DealMakers AFRICA
Dubai Investments and E20 Investments announced the signing of a MoU to develop 3,750 Ha of agricultural land in Angola. The new joint venture plans to cultivate 28,000 tons of rice and 5,500 tons of avocados over an 18-month period. The project aims to contribute to Angola’s food security and economic growth.
Practical VC has announced an undisclosed investment in Egypt’s EXITS MENA. The M&A advisory firm recently obtained its securities promotion and underwriting license from the Egyptian Financial Regulatory Authority to further expand its services.
Egyptian fintech, Menthum has secured pre-seed funding from Acasia Ventures, A15 and several angel investors. The value of the funding was not disclosed. This is the digital savings platform’s first round of funding and will be used towards expanding the existing team, customer acquisition, marketing and development of the firm’s tech infrastructure.
Verod Capital Growth Fund III has exited its investment in Nigeria’s CSCS. The investment, held through Artemis, saw FMDQ acquire a 21.6% stake in the clearinghouse through the acquisition of Artemis’ and Leadway Insurance’s stakes (16.61% and 5% respectively).
Yara International, the Norway-based plant nutrition group has disposed of its majority stake in Yara Cameroon to NJS Group who will now become the sole shareholder. Financial terms of the deal were not announced.
Absa CIB has made another investment in mobility fintech, Moove, this time to support its expansion of its vehicle in Ghana. The US$8 million investment is the second time that Absa has backed the fintech – in 2022, they investment $20 million to back the South African operations.
The board of Zimbabwe’s Border Timber has advised shareholders that it has received an offer from Cicada Plantations Zimbabwe to acquire 100% of Border Timbers plus 100% of Makandi Estates in exchange for Cicada shares. The board will advise shareholders of their recommendation in due course.
Touton has sold its palm oil plantations in Côte d’Ivoire to PALMCI, a subsidiary of SIFCA. Financial terms of the deal were not disclosed.
DealMakers AFRICA is the Continent’s M&A publication.
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