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Week commencing 18 June 2018
ARM Cement has sweetened a deal for buyers of its non-cement businesses, offering them additional assets in Tanzania worth US$8.5m for free. The company earlier announced it had reached an agreement to sell its fertiliser and mineral production businesses in Kenya to Swiss firm Omya and Pinner Heights Ltd, a company owned by its CEO Pradeed Paunrana, for $15.9m.
Business Daily 13 June
Democratic Republic of Congo
The Democratic Republic of Congo plans to start work this year on the frequently delayed Inga 3 hydropower project, after receiving a joint bid from two previously competing consortia of investors. One group led by China Three Gorges Corporation and another including Actividades de Construccion y Servicios SA of Spain submitted a joint bid on 6 June. The project will produce 11,000MW and is predicted to cost $13.9bn
Liquid Africa 14 June
Minority shareholders of Unga Group have been given 10 more days, to 28 June, to consider a US40c/share buyout offer from Delaware-based conglomerate Seaboard Corporation. The extension is a signal that the multinational may not have amassed the minimum acceptances amounting to a 75% stake needed for the transaction to proceed.
Business Daily 15 June
A $22m investment will be pumped into a new deal between KarmSolar, Egypt’s leading solar power solutions provider, and private real estate developer El Badr for Investment and Commercial Spaces, enabling its commercial project to run 100% by solar. The deal includes a commitment by KarmSolar to build solar stations producing a total of 20MW by 2021.
Liquid Africa 11 June
Àrgentil Capital Partners has acquired a 20% stake in Tempo Housing Nigeria Ltd. Tempo specialises in developing flexible residential and work spaces using modern prefabricated technology. Àrgentil also provided debt as part of its overall financing to the company. Àrgentil is investing through the Àrgentil Principal Investment Portfolio II, an SME vehicle which invests equity and debt in small and medium scale companies operating in Nigeria.