02 September 2015

Atta Africa Financial Update

Gabon (GA)

Low-Cost airline FlyAfrica expanding to East, West Africa

Gabon’s low-cost airline, Fly Africa, will expand to fly new routes to destinations in East and West Africa thanks to funding from South African arms manufacturer Ivor Ichikowitz
FlyAfrica launched 13 months ago offering service Southern Africa. Its business model of cheap flights was tested and refined in South Africa, Mozambique, Namibia and Zimbabwe, according to a report in BizCommunity
FlyAfrica has shaken up the airline industry in Africa by offering the lowest airfares on the continent and proving that the low-cost model is sustainable, BizCommunity reports. Fares on the Johannesburg-to-Harare route were reduced 50-percent-to-70-percent

Zimbabwe (ZW)

Africa's richest man plans cement plant in Zimbabwe

Aiko Dangote, Africa's richest man, is considering investments in Zimbabwe's cement, power generation and coal-mining industries as part of an expansion in the southern African nation
Dangote Cement may start building a US$400 million, 1.5 million metric tons-a-year cement plant by the first quarter of 2016, if all the necessary approvals are received
Dangote Industries may invest in Zimbabwean power generation through Black Rhino Group, a US$5 billion African infrastructure fund in which U.S. private-equity group Blackstone Group LP is a co-investor