Standard Chartered Private Equity sells stake in Botswana’s Kamoso

0
516
A Standard Chartered sign is seen outside of a building, with a branch of the bank, in Jakarta, Indonesia September 28, 2016. REUTERS/Darren Whiteside/File Photo

GABORONE (Reuters) – Standard Chartered Private Equity has sold its stake in a Botswana retail and consumer goods company Kamoso Distribution to a consortium led by Investec Asset Management Private Equity, RMB Ventures, local partners and senior management.

Kamoso was mostly a supplier to Botswana’s largest budget retail chain, Choppies Enterprises, before StanChart PE and New York investment firm Development Capital Partners (DCP) bought a 72 percent stake in 2015 and expanded operations.

Both Stanchart PE and DCP have now sold their shareholdings, Investec Asset Management and RMB Ventures said in a statement on Monday.

“Over the last few years, Kamoso has expanded from its roots in Botswana to supply retailers across Southern Africa,” the companies said.

“The company has also invested heavily in new capital equipment to expand its consumer product offerings, which range from paper products to pharmaceuticals, and from bottled water to milled grains as well as imported consumer brands,” Investec Asset Management and RMB Ventures added.

Stanchart PE and DCP bought the stake in Kamoso in a deal that was reported to be worth 452 million pula ($43.35 million)from Choppies’ biggest shareholders, Ramachandran Ottapathu and Farouk Ismail.

Ottapathu, who is the CEO of Choppies, told Reuters on Oct. 9, that Stanchart PE still held a 13 percent shareholding in Choppies, which was bought at a price reported to be around $60 million in 2014.

“Stanchart PE still hold the stake although they have brought in new partners to the Special Purpose vehicle holding the shareholding,” Ottapathu said.

($1 = 10.4275 pulas)

SHARE
Previous articleNigeria aims to pass Petroleum Industry Bill by mid-2018
Next articleFG Considers Review of NNPC Appointments
Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.