4 African Business July 2018

Briefs s

Abraaj sells up Dubai-based private equity group Abraaj has agreed to sell some of its regional funds, including sub-Saharan Africa, to Los Angeles-based Colony Capital following a high-profile dispute with some of its biggest investors. The decision marks an unexpected fall from grace for what was until recently one of Africa’s leading private equity investors. Former Nakumatt CEO faces investigation The former chief executive of Kenya’s indebted Nakumatt retail chain is facing an investigation over the loss of $179m worth of stock. Nakumatt went into voluntary supervision earlier this year after seeking protection from its creditors.

ZIMBABWE SLASHES MOBILE COSTS Zimbabwe’s mobile regulator has cut the price of mobile data usage by 60% with plans to review prices annually. The move should boost internet penetration rates in the southern African country, which stood at 50.8% last December.

Kenya eyes new markets regulator Kenyan finance minister Henry Rotich has said a proposed new financial markets regulator, aimed at overseeing lender conduct, will not impede the mandate of the country’s central bank following complaints it could “emasculate” the lender. The move is aimed at cracking down on predatory lending, particularly in the booming fintech space.

Egypt to get next IMF loan tranche in July Egypt hopes to receive the fourth $2bn instalment of a $12bn IMF loan, agreed in 2016, in late July. Under the terms of the agreement Cairo continues to push through painful economic reforms, including recent electricity and fuel subsidy cuts.

Fairfax Africa raises $151m Toronto-based Fairfax Africa Holdings, which invests in public and private securities and debt instruments in Africa, has completed a $151m public offering to fund new investments. The offering was underwritten by a syndicate of underwriters co-led by RBC Capital Markets.