Atta Africa Financial Update

Executive summary:Following on the landmark Paris Agreement entering into force in early November, the COP22 climate summit held in Morocco last week sought to capitalise on the momentum gained by the anti-global warming cause by showcasing green technologies and convert political commitments into bankable projects.

Holding the event on the continent was of significance since African states have experienced the effects of climate change first-hand, as has been seen with Southern Africa’s recent draught and renewed food insecurity in the Horn of Africa. The region is responding in kind with an off-grid solar revolution in East Africa and South Africa being regarded as the world’s fastest-growing green economy, amongst other major renewable infrastructure projects.

As a result of the COP22, the World Bank presented the blueprint to the first Pan-African fund dedicated to green investment on the continent, in partnership with the Moroccan sovereign wealth fund. Unlike the majority of climate funds created to date consisting of grants or concessional financing from donors, this vehicle will be structured as a private equity fund.

Fact:Lions lose their manes when injured – males tend to avoid long-maned rivals, likely to be undefeated fighters

CDC to back UNICAF to establish higher education learning centers

  • UNICAF, an Africa-focused provider of University-level programs, is receiving an $11.5 million equity investment from CDC to establish higher education learning centers in several African cities

RMB Corvest to sell Kwikot Group

  • RMB Corvest has sold its stake in Kwikot Group to Swedish multinational Electrolux
  • The deal values Kwikot Group (a South African water heater producer) at R3.18 billion (US$226 million)
  • RMB Corvest has held Kwikot for 17 years after a 1999 leveraged buyout from the Boumat Group

Centum raises stake in Coke bottler to 53.8%

  • Investment firm Centum has pumped Sh1 billion (US$9.8m) into Almasi Beverages through a rights issue, raising its stake in the bottling company to 53.8 per cent and signalling its intention to possibly take full ownership of the firm