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Africa, global investors collaborate for infrastructure investment on the continent

By: Tasneem Bulbulia 4th July 2023 African and global institutional investors have signed subscription agreements and letters of intent in preparation for the first close of the Africa50 Infrastructure Acceleration Fund (IAF), which was set up to catalyse further investment flows for the development of critical infrastructure... →

South Africa to require crypto exchanges licensing by year-end

By: Bloomberg 4th July 2023 South Africa will require that crypto exchanges in the country operate with licenses by the end of the year, according to the country’s financial regulator. The Financial Sector Conduct Authority has received about 20 applications since opening for licenses a few weeks ago, with more expected... →

Capital Appreciation concludes acquisition of Dariel Solutions

By: Cameron Mackay 4th July 2023 Financial technology (fintech) group Capital Appreciation has completed the R131.2-million acquisition of Dariel Solutions, the parent company of South African information technology (IT) software services provider Dariel Software. Capital Appreciation offers technology-based goods and services... →

DBSA celebrates 40 years of development impact, regional integration

By: Schalk Burger 3rd July 2023 Development finance institution the Development Bank of Southern Africa is celebrating 40 years of delivering progress through critical infrastructure that transforms livelihoods, while sustaining and growing emerging economies. “Over the years, the bank has extended its presence in the... →

AfDB commits $11m to BluePeak to provide capital to mid-sized enterprises

By: Schalk Burger 3rd July 2023 Development finance institution the African Development Bank (AfDB) has approved an $11-million equity investment in BluePeak Private Capital Fund toward its $155-million target for final close. The investment advances the AfDB's goal of supporting mid-size firms, including in the... →

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The AfDB's investment will help increase pharmaceutical production in Africa

Yanga Mputa appointed Tax Ombud

By: Tasneem Bulbulia 3rd July 2023 Finance Minister Enoch Godongwana has appointed Yanga Mputa as the Tax Ombud, effective from July 1. Mputa becomes South Africa’s first female Tax Ombud. The appointment is for a period of five years. →

Hudaco reports strong interim result despite difficult market conditions

By: Darren Parker 30th June 2023 JSE-listed industrial products supplier Hudaco Industries has reported a strong performance amid a challenging six months ended May 31, with turnover having increased by 12.4% to R4.3-billion, profit by 0.3% to R293-million and operating profit by 2.8% to R465-million. Cash generated from... →

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Hudaco CEO Graham Dunford

Afreximbank launches suite of digital services to promote AfCFTA functioning

By: Cameron Mackay 22nd June 2023 Pan African financial institution the African Export-Import Bank (Afreximbank), in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, have launched the Africa Trade Gateway (ATG) – a suite of five digital platforms that have been designed as a single window to enable... →

Anuva Green Energy seeks to expand solar energy funding partnership

By: Schalk Burger 14th June 2023 Tax-leveraged alternative investment company Anuva Green Energy is actively seeking additional partnerships with industry experts, and reputable engineering, procurement and construction and solar companies to deploy surplus funds to green energy projects in existing portfolios and pipeline... →

Capitalworks sells South African boat designer, builder to European investment firm

By: Schalk Burger 14th June 2023 Private equity manager Capitalworks has closed the sale of South African boat builder Robertson and Caine, known for its catamarans, to international investment company Vox Ventures. This transaction, representing the largest foreign direct investment in the boat building sector in South Africa,... →

Allan Gray Makers calls for entrepreneurs to enter artisanal campaign

By: Tasneem Bulbulia 12th June 2023 The Allan Gray Makers programme says it is taking a proactive step to address unemployment and poverty in South Africa through its Artisans of Mzansi Campaign, which is aimed at amplifying the value of skilled artisans and creating meaningful employment opportunities in the country. The Artisans... →

ARC Fund reports resilient performance despite macroeconomic challenges

By: Schalk Burger 9th June 2023 JSE-listed investment fund African Rainbow Capital Investments (ARC Fund) notes that the third quarter of its 2023 financial year was characterised by a challenging macroeconomic environment featuring currency weakness, elevated inflation, rising interest rates and electricity supply... →

Bidvest’s performance on track for a strong year-end

By: Darren Parker 8th June 2023 In a trading update for the ten months ended April 30, service, trading and distribution group Bidvest has reported that its financial performance remains robust and has so far been sustained in line with what the company reported for the six months ended December 31. The company reported on June... →

Investec takes majority stake in boutique M&A firm Capitalmind

By: Bloomberg 7th June 2023 Investec Bank has bought a majority stake in European adviser Capitalmind Group, the latest deal for a boutique firm amid the worst mergers and acquisitions slump in a decade. The subsidiary of Investec, whose shares are listed in both London and Johannesburg, will increase its stake in... →

DP World, Standard Bank partner to provide trade finance in Africa

By: Schalk Burger 29th May 2023 Supply chain and logistics company DP World and financial services firm Standard Bank have partnered to offer trade finance solutions. African companies looking for trade finance will now be able to seamlessly access working capital from Standard Bank through the DP World Trade Finance platform,... →

AFC secures $625m from new Middle East, Asia lenders

By: Tasneem Bulbulia 29th May 2023 In a move to further diversify its debt profile, infrastructure solutions provider the Africa Finance Corporation (AFC) has secured a $625-million syndicated loan with new lenders from the Middle East and Asia. Gulf Bank, the National Bank of Ras Al-Khaimah, China CITIC Bank, Qatar National Bank,... →

Risk solutions provider growing African footprint

By: Halima Frost 26th May 2023 Since its establishment in 2021, risk mitigation solutions provider Africa Speciality Risk (ASR) has set its sights on consolidating its underwriting activities in South Africa as part of its developing in the African insurance construction space. The company highlights that it has made “real... →

A silhouette of construction workers pouring concrete at a construction site

ASSURING INSURANCE ASR offers reinsurance to many sectors including the construction sector across Africa

Mike Salawou appointed AfDB infrastructure, urban development director

By: Schalk Burger 22nd May 2023 Development finance institution the African Development Bank (AfDB) has appointed Mike Salawou as the director of its Infrastructure and Urban Development Department, effective from May 16. Salawou previously served as acting director of the Infrastructure and Urban Development Department, where... →

Zimbabwe President promises reforms ahead of August elections

By: Darren Parker 17th May 2023 Zimbabwe President Emmerson Mnangagwa has promised development partners and creditors that his government will implement reforms necessary for resolving the country’s nearly $8.3-billion debt and arrears. He was speaking during a high-level debt resolution forum, held on May 15 in Harare.... →

Mozambique President Joachim Chissano, Zimbabwe President Emmerson Mnangagwa and African Development Bank president Dr Akinwumi Adesina

WBHO’s A2X listing providing improved price, liquidity for shareholders, exchange says

By: Tasneem Bulbulia 17th May 2023 Construction company Wilson Bayly Holmes-Ovcon (WBHO) listed on A2X on April 11, and data gathered by the exchange reflects that WBHO shareholders are now able to transact at the best price on A2X, with greater liquidity and achieve best execution, it outlines. In the first 20 days of trading,... →

African private capital activity remains resilient despite global uncertainty, volatility

By: Schalk Burger 2nd May 2023 African private capital markets experienced a record-high volume of deals in 2022. As a result, deal volumes in the region recorded a remarkable 46% year-on-year growth, and venture capital was the most active asset class, accounting for 74% of the total private capital deal volume and over half... →

Norsad Capital Impact Report highlights progress in achieving strategic goals

By: Tasneem Bulbulia 26th April 2023 Impact investor and private credit provider Norsad Capital on April 26 launched its 2022 Capital Impact Report, the sixth iteration of these reports, with CEO Kenny Nwosu indicating that last year was an “exciting year of growth and expansion” as the company aims to achieve its strategic goals.... →

Rohatyn Group acquires Ethos Private Equity to drive African investment

By: Tasneem Bulbulia 24th April 2023 Specialised global asset management firm The Rohatyn Group (TRG) on April 3 announced the completion of its acquisition of Ethos Private Equity, an alternative asset management firm in Africa. Terms of the transaction were not disclosed. →

Absa partners with BAIC South Africa on vehicle finance solutions

By: Donna Slater 20th April 2023 Financial services provider Absa has entered into a vehicle finance alliance agreement with local subsidiary of the Beijing Automotive Group, BAIC South Africa (BAIC SA), as the vehicle manufacturing firm expands its operations in South Africa. Absa will partner with the automotive manufacturer... →

R400m energy fund launched to help finance backup power solutions for SMEs

By: Donna Slater 20th April 2023 Small and medium-sized enterprise (SME) financier Business Partners has launched a R400-million Energy Fund aimed at helping SMEs finance viable sources of alternative electricity and thereby keep them in business during loadshedding. According to data published by the South African Reserve... →

JSE imposes censure on former Tongaat CFO Munro; R6m fine suspended for now

By: Darren Parker 19th April 2023 Sugar company Tongaat Hulett former CFO Murray Munro has been banned from being a director or officer of any listed company for ten years, with immediate effect. The JSE found that he failed to fulfil his duties and responsibilities as CFO of the company with the necessary due care and skill... →

Tongaat Hulett former CFO Murray Munro

AfDB, AFD extend $300m in funding to Tanzania’s Kakono hydroelectric plant

By: Donna Slater 17th April 2023 The government of Tanzania, the African Development Bank (AfDB) and the French Development Agency (AFD) have signed agreements for two development project loans worth $300-million to finance the construction of the 87.8 MW Kakono hydropower plant in Tanzania. Located in the Kagera region, in the... →

Nedbank sees R10bn pipeline of green energy projects

By: Bloomberg 13th April 2023 Nedbank Group has increased its green finance pipeline to more than R10-billion as more South African businesses invest in private power generation after the government lifted restrictions to help resolve the country’s energy crisis. “There are very strong pipelines currently in our business and... →

Nedbank, partner invest R15m in early childhood development fund

By: Schalk Burger 13th April 2023 Financial services firm Nedbank and its partner black-controlled and -managed investment company Brimstone have, through the Black Business Partners (BBP) Legacy Programme, invested R15-million in the US Agency for International Development (USAID) CATALYZE EduFinance Fund. The R110-million fund... →

Bushveld announces further steps to carve out independent energy storage entity

By: Darren Parker 12th April 2023 Integrated primary vanadium producer and energy storage solutions provider Bushveld Minerals has announced that VRFB Holdings (VRFB-H) has entered into a conditional agreement with Garnet Commerce and Mustang Energy, pursuant to which VRFB-H has agreed to acquire Garnet's 50% interest in Enerox... →

Bushveld CEO Fortune Mojapelo

Standard Bank helps Westfalia expand its footprint with $100m facility

By: Creamer Media Reporter 6th April 2023 Africa’s largest bank by assets Standard Bank has participated in a $300-million dual-currency revolving credit facility (RCF) extended to multinational fresh fruit and related products supplier Westfalia Fruit. The funding, executed alongside the International Finance Corporation (IFC) and the... →

2023 Energy Investment Village open for pitches

By: Tasneem Bulbulia 4th April 2023 The Green Energy Africa Summit (GEAS) has announced the launch of the 2023 Energy Investment Village (EIV), a deal-pitching event for African clean-tech starts-ups and energy projects. The EIV is now open for entries from emerging African energy businesses and will culminate in a Lion’s Den-type... →

Absa to offer its SME clients grants to help them fund solar energy installations

By: Rebecca Campbell 3rd April 2023 South African banking and investment services group Absa has announced that it is making R50-million available to provide solar energy grants to small and medium enterprises (SMEs) that are its clients. More specifically, the grants will be offered to SMEs whose commercial properties are financed... →

Despite deteriorating business conditions, South African purchase managers remain optimistic

By: Darren Parker 3rd April 2023 The seasonally adjusted Absa Purchasing Managers’ Index (PMI), compiled by the Bureau for Economic Research, ticked down to 48.1 in March from 48.8 in February. The PMI shows that, after a solid start to the year, this was the second straight month that the index pointed to a deterioration in... →

Commission welcomes Tribunal’s ruling that banks must answer on currency manipulation allegations

By: Tasneem Bulbulia 31st March 2023 The Competition Commission has welcomed the decision of the Competition Tribunal in which it dismissed applications or objections brought by various local and foreign banks to escape prosecution on currency manipulation allegations. The tribunal ruled in the commission’s favour to add nine other... →

Absa Green Deposit investment product for corporates facilitates investment in green assets

By: Schalk Burger 31st March 2023 Financial services firm Absa has secured the opening investment in its Absa Green Deposit, which is an investment product that will link funds raised to a ring-fenced portfolio of eligible green assets and provide corporate companies in South Africa with an attractive yield. This initial tranche... →

DBSA appoints Boitumelo Mosako CEO, Zodwa Mbele interim CFO

By: Schalk Burger 31st March 2023 Development finance institution the Development Bank of Southern Africa (DBSA) has appointed Boitumelo Mosako as CEO with effect from April 1 after completing all internal appointment processes and procedures. She will step down as CFO on the same date. As CEO and executive director on the board,... →

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Africa Business Business Growth Coal Financial Projects Resources Services Sustainable Building Efficiency Energy Flow generation Power Renewable Energy Renewable-Energy Components Export PROJECT Training Construction Infrastructure Cutting Innovation Solar Water Eskom System Engineering ... more

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