Millenial Money

5 things people are talking about this week (February 12th 2018)

Indonesia’s Astra Joins in Fundraising for Go-Jek

Indonesian conglomerate Astra International said on Monday it will invest $150 million in Go-Jek, joining the likes of Alphabet Inc’s Google in the ride-hailing start-up’s latest fundraising round. Astra Chief Executive Prijono Sugiarto said the group had wanted to invest in Go-Jek for some time but had been looking for the right timing. “We see that Go-Jek is special, its development is significant,” Sugiarto told a news conference. The announcement comes weeks after sources told Reuters that Singapore state investor Temasek was also among those investing in Go-Jek as part of a $1.2 billion fundraising round. The funding will help Go-Jek compete with deep-pocketed rivals as players rapidly expand their app-based services and digital payments in Southeast Asia.

Source, Reuters

Comcast Mulls New Bid for Fox Assets

Comcast Corp is considering a new offer for Rupert Murdoch’s Twenty-First Century Fox assets, despite an agreement in December to sell them to Walt Disney Co for $52.4 billion, according to people familiar with the matter. Comcast may decide not to make any new offer, the sources said. Its decision will be informed by how Fox justifies the deal with Disney in a regulatory filing to its shareholders sometime before they are asked to vote on the deal this summer, the sources added. The sources asked not to be identified because the deliberations are confidential. Comcast, Disney and Fox gave no immediate comment. Comcast might be prepared to offer protections to Fox such as agreeing to remove certain assets from the deal that prove controversial in Washington, D.C., including regional sports channels, according to the Wall Street Journal, which first reported on Comcast’s deliberations.

Source, Reuters

EU and Agha Khan Tanzania in US $ 2 million Rice Project

The Aga Khan Foundation (AKF) Tanzania with support from the European Union (EU) on Thursday launched a Tsh 4.1bn rice project in Morogoro Region, Tanzania. Working with the Rice Council of Tanzania (RCT), the four-year project is dubbed ‘Enhancing Competitiveness of Smallholder Rice Farmers in Morogoro’ and aims to strengthen the capacity of smallholder farmers and value chain actors in the rice sector. The EU has funded the project in support of the Southern Agricultural Growth Corridor of Tanzania (SAGCOT)’s goal of fostering inclusive, commercially successful agribusiness.

Source, The Exchange

NSE Suspends Trading of Unga Group Stocks due to Buyout

Nairobi Securities Exchange (NSE) has suspended trading in the shares of Unga Group Plc whose retail investors have received a buyout offer of Sh40 per share from one of its significant shareholders, Seaboard Corporation. The Delaware-based multinational, which already owns a 35 per cent stake in the company’s operating subsidiaries, is acting in concert with a group of local investors including the wealthy Ndegwa family who hold a controlling 50.93 per cent interest in the company through Victus Limited. The offer price of Sh40 is a 36.7 per cent premium on Unga’s last trading price of Sh29.25 per share on Wednesday.

Source, Business Daily

Afrimax Group Announces Sale of Busy Internet Ghana

The Afrimax Group has successfully completed the sale of one of its African subsidiaries, Busy Internet Ghana Limited, to AI Technologies Limited, a company incorporated in Ghana. The move is part of the Afrimax Group’s strategy aimed at reorganising its corporate structure with a view to enabling continued improvement in the delivery of its strategic goals, thereby allowing it to focus on key commercial and financial priorities in its focus markets.

Source, Asoko Insights

Kenya Spared Losses at Karachi Scraps Fungal Test

Kenya’s tea has been spared possible loss of its top market after Pakistan dropped a requirement for rigorous testing for aflatoxin that had created a backlog of consignments destined to the country. Two weeks ago the Plant Protection Board of Pakistan issued a directive that all tea imports from Kenya must under-go aflatoxin tests, a move Kenya protested saying the fungus is not a common occurrence in its produce. On February 2 the Pakistan Tea Association said the requirement for aflatoxin tests had been reversed. The association passed the information onto the East African Tea Traders Association (Eatta), the custodian of the Mombasa auction.

Source, Business Daily

Toyota Tshusho to Make Profits from Government Fertilizer Subsidies

Toyota Tsusho fertilizer plant has received a boost after the government included its products in a subsidy scheme. The move is part of the government’s effort to support local plants and diversify the range of fertilizer used by farmers. In the first phase of the programme, the firm will sell 1,200 tonnes of Baraka fertilizer worth an estimated Sh63 million to the government through the National Cereals and Produce Board (NCPB), which distributes the manure to farmers. “We want to include blended fertilizer under our subsidy programme, we will buy it from manufacturers and distribute it under the government subsidy scheme,” Agriculture Principal Secretary Richard Lesiyampe said.

Source, Business Daily

About 
Ekra Gituire is a corporate finance and investments professional based in Nairobi, Kenya. She has been in the investments sector for close to two years and is now working on her CFA qualification. Her other interests include writing and travelling.

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