg 8 November
US-based impact fund manager Equator Capital Partners announced the first investment from its new ShoreCap III fund in pan-African fintech company, MFS Africa. The fintech company is the largest digital payments hub on the continent, connected to over 170-million mobile wallets in sub-Saharan Africa.
Africa Global Funds 8 November
Transportation companies Uber and Suzuki Motor are partnering to make cab-hailing services in Africa faster and cheaper. The deal enables drivers who don’t own their own vehicle or cannot raise credit to buy a car the opportunity to do so. Across sub-Saharan Africa the Suzuki Alto model will be used for the quick-trip, low-cost Uber ChapChap (meaning faster in Swahili) service.
The New Times 4 November