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Zimbabwean tycoon John Moxon’s Tanganda Tea Company reschedules listing for February

Tanganda Tea Company is Zimbabwe’s largest distributor of bulk and packaged tea.

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John Moxon.

Tanganda Tea Company, the tea production unit of Meikles Limited, has rescheduled its planned unbundling and subsequent listing on the Zimbabwe Stock Exchange for Feb. 3.

Tanganda Tea Company is Zimbabwe’s largest distributor of bulk and packaged tea. The agro-allied company operates as a wholly-owned subsidiary of Meikles Limited, a leading conglomerate controlled by Zimbabwean businessman John Moxon. 

In line with the recent development, the board of the conglomerate rescheduled the planned listing after the Zimbabwe Revenue Authority (Zimra) granted the tea business a tax waiver to facilitate Tanganda’s listing on the local bourse in February.

The group noted that the tax relief provided under the country’s Capital Gains Tax Act will apply to only 51.39-percent of the issued shares in its agro-allied unit, leaving a residual capital gains tax amount to be paid on the unbundling of the business.

In an effort to complete the planned unbundling and the listing, the directors have authorized Meikles to pay the residual capital gains tax liability, as talks to finalize the assessment of the capital gains tax liability prior to the listing of the business proceed to an advanced stage.

While commenting on the material impact of the delay in the demerger and the subsequent listing of the tea business, the board noted that the deferment to complete the transaction only affected the implementation and listing dates advised as per the notice dated Nov. 26, 2021.

With all conditions precedent having been met, the tentative implementation and listing dates are Feb. 1 and 3, respectively.

The recent move to unbundle and list the tea business will see the conglomerate set up a dedicated stand-alone agro-allied company with a core focus to create value through its operations and investments within the diversified agricultural sector in Zimbabwe.

The Zimbabwe-based conglomerate posted ZWL1.64 billion ($5.08 million) in profit in the first half of its current financial year, as earnings surged by more than three-fold in the period under review.

It also declared its first interim dividend of ZWL0.80 ($0.0025) per share, amounting to ZWL209 million ($650,000).

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Nassef Sawiris’ Orascom Construction adds new projects worth $785 million in Q4 2021

Orascom Construction is a leading global engineering and construction contractor founded by the late Egyptian industrialist Onsi Sawiris.

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Nassef Sawiris.

Egyptian engineering and construction contractor, Orascom Construction Plc, has added new projects worth $785 million to its backlog of active construction works in Q4 2021.

According to a press statement issued by the leading construction group, the new projects raised the total number of awards linked to the group by 22 percent to $3.5 billion in 2021.

A breakdown of the figure revealed that projects in the Middle East comprised 55 percent of the new awards for the period., including transportation and power projects in Egypt and water projects in Egypt and Tunisia.

Outside the Middle East, new awards in the United States accounted for 45 percent of the total additions in the quarter, and this was driven by new projects in the commercial sector.

As of Dec. 30, 2021, the estimated consolidated backlog stood at $6.1 billion. This is $100-million higher than its figure for Q3 2021.

The new projects added in Q4 2021 lagged behind the volume of new awards added in Q3 2021, which amounted to $962.4 million thanks to Orascom signing a deal to build Egypt’s first high-speed rail system, as well as sizeable contracts in the student housing sector in the United States.

Orascom Construction is a leading global engineering and construction contractor founded by the late Egyptian industrialist Onsi Sawiris, who died on June 29 at 91.

The billionaire Sawiris family holds a 51.8-percent stake in the Egypt-based contractor through OS Private Trust Company, while Egypt’s wealthiest man Nassef Sawiris owns a 28.97-percent stake in the group, amounting to 33,825,323 ordinary shares.

As of press time, Jan. 18, shares in the group were trading at EGP76 ($4.829) per share. This is 1.23-percent higher than their opening price on the Egyptian Stock Exchange this morning.

At this price, the company’s market capitalization is EGP8.87 billion ($563.9 million).

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Led by Uganda-based Kaivan Sattar, Asaak raises $30 million to deepen operations in Africa

Mzabi, who started ARTES with his brothers Mzoughi and Sadok, holds a substantial 24.8-percent stake in the company. 

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Kaivan Sattar.

Ugandan fintech startup, Asaak, has raised $30 million in a pre-Series-A funding round to deepen operations, as it prepares to enter new markets on the continent in line with its strategic expansion plans.

Asaak is a Ugandan startup co-founded by Kaivan Sattar, Anthony Leontiev, Edward Egwalu and Dylan Terrill in 2016.

It operates as a financial services provider to unbanked Ugandan entrepreneurs, providing financing for motorcycle operators who are locked out by formal banking institutions.

Since it commenced operations about six years ago, the startup has financed the purchase of 5,000 motorcycles and started offering smartphones and fuel financing to operators.

Its pre-Series-A funding round, which is a mix of equity and debt financing, was led by Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC and a number of angel investors.

The startup noted that the $30-million capital injection will be used to support the acquisition of motorbikes for operators and also the adoption of smartphones by taxi operators.

It also revealed plans to enter six new markets in Africa in the near future.

Dylan Terrill, co-founder and chief business officer of Asaak, said: “Asaak is unlocking mobility-based work, which literally moves the economy forward and creates upward mobility for these individuals. Bodaboda riders are the lifeblood of Africa, moving people and cargo from home to school to work. They just need access to motorcycles which leads them to better income opportunities and makes them able to provide for their families.”

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African billionaire heirs are making their mark in philanthropy

The progeny of some of Africas’s wealthiest people are putting in more of their time to giving and impacting.

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Tsitsi Mutendi, co-founder of African Family Firms.

For many years philanthropy and Africa have been marred by the images of poor African children, starvation and refugees fleeing war-torn zones. However, if you live on the continent, you will know that it’s a vibrant and colorful place that has its challenges like all geographic locations. Some of the images that have plagued Africa have been real, but they do not tell the holistic story.

As the world has evolved, so has Africa. With a lot more homegrown wealth and an increase in millionaires and billionaires on the continent, we have seen the introduction of African foundations created and led by African families, African family offices and African family businesses. Africa has one of the fastest-growing markets of high net-worth individuals, and many of these individuals are becoming entrenched in sustainable philanthropy.

You may ask, “Where is this money coming from?”

According to a report authored by AfrAsia bank in 2021, the total private wealth held in Africa was standing at $2 trillion as of December 2020. In addition to this homegrown wealth, according to the World Bank, Africa diaspora remittances being sent home were about $48 billion in 2020.

With all this money being found on the continent in its various forms, we are beginning to see African giving becoming the norm and pushed forward by the spirit of Ubuntu.

Ubuntu (Zulu pronunciation: [ùɓúntʼù]) is a Nguni Bantu term meaning, “humanity.” It is sometimes translated as, “I am because we are.” Ubuntu is essentially about togetherness and how all of our actions impact others and society.

In Africa, this culture and way of life permeates to everyday gestures in the course of life. In the past, it applied to family, friends and community members, but now we are seeing it expand to a broader audience and in various ways. African philanthropists are looking towards impact and addressing issues they experienced or their communities experience in a way that changes the narrative and creates opportunities for their recipients.

Most notable about the giving is that the conversation is not only being led by the African founders or matriarchs and patriarchs, but next-gens are also equally putting in their weight and names to giving and impacting. Some of the notable next-gen givers are:

  • Florence “Cuppy” Otedola, and the Cuppy Foundation. Cuppy is the daughter of billionaire Femi Otedola. The Cuppy Foundation tackles child protection and education issues for girls and persons with disabilities (minorities). Cuppy has spearheaded several initiatives, such as her “Cuppy Takes Africa” tour in 2015 in partnership with Guarantee Trust Bank and the Dangote Foundation. She has also personally paid for multiple students to go to university in Nigeria and worked with various organisations such as the Global Citizen, Royal Commonwealth Society, and the Save The Children Initiative, where she raised over $13 million.
  • Elizabeth Tanya Masiyiwa, the daughter of Strive and Tsitsi Masiyiwa, is an executive director at Delta Philanthropies. Delta Philanthropies is a UK-registered charity founded by the Masiyiwa family and governed under the UK Charity Commission. Its strategic pillars include education, health, rural transformation and sustainable livelihoods, disaster relief and preparedness. Its impact has seen millions of dollars being put into creating a difference, and according to their website, it has impacted over 15 million people and counting.
  • Halima Aliko Dangote is a trustee for the Dangote Foundation. The foundation has become the largest private foundation in Sub-Saharan Africa, with the largest endowment by a single African donor. The foundation is interested in health, education, empowerment and humanitarian relief.
  • Naguib, Samih and Nassef Sawiris all sit on the Sawiris Foundation for Social Development board, a charity that provides microcredit to Egyptian entrepreneurs and grants scholarships to outstanding Egyptian students in tertiary institutions. 
  • A most notable next-gen founder and philanthropist is Mohammed Dewji. The Tanzanian billionaire joined the Giving Pledge, promising to give away at least half of his wealth to philanthropic causes. Dewji’s Mo Dewji Foundation focuses on three areas: health, education, and community development. Over five years, the Mo Dewji Foundation has spent more than $3 million in grants and other forms of funding for community service projects, supporting schools, hospitals and wells.

As we can now see, philanthropy is no longer just a buzzword. The global pandemic has highlighted why philanthropy is essential, especially when people are left marginalised. And Africa’s families have heeded the call and put their charitable giving to use. Next-gens being the key to continued giving, when they actively participate and lead the charge, they start exploring sustainable solutions in regions they are familiar with and communities they live amongst. It’s well worth seeing how the next-gens will drive the philanthropic future of the continent.

Through this work, we will see the values and vision of the various financial leaders of the continent and the future stewards of their wealth.

Tsitsi Mutendi is a co-founder of African Family Firms, an organization that aims to facilitate the continuity of African family businesses across generations. She is also the lead consultant at Nhaka Legacy Planning and the host of the Enterprising Families Podcast.

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