Connect with us

Hot News

Market capitalization of Adonis Pouroulis’ Chariot is on the rise

Its market capitalization has gained $7.33 million after raising $16.5 million by issuing new ordinary shares.



Greek investor Adonis Pouroulis.

The market capitalization of Chariot Limited has gained $7.33 million (£5.29 million) after raising $16.5 million (£11.7 million) by way of successfully placing and issuing new ordinary shares.

Chariot is an Africa-focused energy company co-founded by Adonis Pouroulis.

The transitional energy company raised gross proceeds of $16.5 million (£11.7 million) through the placement and subscription of 212,553,929 new shares in line with the terms of its new Moroccan license for the Rissana offshore field, which it was recently awarded. Chariot announced the placement in May.

In line with the management’s fundraising plans, the new ordinary shares saw the share price of Chariot on the London Stock Exchange decline from $0.108 (£0.0781) on May 21 before the announcement was made public to $0.0755 (£0.0560).

This translates to a 28-percent decline in the company’s share price.

As of press time, 9:00 am (UTC+1), July 6, Chariot’s shares on the LSE were trading at $0.0755 (£0.0560), or 35-percent lower than its opening price for the year.

Despite the decrease in the company’s share price, Chariot’s market capitalization managed to increase by $7.33 million (£5.29 million).

The $7.33-million increase in market capitalization came upon admitting 238,512,856 new ordinary shares on June 24 and a subsequent issue of 9,196,926 shares in line with a share-purchase agreement signed by Chariot after its acquisition of the Africa Energy Management Platform.

The admission of the new shares led the number of the company’s total outstanding shares to increase from 388,367,946 ordinary shares as of May 21 to 636,077,728 as of press time, 9:00 am (UTC+1), July 6.

While its current outstanding shares amount to 636,077,728 ordinary shares, its market capitalization is $49.36 million (£35.62 million).

At the current valuation, the company is valued at $7.33 million (£5.29 million), higher than its valuation of $42.03 million (£30.33 million) before it announced plans to raise additional funds on May 21.

Pouroulis is a Greek investor with core interests in solid minerals and oil and gas in Africa. He has worked in the sector for more than 25 years and has been influential in the founding, financing and growth of several companies, including Petra Diamonds, which was founded in 1997.

The magnate is a founding member of Chariot and its Namibian subsidiary, Enigma.

East Africa

Kenyan banking exec Andrew Ndegwa gains $1.5 million in 43 days from investment in NCBA Group

Ndegwa, an executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group.



Andrew Ndegwa.

After losing a sizable portion of its market capitalization in the first half of 2022, NCBA Group has seen its share price soar above its opening price at the start of this year.

NCBA Group is a financial services conglomerate based in Kenya.

Due to the recent gains in the company’s share price, Kenyan banking tycoon Andrew Ndegwa has seen the market value of his stake in the conglomerate increase by more than $1.5 million over the past 43 days.

As of press time on Aug. 12, shares in NCBA Group were trading at Ksh26.2 ($0.22), 4.73-percent less than their opening price this morning as wary investors took advantage of the high price to sell off some of their positions in the bank.

Since June 30, shares in the Nairobi-based financial services provider have risen by 11 percent, from Ksh23.6 ($0.198) per share to Ksh26.2 ($0.22) per share, driven by a resurgence in buying interest among market participants.

Ndegwa, an executive director of First Chartered Securities Limited, owns 4.3 percent of NCBA Group. He has seen the market value of his stake rise from Ksh1.67 billion ($14.02 million) on June 30 to Ksh1.86 billion ($15.57 million) due to the recent bullish sentiment on the NSE floor.

As a result, the banking tycoon has gained a total of Ksh184.36 million ($1.54 million) over the past 43 days, solidifying his status once more as one of the wealthiest investors on the NSE.

Meanwhile, James Ndegwa, his brother and the former head of Kenya’s capital markets authority, has seen his 4.23-percent stake in NCBA Group increase by $1.47 million over this same period.

Continue Reading

Hot News

Led by Egyptian Khamis family, Oriental Weavers set to withdraw investments from China

Oriental Weavers operates under the leadership of Egyptian businesswoman Yasmine Mohamed Farid Khamis.



Yasmine Mohamed Farid Khamis.

The board of directors of Oriental Weavers has decided to withdraw its investments in China as the management implements measures to maximize earnings and revenues in line with its strategic growth roadmap. 

Operating under the leadership of Egyptian businesswoman Yasmine Mohamed Farid Khamis and other family members of the late Mohammed Farid Khamis, Oriental Weavers is a leading carpet manufacturer and distributor with active operations in about 150 countries worldwide.

According to the plan to withdraw its investments from China, the company declared that it will accept already made offers to buy out its stake in Oriental Weavers China, and further information will be released after the deal has been completed.

Through this decision, the company will sell its Chinese manufacturing facilities, Oriental Weavers (Tianjin) Company Limited (Oriental Weavers China), to local investors.

The decision to withdraw its investments in Mainland China was made almost eight months after the company’s board gave the management permission to study the situation and decide whether to sell or liquidate Oriental Weavers China.

Oriental Weavers’ exit from China will be crucial to lowering operating costs as it seeks to cut ties with the Asian economy as a result of brewing regulatory tensions in China and escalating trade tensions between Washington and Beijing.

According to Yasmine Al-Gohary, Oriental Weavers’ investor relations manager, the decision to withdraw its investments from China can be attributed to the high operating costs in the country, particularly following the emergence of the COVID-19 pandemic in 2020.

According to Al-Gohary, the operations in China, which make up just 0.3 percent of the group’s total assets and only contribute one percent of its revenue, were also impacted by the frequent factory closures and shortening of working hours.

Al-Gohary added that the business also intended to invest $10 million this year to place itself on the path of growth and increase its production capacity to keep up with market demand.

Continue Reading

Hot News

Mike Adenuga beats out Abdul Samad Rabiu to reemerge as Nigeria’s second-richest billionaire

His net worth has dropped by more than $400 million this year as Globacom’s share price sank.



Mike Adenuga. ©Billionaires.Africa

Telecom mogul Mike Adenuga has reemerged as Nigeria’s second-richest man after three weeks in the third position. Now, he trails only Africa’s richest man Aliko Dangote, who tops the list of Nigeria’s wealthiest people, with a net worth of $19.8 billion.

The leading businessman, who is the founder of Nigeria’s second-largest telecom services provider Globacom, has surpassed billionaire industrialist Abdul Samad Rabiu, whose net worth has fallen from more than $7 billion to $5.8 billion in less than three months.

Adenuga’s reemergence as Africa’s second-richest man comes nearly two months after an exclusive report by Billionaires.Africa confirmed that Rabiu had surpassed the telecom and oil mogul to become the country’s second-wealthiest billionaire.

According to Forbes, Adenuga, who derives the majority of his fortune from his mobile phone network, Globacom, and his oil exploration company, Conoil Plc, has surpassed Rabiu as Nigeria’s richest man, with a net worth of $6.3 billion, compared to Rabiu’s $5.8 billion.

Adenuga, like Rabiu, has recorded a significant decline in his net worth in recent months. However, his the drop in his wealth has been less severe than Rabiu’s, who has lost more than $1.2 billion of his fortune over the past two months.

The revaluation of his interest in Globacom has caused his net worth to fall by more than $400 million since the start of the year, from $6.7 billion to $6.3 billion at the time of writing.

Nearly two weeks ago, Conoil reported a double-digit percent increase in earnings in the first half of 2022 despite a significant decrease in top-line performance during the period under review.

Despite a double-digit decline in revenue, profit increased by 70.5 percent to N1.81 billion ($4.35 million) in the first half of 2022 from N1.06 billion ($2.55 million) in the first half of 2021, according to the company’s half-year financial report.

The group’s cost-cutting strategies, which reduced sales-related, administrative, and distribution costs, can be attributed to its double-digit increase in earnings as management continued to create value for shareholders.

Continue Reading