 | Next All News Previous |
|
06/21/2005 EMP Global's Africa investments underscore its market leadership and demonstrate long-term commitment to the continent Washington D.C., June 21, 2005 -- EMP Global LLC ("EMP") today announced three noteworthy investments made over 2005 by the Africa-focused private equity fund it advises. This new round of $76 million in investments was made in the wireless telecommunications, water & electricity distribution, and agriculture sectors. It brings to $338 million the total amount invested in Africa by EMP's Africa fund, across 14 companies, and cements EMP's track record of identifying investment opportunities in Africa with high growth potential for its investors. The three investments include: Starcomms, a Lagos, Nigeria-based private telecommunications provider, which owns and operates a wireless network supporting mobile, fixed-line and data services in the Nigerian states of Lagos, Kano and Borno. Starcomms' principal business is providing high-quality voice and data service to businesses and high-end residential customers. In January and May 2005, EMP invested $11.6 million and $10.0 million respectively for 22% of the company. Veolia Water Maroc ("VWM"), a Moroccan subsidiary of Veolia Environment ("VE"), a world leader in environmental services, which owns and operates companies in the water distribution, wastewater treatment, and electricity distribution sectors. VWM will soon become VE's primary investment vehicle for all of Morocco. In January 2005, EMP invested $10.1 million of a committed $40 million. Société Internationale de Plantations d'Hévéas ("SIPH"), Africa's leading rubber exporter through its two subsidiaries, Société Africaine de Plantations d'Hévéas in Côte d'Ivoire and Ghana Rubber Estates Ltd. In March 2005, the Fund invested $14.3 million in SIPH. This investment included the acquisition of 10.6% of the common stock of the company and convertible notes and warrants enabling EMP to increase its ownership to 29.4% upon conversion. The investments were made by The AIG African Infrastructure Fund, which is advised by EMP Global, through its EMP Africa group. Tom Gibian, Managing Director of EMP Global and Chief Operating Officer of the Africa fund said: Many global investors overlook Africa, despite the opportunities it presents. EMP Africa has been able to identify for our investors well managed companies with significant growth potential." The unveiling by EMP of these 2005 investments follows its recent announcement of the sale of the Africa fund's stake in Celtel International B.V., a leading pan-African telecommunications provider, for approximately $214 million; 4.3 times its $50 million investment. EMP Africa continues to work on achieving successful returns on its Africa investments, and it expects further significant realizations will be achieved in the remainder of 2005. *** About EMP Global LLC EMP Global LLC is the largest private equity fund advisor focused on emerging markets and manager of six private equity funds totaling $5.7 billion invested in Africa, Asia, Latin America, Europe and the Middle East. EMP Global has over ninety professionals based across eight offices in the regions in which it invests. About EMP Africa EMP Africa, an affiliate of EMP Global LLC, engages in private equity investment activities across the African continent. EMP Africa advises or manages funds in excess of $407 million from its offices in Washington D.C., Tunis, Abidjan and Johannesburg. Investor enquiries: Hurley Doddy, Tel: +1 202 331 9051 Media enquiries: Tristan B. Peniston-Bird, Tel: +1.212.515.1933 Montieth M. Illingworth, Tel: +1.212.515.1972 EMP Website: www.empwdc.com
|