Mar 28, 2017 Last Updated 9:05 AM, Mar 28, 2017

Mulk Holdings invests $40m into Nigerian retail

ABN – Mulk Holdings has signed an agreement with the Suzanne Group to develop a duty free shopping centre in Lagos, Nigeria.

The company will invest US$40 million into the facility at the National Theatre of Nigeria.

Both companies hope to promote tourism in the area by attracting foreigners and Nigerians to buy global brands and quality products manufactured in Africa.

Suzanne Group chairman Shaji Ul Mulk said: "Our vision 2020 is an ambitious initiative, which involves serious investment into both our existing businesses and diversification into sustainable industries."

@ABNetworkOnline

Jumia receives huge investments

ABN – A leading African online retailer Jumia has announced a new round of investments amounting to €120 million (US$149.5 million).

This increases the company’s post-money valuation to €445.0 million from €212.5 million.

Existing shareholders made the investments, which will strengthen Jumia’s position as Africa’s leading online retailer.

Africa Internet Group CEO Jeremy Hodara said: “We are very pleased to have been given this show of confidence, which acknowledges Jumia’s success.

“We consider this recognition of the huge potential of e-commerce in Africa and the strong momentum of Jumia across the continent.”

Jumia delivers a vast range of products from fashion to electronics across Africa.

@ABNetworkOnline

Steinhoff acquires Pepkor Holdings

ABN – Apparel and home ware merchant Pepkor Holdings has been bought by Steinhoff International Holdings for R62.8 billion (US$5.7 billion).

Furniture Company Steinhoff will retain a 92.3% controlling stake in the company and management will keep the other 7.7%.

Pepkor has 3,500 stores in Africa, Australia and Eastern Europe.

David Shapiro, director at Sasfin Securities, said: “These are two very different animals coming together and there will be a lot of work to be done.”

The purchase sent Steinhoff shares up by 2.4% in Johannesburg.

@ABNetworkOnline

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