Exchange-Listed Companies
Growthpoint intends to ask shareholders to vote on the issue of 20 million shares (0.6%) to the company’s flagship corporate social investment initiative, the CSI Trust, to further increase its B-BBEE credentials. The shares, currently held as treasury shares by subsidiary Growthpoint Management Services, would be sold to the Trust at R12.50 per share, financed by way of a loan in the amount of R250 million. According to the company, the Trust would become a valuable source of perpetual funding for Growthpoint’s social impact projects. Aside from shareholder approval the scheme also needs sanction from the B-BBEE Commission.
Following a cautionary announcement earlier this month, Afrimat has now announced the acquisition of Lafarge South Africa from Holcim Group subsidiary Caricement. The acquisition has been structured as a locked box transaction with effect from 31 December 2022 for US$6 million payable in cash. In addition, Afrimat will repay shareholder loans of R900 million with R500 million payable immediately and the rest over a 12-month period. The acquisition will expand Afrimat’s current national footprint and products, driving efficiencies in the construction materials segment.
Sasol and long-term strategic partner Topsoe, a Danish decarbonisation technology company, intend to establish a 50/50 Joint Venture to develop sustainable aviation fuel solutions (SAF). The JV will develop, build, own and operate ventures producing SAF based on Sasol’s Fischer Tropsch technology and Topsoe’s relevant SAF technologies.
FirstRand’s corporate and investment bank, RMB, has partnered with Sturdee Energy to help grow the business in the southern African renewables energy sector. The equity funding will give the business the ability to further build out its immediate pipeline of 175MW and position it to deliver flexible power purchase agreements.
Unlisted Companies
Zoie Health, a digital health platform using technology to provide holistic healthcare benefits, has closed a pre-seed extension funding round. The round was led by 4DX Ventures with participation from impact investor E Squared Investments. With the funding, Zoie Health plans to grow Africa’s first digital women’s health clinic by increasing the product offering and scaling to new regions on the continent.
Actis, the UK-headquartered global investment firm focused on the private equity, energy, infrastructure, and real estate asset classes, has agreed to sell BTE Renewables to Engie and Meridiam for a total enterprise value of US$1 billion. BTE Renewables is a local renewable energy company, with an operating portfolio of nearly 500 MW of wind and solar PV projects in South Africa and Kenya. In terms of the deal, Engie will acquire the SA portfolio and team while Meridiam will acquire the Kenyan portfolio and team.
Solar energy asset financier Yellow has raised US$14 million in series B funding to scale its operations in Africa in a round led by Convergence Partners. The investment will be used to leverage more debt finance to expand its customer base offering finance for smartphones and solar systems.
DealMakers is SA’s M&A publication.
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