DealMakers AFRICA

Firering Strategic Minerals plc, an exploration company focusing on critical minerals, has increase its stake in the Atex Lithium Tantalum Project in Côte d’Ivoire from 51% to 77%. A 10% stake was acquired in exchange for 1,158,200 shares valued at €88,672 and a further 16% for €320,000 in cash. The company has an option to acquire the remaining 23%.

Dutch energy and commodity trading company Vitol has entered into a joint venture with the Nigeria Sovereign Investment Authority to invest in a range of high integrity, socially impactful, carbon avoidance and removals projects in Nigeria. The companies will make an initial commitment of US$50 million and will partner with local NGOs.

CFAO Kenya has made an undisclosed investment in OFGEN, a leader of solar PV installation for commercial and industrial use in East Africa.

Autochek Africa, an e-commerce company headquartered in Lagos, has acquired CoinAfrique, a Mauritian-based classified ad marketplace, serving francophone African markets. The deal will accelerate the penetration of Autochek’s auto financing services in French-speaking Africa.

In a non-binding offer, SODIC a real estate and community development company, is to make a cash acquisition of Cairo headquartered state-owned developer Madinet Nasr Housing & Development through a mandatory tender offer. The offer is for an indicative purchase price in the rage of EGP3.20 and EGP 3.40 per share, representing a 28-%36% premium, valuing the company at c.EGP6,18 billion (US$328 million). SODIC will undertake a due diligence.

Paymee, a Tunisa-based fintech startup offering specialising in digitising payment flows that offer online payment acceptance solutions, has raised six-figure funding in a round led by P1 Ventures. Funds will be used to accelerate its product development and offering.

Kenyan startup Duhqa, a last mile end to end supply chain and distribution technology platform enabling manufacturers, retailers and individuals to buy and sell conveniently, has closed a US$2 million seed round from participants CrossFund, Roselake Ventures and Mo Angels, among others. The funds will be used to scale its service offerings in East Africa.

Cameroonian importer and distributor of petroleum products BOCOM Petroleum SA, has secured a €50 million financing package through the International Finance Corporation. The financing will be used to expand access to liquified petroleum gas in Cameroon.

DealMakers AFRICA is the Continent’s M&A publication
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