Economy

Cap Tamarin Secures $10m Funding Package from Vantage Capital

Published

7 years ago

09/07/2018

By Dipo Olowookere

A Mauritian-based diversified real-estate, hospitality, education and agricultural group, Cap Tamarin Ltée, has secured $10 million of mezzanine funding from Vantage Capital.

It was gathered that the promoter of the transaction was Trimetys through its subsidiary, Cap Tamarin Ltée, led by Kian Jhuboo and Georges Talbotier.

Vantage Capital is Africa’s largest mezzanine fund manager.

Cap Tamarin, since their first real estate project in 1998, has developed a variety of different projects on the island which include hotels, sport centres, a shopping centre and a school as well as constructing more than 300 residential units.

Cap Tamarin will create an integrated “work, live and play” environment that is technology-focused, intelligent, innovative and sustainable. Cap Tamarin has already received the prized Smart City Scheme certification from the Mauritian government. On completion, the Cap Tamarin development will span over 400,000m2 and will comprise of residential units made up of a combination of apartments, senior homes (non-medicalised and medicalised), villas and individual houses. A key attraction for Cap Tamarin residents will be a 40,000m2 landscaped park facilitating direct access to the Tamarin Beach and lagoon. Cap Tamarin will benefit from a comprehensive range of public services such as schools, a smart citizen advice office, a post office as well as cultural and innovation centres. The innovation centre will be used by start-ups, SMEs and research-based organisations to stimulate innovative activities which are a core component of the Smart City Scheme. The development will also expand on the existing commercial office and retail spaces.

Warren van der Merwe, Chief Operating Officer of Vantage Capital, said, “Vantage Capital is excited to partner with Trimetys to make our first Mauritian investment in a mixed-use development in a prime coastal location that manages to combine an aspirational island village lifestyle with a strong developmental impact on surrounding communities.”

Zaheer Cassim, Associate Partner at Vantage Capital, added, “Tamarin is an old fishing village that is to be transformed in an environmentally-sensitive manner into a well-planned residential area on the picturesque west coast of Mauritius. The village is surrounded by hills in the east and the beach on the west with the Tamarin River running through it and represents an ideal location for a development of this nature.”

Georges Talbotier, Director of Cap Tamarin, declared “This partnership rewards the achievement of several milestones in Cap Tamarin’s development plan. Supplemented by bank financing and sales, the entry of Vantage Capital as a reference investor, will boost the realization of the project.” He adds, “We need strong partners to achieve such an ambitious project. For us, Cap Tamarin “Smart & Happy Village” is the realization of a vision and we thank Vantage Capital for sharing our values. “

The investment is Vantage Capital’s eighth transaction in Fund III, a $280 million fund, with a 55% allocation to countries outside South Africa. This investment represents the 26th transaction executed by Vantage across three generations of mezzanine funds.

Werksmans Attorneys and BLC Roberts & Associates acted as legal counsel to Vantage in South Africa and Mauritius respectively. Cap Tamarin and Trimetys were advised by Mauritius Commercial Bank’s Capital Markets division.

Economy

MRS Oil, Heyden, Ardova to Sell Dangote Petrol at N970 Per Litre

Published

9 hours ago

19/01/2025

Dipo Olowookere

By Dipo Olowookere

The three major partners of the Dangote Refinery in the Lekki area of Lagos, MRS Oil Nigeria, Heyden and Ardova Plc, will retail premium motor spirit (PMS), otherwise known as petrol, at its stations across the country at N970 per litre.

This information was revealed by Dangote Refinery, owned by one of Africa’s richest businessmen, Mr Aliko Dangote.

The three independent oil marketers entered into a bulk-purchasing agreement with the oil facility, which has the capacity to refinery about 650,000 barrels of crude oil per day.

The deal, first sealed by MRS Oil, ensured that it retailed fuel at its petrol stations at N935 per cent litre.

However, last week, Dangote Refinery increased its ex-depot price from N899.50 per litre to N950 per litre due to a rise in the price of crude oil to $80 per litre in the global market from about $72 per barrel.

In a statement on Sunday made available to Business Post, Dangote Refinery said, “All our partners, including Ardova, Heyden, and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.

“We have absorbed the increased logistics costs to guarantee uniform pricing across the 36 states of the federation and the Federal Capital Territory (FCT).”

Economy

NGX All-Share Index Jumps 0.17%

Published

2 days ago

18/01/2025

Dipo Olowookere

By Dipo Olowookere

A 0.17 per cent growth was recorded by the Nigerian Exchange (NGX) Limited on Friday, extending the stay of the local bourse in the positive territory.

This uptrend was maintained despite profit-taking in the banking sector, which left its index down by 0.23 per cent at the close of trading activities.

Business Post reports that the insurance industry expanded by 4.04 per cent during the session, the energy counter improved by 1.05 per cent, and the consumer goods space gained 0.58 per cent, while the industrial goods sector closed flat.

Consequently, the All-Share Index (ASI) went up by 170.62 points to 102,353.68 points from 102,183.06 points and the market capitalisation grew by N541 billion to N62.851 trillion from N62.310 trillion.

There were 34 price gainers and 22 price losers yesterday, indicating a positive market breadth index and strong investor sentiment.

The trio of Caverton, Livestock Feeds and Sovereign Trust Insurance appreciated by 10.00 per cent each during the session to quote at N2.20, N5.94, and N1.10, respectively, as Neimeth jumped by 994 per cent to N3.43, and Royal Exchange increased by 9.88 per cent to 89 Kobo.

On its part, Academy Press lost 9.74 per cent to close at N3.15, PZ Cussons declined by 9.09 per cent to N25.00, DAAR Communications weakened by 8.64 per cent to 74 Kobo, Transcorp Power shed 5.91 per cent to settle at N46.95, and Dangote Sugar fell by 4.94 per cent to N38.50.

A total of 327.8 million shares valued at N11.8 billion were traded in 11,905 deals on Friday versus the 472.2 million shares worth N16.7 billion transacted in 12,336 deals on Thursday, representing a decline in the trading volume, value, and number of deals by 30.58 per cent, 29.34 per cent and 3.49 per cent apiece.

Access Holdings recorded the highest sales with 49.1 million stocks sold for N1.2 billion, Fidelity Bank exchanged 20.4 million shares valued at N359.0 million, UBA traded 20.1 million equities worth N681.0 million, Oando transacted 14.8 million shares for N998.1 million, and Universal Insurance traded 13.8 million stocks worth N8.7 million.

Economy

NASD OTC Exchange Gains 0.26%

Published

2 days ago

18/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its upward movement with a 0.26 per cent gain on Friday, January 17 amid renewed interest in unlisted stocks.

This raised the market capitalisation of the trading platform by N2.79 billion at the close of business to N1.075 trillion from the N1.072 trillion it closed in the preceding session.

In the same vein, the NASD Unlisted Security Index (NSI) went up by 8.08 points at the close of transactions to 3,111.91 points from the 3,103.83 points recorded at the previous session.

Yesterday, the volume of securities traded by investors went down by 606 per cent to 486,215 units from 1.2 million units, the value of shares shrank by 84.7 per cent to N2.8 million from N18.0 million, and the number of deals decreased by 65 per cent to 14 deals from the 33 deals carried out a day earlier.

In the final trading day of the week, there were three price gainers and one price loser, Geo-Fluids Plc, which lost 9 Kobo to finish at N4.70 per unit versus the preceding session’s price of N4.79 per unit.

On the flip side, Okitipupa Plc gained N3.60 to settle at N39.59 per share compared with the previous day’s N35.99 per share, Industrial and General Insurance (IGI) Plc added 3 Kobo to wrap at 36 Kobo per unit compared with the preceding session’s 33 Kobo per share, as FrieslandCampina Wamco Nigeria Plc improved its value by 49 Kobo to N39.65 per unit from N39.16 per unit.

At the close of business, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.

The most active stock by volume (year-to-date) remained IGI Plc with 23.5 million units worth N5.3 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units sold for N134.9 million.