DealMakers AFRICA

Afreximbank’s impact investment subsidiary, The Fund for Export Development in Africa (FEDA) has invested in the Cabinda Oil Refinery in Angola. Financial terms were not disclosed. The 60,000 barrel per day refinery is an integrated modular oil refining platform being developed by joint venture partners Gemcorp and Sonangol.

Verod Capital and AfricInvest have acquired a majority stake in ICT solutions provider, iSON Xperiences. The companies did not disclose the value or size of the stake, but this is a follow-on investment for AfricInvest who first invested back in 2018. iSON operates in 19 countries, 16 of which are in Africa and serves more than 500 million end-users across multiple sectors.

Oasis Capital Ghana has announced its first complete exit from the Oasis Africa Fund 1, through the successful exit of its holdings in Legacy Girls College in Ghana.

Orosur Mining, a minerals explorer and developer operating in Columbia, Argentina and Brazil, has expanded into Africa with the announcement of a joint venture with Nigeria’s Jurassic Mines. The 70%:30% joint venture partners have agreed to explore a number of exploration licences across Nigeria, considered to be highly prospective for lithium mineralisation. The 70% stake is structured as a two-phase earn-in of US$3 million expenditure for a 51% stake and $2 million for the remaining 19%.

Shell and Saudi Aramco have partnered up to join the bidding for Wataniya Petroleum, a subsidiary of the Egyptian military-owned, National Service Products Organization. Other contenders include ADNOC, North Petroleum International Company, Emirates National Oil Company and TAQA Arabia.

Crafty Workshop, an Egyptian edtech founded in 2019, has raised US$400,00 in seed funding from EdVentures. This is a follow-on investment for the edtech investor who first invested in 2019. The e-learning platform specialises in the creative industries and also serves as a vocational training provider.

Nigerian insurtech startup Haba has announced a US$75,000 pre-seed funding raise from undisclosed investors. The funding will be used to enhance the company’s service capabilities, strengthen its technical team and increase its marketing reach to grow its individual customer base.

Access Afya, a Kenyan healthcare operating system, has raised a significant investment from the Philips Foundation and the UBS Optimus Foundation. The exact size of the funding was not disclosed.

DealMakers AFRICA is the Continent’s M&A publication.
www.dealmakersafrica.com