Africa-based fund manager Coronation Asset Management has become the second largest investor in SPAR, a Dutch retailer listed on the Johannesburg Stock Exchange and active in several African countries. Coronation now owns 16% of the company's capital, up from 4.8% previously. The amount of the transaction was not disclosed, but market data suggests that the fund manager acquired nearly 16.6...

British telecom group Vodafone announced an investment of $25 million in Texas-based satellite manufacturer AST & Science. The US firm wants to launch the world’s first low earth orbit, low latency satellite network- called SpaceMobile- capable of connecting directly to a smartphone. The network's signal will help to strengthen the telecom coverage of a partner mobile operator. For...

Nigeria’s Federal Executive Council (FEC) approved $80 million for the construction of two roads linking two Northern states to the border with Niger. The first road to be built (47 km) links Balle-Kardula in the state of Sokoto to the Niger border. It is valued at N9.5 billion (about $26 million) and work is expected to last 24 months. The project is entrusted to Messrs North Sea...

Zambia will receive $389 million in financial assistance from the United States to advance fight against AIDS, the Ministry of Health said this week. The funding is part of the U.S. President's Emergency Plan for AIDS Relief (PEPFAR), launched in 2003 by President George W. Bush. “The U.S. government, through PEPFAR, is a strategic partner in Zambia's National HIV response which has...

The President of the African Development Bank Group, Dr. Akinwumi Adesina is pleased to announce the appointment of Ms. Bajabulile “Swazi” Tshabalala as Acting Senior Vice President of the Bank with immediate effect.  Ms. Tshabalala, currently the Vice President for Finance and Chief Finance Officer for the African Development Bank Group, joined the Bank on August 1, 2018....

Subsea cable operator Seacom announced it has signed a partnership with Tata Communications today March 2 to expand connectivity in new markets. While Seacom will take advantage of the strong Asian and European presence of Tata Communications' telecom infrastructure to reach markets such as Hong Kong, Singapore, London, Marseilles, Frankfurt and Amsterdam, the Indian company will in return take...

Last year, the United States became Kenya’s biggest export destination beyond the continent’s borders, the Central Bank of Kenya reports. Over the period reviewed, Kenyan exports to the US grew by 9.53% YoY to KSh51.9 billion (about $512 million), the highest peak in 5 years. The exports mainly consisted of textiles and clothing. While Pakistan was the East African nation’s top buyer...

The Egyptian government will start activities on its satellite assembly plant in March 2021. The announcement was made by Mohamed Al-Qousi, CEO of the Egyptian Space Agency. The infrastructure will be established in the space and satellite technology city that is under construction near the new administrative capital. The space and satellite technology city - due to open this year - and the...

The Islamic Development Bank has granted the Republic of Guinea €41.8 million to finance the construction of the Boke-Quebo corridor linking the country to neighboring Guinea-Bissau. According to the Guinean Minister of Public Works, Mustapha Naïté, the government “intends to use part of this funding to make payments for the acquisition of goods, related works and services, and...

On February 28, the Kenya Competition Authority (KCA) gave the go-ahead for the acquisition by Amethis Finance of 30% stake in supermarket chain Naivas. According to Businessdailyafrica, which reported the news, the regulator required that the new entity complies with all current contracts with suppliers, whatever their duration, and that all existing debts to them be settled.  The entry...