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10 September 2014
Commercial News from Africa
Key commercial and political activity in Africa for private equity investors by DCE Partners, UK Private Equity advisors to Atta.
Angola's US$5 billion sovereign fund. Angola's sovereign wealth fund has identified direct investments in sub-Saharan Africa, and is poised to start deploying up to a third of the US$5 billion it has been endowed by the government. The fund will identify opportunities in commercial infrastructure, energy, mining, agriculture and real estate. The fund will deploy one-third of its endowments, around US$1.66 billion, to opportunistic investments that could complement its activities in Angola and elsewhere in Africa.
Africas richest man sells stake to UAE SWF. Aliko Dangote is selling a stake in his cement company to a sovereign wealth fund owned by the government of Dubai, United Arab Emirates. The Investment Corporation of Dubai (ICD) will invest US$300 million in Dangote Cement, West Africa’s largest company, for a minority stake. It is not yet clear whether the ICD will be acquiring the stake at a discount or premium to Dangote Cement’s current market price. Dangote Cement, which is listed on the Nigerian Stock Exchange, has a current market cap of US$24.5 billion. At its current value, ICD’s US$300 million injection would give it a 1.28% stake approximately.