DealMakers AFRICA

Nigerian agritech, Winich Farms, has completed a US$3 million debt and equity pre-series A funding round. The round was supported by Acumen Resilient Agriculture Fund, Climate Resilient Africa Fund, Marula Square, Plug and Play, Tekedia Capital and Sahel Capital. The funding will be used to scale operations, enhance its digital platform and expand its financial services to more farmers.

Afreximbank’s development impact invest arm, The Fund for Export Development in Africa (FEDA) and Africa Finance Corporation (AFC) have made a US$443 million investment in Dubai-based Arise IIP. FEDA invested $300 million for their equity stake and AFC increased their shareholding by $143 million. Arise IIP is a pan-African developer and operator of industrial parks. The funding will be used to accelerate expansion and operational efficiency across its 12-country portfolio which includes Malawi, Cameroon, Sierra Leone, Benin, Togo, Ivory Coast, Rwanda, Gabon, DRC, Republic of Congo, Chad and Nigeria.

Apple Orchards, a Kenyan agriculture enterprise specialising in apple seedling cultivation, has received a US$1 million term and working capital loan from Sahel Capital’s Social Enterprise Fund for Agriculture in Africa (SEFAA).

The Saudi Investment and Industrial Development Company, a subsidiary of the Saudi Paper Manufacturing Company, has sold its entire stake in Moroccan Paper Manufacturing Company to Omar Al-Nasi for MAD19 million.

Injaro Investments subsidiary, Investment Capital Partners, via the Pro Impacto Fund, has announced an undisclosed investment in AGRA, Lda in Cabo Verde. AGRA is a producer of poultry and animal feed and is the fund’s second investment in the West African island country. The funding will enable AGRA to modernise its operations and increase production capacity.

Kenya-based Dhamana Guarantee Company will start operations to mobilise private sector finance to support the development of sustainable businesses, following investments from InfraCo Africa, the African Devlopment Bank and CPF Group, with support from Cardano Development and FSD Africa. Dhamana will issue guarantees to commercially viable projects, businesses and institutions that tackle the climate crisis.

Prudential plc has agreed to acquire the remaining shares in its Nigeria joint venture business, Prudential Zenith Life Insurance. The value of the deal was not disclosed but will be paid in cash and includes a performance-based element. In 2017, Prudential acquired a 51% stake in the then Zenith Life Insurance.

AJN Resources has entered into an agreement with Lord Purus Trading (LPT) to acquire up to a 70% stake in the Dabel Gold Project, situated in Marsabit County. The project lies within the Adola Gold Belt which hosts the Lega Dembi gold mine. AJN can acquire up to a 70% interest in the project through the issue 5,000,000 shares in the share capital of AJN to LPT within 10 days of signing the agreement, conducting a 90-day due diligence, following which, if they wish to continue, they will acquire a 60% stake and issue 19.9% of its share capital to LPT, make a payment of US$50,000 on signing the Agreement, a further $50,000 on completion of a fundraise and $250,000 after six months from signing the agreement. AJN will also pay an additional $500,000 on the anniversary of the $250,000 payment for the duration of the exploration phase. AJN can acquire an additional 10% interest in the Dabel Gold Project by paying $10,000,000 to LPT within two years from the commencement date or paying $15,000,000 within three years from the commencement date.

DealMakers AFRICA is the Continent’s M&A publication
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