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Africa’s Mobile Industry Contribution To GDP To Expand To US$184Bn By 2024- GSMA

http://go2uvm.org/2014/03/new-year-ugadi-karanatakas-new-year-cvc-announces-uvm-1-2-day AFRICA – Africa’s mobile industry which currently contributes US$155 billion to the continent’s Gross Domesitc Product (GDP) is expected to expand in 4 years, contributing about US$184 billion to Africa’s GDP by 2024, according to recent data from GSMA. The GSMA further noted that that as of 2019, 477 million people in Sub-Saharan Africa subscribed to mobile services, accounting for 45% of the population. The mobile ecosystem also supported almost 3.8 million jobs (directly and indirectly) and made a substantial contribution to the funding of the public sector, with $17 billion raised through taxation. Read also: African Music Service Mdundo Raises $6.4M By Listing On Danish Stock Exchange GSMA reports...

Kenya’s Mabati Rolling Mills Commissions New Manufacturing Plant

KENYA – Mabati Rolling Mills Limited (MRM), a member of the Safal Group has launched the SAFBUILD manufacturing plant at its Athi River facility in the outskirts of capital city Nairobi. MRM’s SAFBUILD brings to the market a new way of building quality steel framed buildings using their custom designed Proprietary Software. The cold formed high strength frames are fully factory-produced ready for quick erection and assembly at site. Read also: Flick Raises $1M Pre-Seed Funding Round The plant has a capacity to supply both domestic and regional markets in a range of standard buildings and custom designed solutions. “SAFBUILD and SAFDESIGN now provides us world class technology in Pre-Engineered Steel...

Dangote Sugar lists Additional Shares In Nigerian Bourse

NIGERIA – Dangote Sugar refinery Plc (DSR), a subsidiary of the Dangote Group, has disclosed that it has listed 146,878,241 additional ordinary shares on the Nigerian Stock Exchange (NSE). The additional shares were necessitated by the recent merger between the sugar refinery with Savannah Sugar Company Limited and was in line with the resolution passed at a Court-Ordered meeting of members of Dangote Sugar Refinery Plc in July. According to a statement from Dangote Sugar, the additional ordinary shares of 50 kobo listed are in consideration of the transfer of all assets, liabilities and business undertakings, including real property and intellectual property rights to DSR by Savannah Sugar. Read also:...

Four South African Business Incubators That Support SMEs

The Innovation Hub (TIH) has worked to support new and innovative digital businesses through their business incubators. Through these incubators, TIH has provided a business mentorship, opportunities for seed funding, commercialisation, and market access for participating startups and SMEs.  TIH principal Business Incubation Programmes include eKasilabs, Climate Innovation Centre South Africa, BioPark@Gauteng, and Maxum Business. These focus on assisting effective and creative startups in Smart Industries. Tsietsi Maleho, CEO of The Innovation Hub, explained during a recent graduation ceremony that regardless of a business’s growth potential, it will require support to get its feet off the ground.  “We guide our entrepreneurs and help them turn their potential into action so that they can build...

Top Startup Web Events In South Africa This Week

This week new entrepreneurs will have opportunities to learn how to grow their business and how to generate profit. In Cape Town, new tech entrepreneurs will have the opportunity to compete show their innovation by pitching to a panel of judges in AfricArena’s pitch event. The events this week will surely be able to entrepreneurs new insight on not only how to begin their startup but also how to make their business grow from strength to strength. If you have any event recommendations for us to add to the list, or next week’s, please send us an email nichole@getfundedafrica.com Not all the events are free and some will...

SA SME, Lumkani Wins Prestigious Humanitarian Award And €1-million

South African SME, Lumkani, has taken top honours in the EIC Horizon Prize for Affordable High-Tech for Humanitarian Aid and has received a whopping €1 000 000 in prize money.  Lumkani’s innovative product has been internationally recognised for its positive global impact The EIC Horizon Prize on Affordable High-Tech for Humanitarian Aid has selected five extraordinary tech inventions that provide humanitarian aid and that make a difference for vulnerable communities around the world.   Read Also: IFU and Norfund back safari operator in East Africa Funded under Horizon 2020, the EU Research and innovation programme, which forms part of the European Innovation Council (EIC) pilot, the award aims to recognise cost-effective, proven,...

Webinar: How Big Deals Get Done

This Friday, October 9th, for the 9th episode of “Building in Africa”, we are interviewing Isis Nyong'o Madison, CEO of BlissGroup, a pan-African omnichannel e-commerce and community platform for parenting content and baby care products BlissGroup was formed in July this year from a merger between MumsVillage Kenya, which Isis founded in 2015 and BabyBliss Nigeria. The company seeks to tap into the Baby Care product market in Kenya, Nigeria, and eventually the rest of Africa. Prior to starting MumsVillage, Isis had held leadership roles in Google, Viacom, InMobi, to name a few, and has garnered many years of experience in the world of media and technology. Help...

Egyptian Private Equity Fund LCP Fund II Raises US$140m In Funding Round Led By EIB

EGYPT – LCP FUND II COÖPERATIEF U.A., a generalist private equity fund targeting primarily growth capital investments in SMEs and mid-market companies in Egypt, has raised US$140 million at the first closing of its investment round. The funding round was led by the European Investment Bank (EIB) which signed a commitment of US$22 million. The LCP Fund II also attracted investment from other institutional investors including; the European Bank for Reconstruction and Development, International Finance Corporation, Proparco and the Egyptian American Enterprise Fund. The fund manager, LCP FUND MANAGER BV will adopt a hands-on value-adding investment strategy and will seek to invest in enterprises with robust growth potential. The fund,...

Sasol To Sell Part Of Lake Charles Business To LyondellBasell For $2bn

SOUTH AFRICA – Chemicals and energy group Sasol has entered into a $2billion agreement to sell part of its Lake Charles business in Louisiana in United States to multinational chemicals group LyondellBasell. If approved by Sasol shareholders, LyondellBasell would pick up 50% of the Lake Charles base chemicals business and the two parties would form a joint venture. Sasol has grappled with cost overruns at Lake Charles in recent years as 2020 has delivered an explosion at the facility, a hurricane, and a slump in oil price due to the Covid-19 pandemic. Sasol had total debt of UD$11.8bn in its year to ending June which compares unfavourably with its market capitalisation...

Daily Digest Monday, 5 October 2020

Funding In West Africa Nigerian Mobility Startup, MAX, Floats ₦10 Billion Bond To Expand Services In Africa Nigerian mobility startup, Metro African Xpress (MAX) has successfully completed the issuanceof a ₦400 million ($1 million) 1-year fixed-rate notes series 1 Bond. The Bond is the first part of its newly floated ₦10 billion/$22 million multicurrency Private Company Bond program (dubbed the “PCB Program”). Read more Call For Entries Africa Esports Championship Calls On African Developers To Participate In Game Showcase Event Africa Esports Championship (AEC) recently announced that they are hosting the Africa Games Showcase Invitation. The event is being organised in partnership with LudiqueWorks. Read More Funding In...

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