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Week commencing 11 September 2017
British oil & gas company Sound Energy has received a funding offer of between $60m and $100m for its Tendrara gas export pipeline in eastern Morocco from the Advisory & Finance Group Investment Bank (AFG). AFG is interested in financing, constructing and operating a new pipeline linking the Tendrara deposit to the Maghreb-Europe pipeline. The pipeline will connect Tendrara to regional infrastructure, effectively opening up the export route to the rest of Morocco and southern Europe.
Morocco World News 4 September
ARM Cement, formerly Athi River Mining, has signed a deal to sell its loss-making fertiliser and minerals unit to Swiss industrial firm Omya. The cement maker has several subsidiaries that deal in fertiliser blending, processing of industrial minerals and chemicals, and building products such as silicate liquid. These will all be sold to Omya in an undisclosed transaction expected to fetch the distressed company at least $52.5m.
Business Daily 8 September
The International Finance Corporation is investing up to $6m in mobile tech firm Africa’s Talking. The funds are earmarked for the company’s expansion in Africa. The IFC’s stake following its investment is still under negotiation. Africa’s Talking, which is headquartered in Nairobi, also operates in Uganda, Rwanda, Tanzania, Malawi, Nigeria and Ethiopia.
Business Daily 7 September
China has agreed to loan Guinea $20bn over almost 20 years in exchange for concessions on bauxite, an ore of aluminium. The projects guaranteed by the loan include China Power Investment Corp’s planned alumina refinery and Aluminium Corp of China’s bauxite mine, along with an additional bauxite project by the China Henan International Cooperation Group. The money will be spent on infrastructure development, including the upgrade of roads in the capital of Guinea and highways, the extension of the port of Conakry, an electric transmission line and the building of a university.
Mining Weekly 7 September
Amethis Finance has announced the acquisition of a minority stake in Sodigaz Group, a liquified petroleum gas distributor. The transaction was concluded via Amethis West Africa, its investment vehicle dedicated to West Africa. Since its creation 40 years ago, Sodigaz has succeeded in building a market share of over 60%, thanks to its network of nearly 2,000 resellers.
AVCA 4 September
Agricultural investment firm AgDevCo is teaming up with Nika – a group of experienced Mozambican investors – to invest $1.5m in Citrum SA to develop an export-focused banana operation. The partnership aims to rehabilitate a banana plantation with the intention of increasing the hectarage and yields. Production will be sold at local market as well as exported to South Africa. Over 140 workers will be employed by the farm. The funding will finance capital expenditure and operational costs related to the development plan.
Markets Insider 4 September