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Week commencing 20 Novemeber 2017
Dangote Noodles, a unit of Nigerian company Dangote Flour Mills, has sold two production lines in Ikorodu and Calabar, to rival pasta maker De United Foods Industries, a joint venture between Tolaram Group of Singapore and Salim Group of Indonesia, produces Indomie Noodles. The transaction is valued at $12.26m and comes after Dangote Flour Mills’ announcement that it wanted to quit the noodles business to focus on its flour and pasta production.
The Vanguard 15 November
General Electric will invest $2.7bn in infrastructure, operation and maintenance on Nigeria Railway Corporation’s entire narrow-gauge lines concession. General Electric will begin work in December, and talks are scheduled for early next year for it to take over management of the lines.
The Guardian 11 November
The government has approved a resolution authorising Capitol Resources, a subsidiary of Australia’s steel manufacturer Baobab, to carry out mining activities in the district of Chiúta. The resolution gives the company rights to produce iron ore, process steel and construct a steel plant as well as a thermoelectric plant. The contract is valid for 25 years, subject to renewal.
Club of Mozambique 15 November
South Korea has pledged to support Tanzania as it exploits its potential to produce renewable energy to boost industrialisation and speed up transformation of the nation to a semi-industrial economy. To date, Korea’s Economic Development Cooperation Fund has invested $545.10m to fund 12 projects in infrastructure, energy, water and education in the country.
Daily News Tanzania 13 November
Mid-tier lender Stanbic Bank has launched a new business unit, Stanbic Wealth, targeted at helping clients grow wealth through a diversified set of onshore and offshore financial and investment services. The unit will offer individuals and firms a one-stop shop for life and general insurance, investment opportunities and health services, in an effort to meet the increasingly sophisticated needs of clients seeking wealth-type products.
Daily Nation 16 November