(Ecofin Agency) - US company PHP Ventures (people Help people) announced it is seeking to mobilize $50 million through an Initial Public Offering on the New York tech stock market NASDAQ. The resources will go for investments in Africa where the company wants to focus on consumer-facing companies.
“We intend to focus on consumer-facing companies with a significant African presence or a compelling African potential, which complements the expertise of our management team. We will seek enterprises at the forefront of evolving preferences, tastes, experiences, and values that have the potential to offer a differentiated proposition that creates more meaning and connectivity to the modern consumer,” PHP said in a note published on NASDAQ.
The company plans to enter this stock market as a special purpose acquisition company SPAC, a company that has set itself up as a special investment vehicle specializing in acquisitions. PHP has not given any indication of the African countries it would target. However, it is known that its Managing Director Marcus Choo Yeow Ngoh claims long expertise in African markets, particularly in countries such as Côte d'Ivoire, Ghana, Togo, and Benin, where he has worked to develop the penetration of consumer products.
PHP Ventures is confident of the opportunities that the African continent presents. The consumer goods and services market on the continent is expected to reach $6,600 billion by 2030. In its note on NASDAQ, PHP Ventures says it has given itself 18 months to make its first investments. If nothing has been agreed by the end of this period, it plans to dissolve and return the money it received from its investor shareholders. PHP mentioned countries such as Ghana, South Africa, and Nigeria as markets to watch.