Who’s doing what in the African M&A and financial markets space?

DealMakers AFRICA

Nigeria’s Dangote Sugar Refinery (DSR) has announced the terms of the proposed merger with NASCON Allied Industries and Dangote Rice. The internal restructuring will be executed through a Scheme of Merger. The offer will be 11 ordinary shares in DSR for every 12 NASCON shares and 14 DSR shares for every 1 Dangote Rice share.

Namibian investment holding company, Stimulus has announced that its subsidiary, Desert Trade Investments, has disposed of its 79.95% stake in Namibia Media and an 80% stake in Newsprint Namibia to its co-shareholder, Emeraldsand Properties, the shareholders of which are various members of the Namibia Media and Newsprint Namibia management teams. Financial terms were not disclosed.

Morocco’s fintech, Cash Plus, has acquired a strategic stake in Moroccan B2B marketplace, SLE3TI, through its cash Plus VC investment vehicle, for an undisclosed sum.

Record Resources has signed a non-binding agreement with African Minerals Exploration & Development Fund III Sicar (AMED Fund II) and Red Sea Gold and Nurtureex to acquire preferred shares in a gold exploration property in Djibouti. AMED, Red Sea and Nurtueex collectively control 69% of Thani Stratex Djibouti. Pursuant to the execution of a definitive agreement, Record Resources will acquire half of the AMED shares in return for investing US$7,5 million.

SDX Energy has entered into a non-binding Heads of Terms for the sale of all of its Egyptian assets to a large multinational operator. Additional information will follow in due course.

Tunisian startup, SeekMake has raised US$539,000 from European PE firm Lafayette Group. The company connects clients with manufacturers across 40 countries and will use the funding to accelerate its global expansion plans, predominantly into Germany and France.

HEDG, an Egyptian fintech that provides pension plans for the private sector, has raised a six-figure pre-seed funding round from local Egyptian and Sudi Arabian investors.

FMO, the Dutch entrepreneurial development bank and British International Investment have each committed US$20m to Ethiopian private sector bank, Dashen Bank. The loan will provide much needed capital for the expansion of the country’s agricultural sector.

Osino Resources Corp, the Canadian owner of the Twin Hills Gold Project, has taken a secondary listing on the Development Capital Board of the Nambian Stock Exchange, effective 29 August 2023. The company’s primary listing is on the TSX Venture Exchange.

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