DealMakers AFRICA
ASX-listed Lindian Resources has announced the acquisition of a 100% interest in Rift Valley Resource Developments, a Malawian company that owns the Kangankunde Rare Earths Project. Under the terms of the transaction, Lindian will acquire all the shares in Rift Valley from its existing shareholders for US$30 million. The company also announced its intention to raise capital via the placement of shares. It has received a binding commitment to subscribe for 15,000,000 fully paid ordinary shares at $0.20 per share, raising US$3 million. In connection with the Placement, the company will also issue 7,500,000 options to the investor exercisable at $0.25 per share and expiring three years from the date of issue.
KCB Group, an East African financial services organisation headquartered in Kenya, is to acquire an 85% stake in DRC-based and listed Trust Merchant Bank (TMB). Shareholders will receive a cash consideration for the shares based on the net asset value of TMB at completion of the proposed transaction and using a price to book multiple of 1.49. TMB has US$1,5 billion in assets. After two years, KCB will acquire the remaining 15% from existing shareholders.
US-based fintech Umba, has taken a 66% stake in Kenyan Daraja, a deposit-taking microfinance bank. Financial details for the transaction were undisclosed.
Vodafone plc is to dispose of its 70% stake in the Ghana operations to Africa-focused Telecel, as it seeks to concentrate on key markets. Financial details were undisclosed.
ADNOC Distribution, the retail and distribution arm of the Abu Dhabi National Oil Company, has signed an agreement to acquire a 50% stake in TotalEnergies Marketing Egypt, a fuel retail, aviation and lubricants business, for a consideration of approximately US$200 million.
Furniture and home goods marketplace Homzmart, has closed a US$23 million pre-series B round. Participating in the round were STV, Impact46, Outlier Venture Capital, Rise Capital and Nuwa Capital. The Egypt-based e-commerce platform will use the new funding to expand services, especially logistics, and strengthen supply chains.
Kenyan Insurtech Lami has raised US$3,7 million in a seed extension round led by Harlem Capital. Investors participating in the round included VC firm Newtown Partners, Peter Bruce-Clark, a partner at Social Impact Capital, Caribou Honig and Jay Weintraub of InsureTech Connect (a networking platform for insurtech innovators) and senior members from Exotix Advisory.
Qurious Labs, the Egyptian Web3-focused venture studio, has raised an undisclosed sum from Openner, a venture capital firm in Egypt. The funding will be used to support entrepreneurs in the Mena Region building Web3 companies using blockchain, digital currencies, NFTs to explore the Metaverse.
Zener SA, an integrated energy provider in Togo, has secured a financing package from the IFC which will be earmark for the use of reducing polluting fuels for cooking in the country. The loan of €8,1 million by the IFC will be matched by a loan from other partners. The company will, among other things, expand its LPG storage terminals in Togo.
DealMakers AFRICA is the Continent’s M&A publication
www.dealmakersafrica.com
