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Week commencing 27 Novemeber 2017
Kings Pride Properties, a Nairobi-based real estate development and investment company, has signed a financing term sheet of $450m with Milost Global, a New York-based private equity firm. This is a working capital and development facility for the company which is being provided as a combination of debt and equity, of which $150m will go to equity facility with the remainder going towards the debt facility. The funding will go towards helping Kings Pride expand into the East African region.
Liquid Africa 20 November
Paper pulp producer Portucel Mozambique – a subsidiary of Portuguese pulp manufacturer, The Navigator Company – is set to build a $3bn pulp mill in Ile-Namarroi. The mill will have a production capacity of 1.5Mt and a biomass power generation plant. Portucel will finance 80% of the project, with the International Finance Corporation expected to cover the remaining 20%. It is expected to be operational by 2023 and increase the global pulp production of The Navigator Company to more than double its capacity of 1,440kt per annum.
Club of Mozambique 22 November
French automobile manufacturer Groupe PSA is finalising the conditions of its partnership with multinational conglomerate Mansour Group, to take effect early in 2018. After launching an open import and distribution contract bid in Egypt for its Peugeot products earlier in the year, the vehicle manufacturer, along with Mansour Group and Dubai-based investment firm, Scope Investments, was awarded the deal to distribute Peugot products in Egypt.
Daily News Egypt 22 November
President Yoweri Museveni has offered land to Chinese energy firm Sunmaker Energy to build an oil and gas vocational institute to train Ugandans in internationally certified vocational courses. The institute will train 1,600 students a year in oil and gas skills, including health, safety and environmental management.
Daily Monitor Uganda 23 November
Multinational fund manager XSML announced its fifth investment in Ugandan pharmacy network Ecopharm. The firm has a network of eight pharmacies in Kampala. The financing will enable the network to expand its footprint across Kampala and improve overall stock levels.