Latest news with #African-focused
IOL News
4 days ago
- Business
- IOL News
Nedbank sells 21% stake in Ecobank for R1. 8 billion
Nedbank has announced that it has "reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited Image: Karen Sandison / Independent Newspapers Nedbank has announced that it has "reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments Limited (Bosquet Investments) for a purchase consideration of US$100 million (R1.8 billion)" . Enko Capital is an African-focused asset management group established in 2008. The group manages alternative and traditional investment funds across Africa and has assets under management of Bosquet Investments is the private investment vehicle of Alain Nkontchou, the Managing Partner and co-founder of Enko Capital Management LLP ('Enko Capital'). The bank confirmed the news in a statement to the media on Friday morning, saying the decision "follows the bank's strategic review of the group's financial investment ETI, which as from 30 June 2025, was classified as a non-current asset held for sale in terms of IFRS 5". Nedbank Group Chief Executive Jason Quinn said, "the bank was pleased to have reached this milestone following the board's approval to dispose of the asset". 'Nedbank's decision to sell its ETI investment follows a detailed evaluation of the strategic alignment, financial performance, and long-term value proposition of the investment and is consistent with Nedbank's ongoing efforts to optimise its capital allocation and focus on core growth areas. "This marks the conclusion of a significant chapter in Nedbank's journey with ETI spanning many years" Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Quinn added that Nedbank remains committed to its African growth strategy but will now concentrate its efforts in regions where it has operational control. The proposed disposal is subject only to the receipt of the requisite regulatory approvals in the relevant jurisdictions, with no other conditions precedent. The transaction is expected to be completed in the fourth quarter of 2025. 'The sale represents a reset of Nedbank's strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank Group owns and controls, and areas where we can play to our strengths.' IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
Yahoo
05-06-2025
- Business
- Yahoo
Enko Capital welcomes commitment from IFC to new Impact Credit Fund
LONDON, June 05, 2025 (GLOBE NEWSWIRE) -- Enko Capital ('Enko'), an African-focused asset management firm managing debt, private debt, equity and private equity investments across Africa, has welcomed commitment from International Finance Corporation ('IFC') to its new Impact Credit Fund ('EICF'). The commitment has been confirmed by IFC with the planned equity investment in the fund being up to the lower of US$25 million or 20% of total Limited Partner (LP) commitment to EICF. The project is being processed under IFC's Debt Funds Project (DFP) Investment Framework. EICF is Enko's first private credit vehicle. It has a target LP commitment size of US$150 million, targeting US$80 million at first close, expected to take place in Q3 2025. EICF's objective is to invest in a diversified portfolio of USD denominated senior secured and unsecured debt to mid-sized corporates in sub-Saharan Africa, excluding South Africa. EICF will seek to invest in SDG-aligned, ESG focused and gender-oriented businesses, while generating commercial returns and utilising guarantees, insurance wraps and collateral to hedge downside credit risks. Alain Nkontchou, Managing Partner of Enko, said, 'We are delighted to have received this invaluable support from IFC for our debut private credit fund. The fund will provide critical growth capital for mid-market SMEs on the continent and will deliver both positive social impact and compelling risk-adjusted returns. This growth capital can help address the massive funding gap which businesses on the continent face while driving sustainable development.' About Enko: Enko Capital ('Enko'), is an African-focused asset management firm managing debt, private debt, equity and private equity investments across Africa. Enko offers deep knowledge of the continent combined with best-in-class investment expertise. Enko was founded in 2008 by Alain and Cyrille Nkontchou, and has over $1bn in assets under management. Contact:
Yahoo
05-06-2025
- Business
- Yahoo
Enko Capital welcomes commitment from IFC to new Impact Credit Fund
LONDON, June 05, 2025 (GLOBE NEWSWIRE) -- Enko Capital ('Enko'), an African-focused asset management firm managing debt, private debt, equity and private equity investments across Africa, has welcomed commitment from International Finance Corporation ('IFC') to its new Impact Credit Fund ('EICF'). The commitment has been confirmed by IFC with the planned equity investment in the fund being up to the lower of US$25 million or 20% of total Limited Partner (LP) commitment to EICF. The project is being processed under IFC's Debt Funds Project (DFP) Investment Framework. EICF is Enko's first private credit vehicle. It has a target LP commitment size of US$150 million, targeting US$80 million at first close, expected to take place in Q3 2025. EICF's objective is to invest in a diversified portfolio of USD denominated senior secured and unsecured debt to mid-sized corporates in sub-Saharan Africa, excluding South Africa. EICF will seek to invest in SDG-aligned, ESG focused and gender-oriented businesses, while generating commercial returns and utilising guarantees, insurance wraps and collateral to hedge downside credit risks. Alain Nkontchou, Managing Partner of Enko, said, 'We are delighted to have received this invaluable support from IFC for our debut private credit fund. The fund will provide critical growth capital for mid-market SMEs on the continent and will deliver both positive social impact and compelling risk-adjusted returns. This growth capital can help address the massive funding gap which businesses on the continent face while driving sustainable development.' About Enko: Enko Capital ('Enko'), is an African-focused asset management firm managing debt, private debt, equity and private equity investments across Africa. Enko offers deep knowledge of the continent combined with best-in-class investment expertise. Enko was founded in 2008 by Alain and Cyrille Nkontchou, and has over $1bn in assets under management. Contact: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
VAALCO Energy (EGY) is Among the Energy Stocks that Lost the Most This Week
The share price of VAALCO Energy, Inc. (NYSE:EGY) fell by 12.01% between May 13 and May 20, 2025, putting it among the . Let's shed some light on the development. A busy oil & gas rig on the horizon, revealing the depths of the Etame Marin block's activity. VAALCO Energy, Inc. (NYSE:EGY) is a leading African-focused oil and gas operating company with a strong production and reserve base and a diverse portfolio of assets in Côte d'Ivoire, Egypt, Equatorial Guinea, Gabon, and Canada. The stock of VAALCO Energy, Inc. (NYSE:EGY) surged earlier this month after the company posted results for its Q1 2025. EGY's adjusted EPS of $0.06 was in-line with market expectations, while its revenue of $110.33 million beat expectations by over $5 million. The company also declared a cash dividend of $0.0625 per share. So the recent decline in share price could be due to profit-taking by investors, as well as the slight decrease in the price of crude oil over the last week. While we acknowledge the potential of EGY to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than EGY but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks to Buy According to Hedge Funds Disclosure: None.
Yahoo
20-05-2025
- Business
- Yahoo
Posts falsely claim South Africa has imposed new rules for reporting cash withdrawals
'The war on cash,' begins a Facebook post published on May 5, 2025. 'From 10 May 2025, all major SA banks will implement a new regulatory rule re card withdrawals.' Shared more than 240 times, the post further claims that 'if you withdraw more than a specified amount using your bank card, your transaction details will be automatically reported to SARS'. SARS stands for the South African Revenue Service. The post includes a screenshot of a table purportedly showing the various withdrawal amounts that automatically trigger notification to SARS for each of South Africa's banks, ranging from R3,000 to R10,000 a day (approximately $166 to $553). The same claim was shared on other platforms, including Facebook, Instagram, and LinkedIn. Other posts and blogs claimed the new rules would take effect on June 15, 2025. But the claims are false. A keyword search found no credible reporting of the claim, but it appears to be linked to this blog article from May 2, 2025: 'SARS Big Bank Alert! Withdraw Over This Limit After 10 May and SARS Will Be Notified Instantly'. The article comes from a website designed to look like an African-focused news blog, the domain of which – ' – appears in the false Facebook post. AFP Fact Check used Whois and ICANN domain lookups and found the blog's URL was registered on May 2, 2025 – the same date as the article – with a listed address and phone number based in Iceland. A Google search of the address shows it was the subject of a 2024 New York Times report about Withheld for Privacy, an internet privacy service established by Namecheap, which hosts some of the internet's 'sketchiest websites' (archived here). The NYT report stated Iceland has emerged as a global hub for dubious websites, largely due to its strong privacy laws. Other stories published on the website also appear questionable, most with clickbait headlines about South Africa. The South African Reserve Bank, the country's central bank, refuted the claim on Facebook (archived here). 'The article claiming that a 'New Card Withdrawal Rule' will take effect on 10 May 2025 — requiring banks to report card withdrawals over R10,000 to SARS — is false,' it said. The SARB statement added that 'no such rule' had been issued, nor was there 'a new directive' announcing a requirement for 'automatic SARS reporting for large card withdrawals'. The bank urged the public to verify financial news on official SARB or SARS platforms. Contacted by AFP Fact Check, South Africa's Financial Intelligence Centre (FIC) reiterated this in an email on May 14, 2025, saying it has not made any recent 'announcements or regulatory changes on this subject'. The FIC said, in this instance, the Prudential Authority of the South African Reserve Bank (SARB) would have communicated such a change. The FIC said by law, 'cash received or paid out to a client above the threshold of R49,999.99 (approximately $2,800) must be reported by the accountable institution to the FIC'. The FIC's primary role is to protect the integrity of the country's financial system; it was established to identify proceeds of crime, to track the financing of terrorism, and to combat money laundering.
