Divestment comes as CNIA SAADA Assurance commences trading on the Casablanca Stock Exchange
ACCRA, Ghana & LONDON & NEW YORK & JOHANNESBURG, Tuesday, November 23rd 2010 [ME NewsWire]:
(BUSINESS WIRE)-- Kingdom Zephyr Africa Management Company (“Kingdom Zephyr”), the pan-African private equity firm, has exited its 11.65% stake in CNIA SAADA Assurance (“CNIA SAADA”), Morocco’s largest auto insurer. The divestment comes as part of CNIA SAADA’s Initial Public Offering (“IPO”) on the Casablanca Stock Exchange.
Kingdom Zephyr made its USD 27.5 million investment in CNIA SAADA via its Pan-African Investment Partners/Pan-Commonwealth Africa Partners (“PAIP/PCAP”) Funds, alongside co-investor the FMO, in 2006. Since then, CNIA SAADA’s operations have grown significantly, helped by the successful merger of CNIA Assurance with Es Saada in 2009.
Commenting on the transaction, Kofi Bucknor, Kingdom Zephyr’s Managing Partner, said: “Our partnership with CNIA SAADA has been very cordial, constructive and productive. We maintain the highest regard for the company and its management and feel that CNIA SAADA is well-positioned to build on this success after our exit.”
“We are pleased to conclude such a successful investment in Morocco. This IPO is evidence of the tremendous potential we see across North Africa and is testimony to the strength of the Moroccan stock market.”
Saad Aouad, Vice President at Kingdom Zephyr, added:
“KZAM is actively seeking partnerships with Moroccan companies which are eager to expand their businesses and also build relationships in other parts of Africa. This listing illustrates the significant opportunities that we see in Morocco. We are exploring opportunities in a variety of sectors such as agriculture, housing, manufacturing, consumer goods, financial services, pharmaceuticals, transport and logistics.”
- Ends -
Notes to Editors
About Kingdom Zephyr Africa Management
Kingdom Zephyr is a leading pan-African private equity firm that partners with established African companies, providing them with the growth capital and strategic assistance required to achieve scale across the Continent. Kingdom Zephyr currently has USD 615 million under management via its Pan-African Investment Partners (“PAIP”) funds.
Kingdom Zephyr is a leading pan-African private equity firm that partners with established African companies, providing them with the growth capital and strategic assistance required to achieve scale across the Continent. Kingdom Zephyr currently has USD 615 million under management via its Pan-African Investment Partners (“PAIP”) funds.
Kingdom Zephyr is a joint venture between Zephyr Management, L.P. (“Zephyr”) and Kingdom Holding Company (“Kingdom”). Headquartered in New York, Zephyr, is a global leader in emerging markets private equity, having invested in Africa since the mid-1990’s,. Kingdom is the investment holding vehicle controlled by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of Saudi Arabia, a leading philanthropist and investor in Africa since 1996.
The Kingdom Zephyr team operates out of offices in Accra, Johannesburg, London and New York.
For further information, please visit http://www.kingdomzephyr.com
| For media enquiries, please contact: | ||||
|
No comments:
Post a Comment