Shelter Afrique CEO Andrew Chimphondah. PHOTO | POOL Last week, Shelter Afrique announced that it had completed the repayment of the balance of Ksh20.5 billion ($186 million) owed to eight lenders three years ahead of schedule.
The repayment, it said, paved the way for the lender to roll out its bond issuance plan, which was first announced earlier this year.
It will be seeking Ksh55.1 billion ($500 million) from East Africa and a similar amount from Nigeria, with the remaining $250 million coming from its francophone markets.
The Democratic Republic of Congo (DRC) has ramped up its stake in pan-African housing financier Shelter Afrique, joining nine other member countries that have acquired extra shareholding with additional capital this year.
DRC has acquired an additional 0.94 percent stake with a $2.5 million capital injection, raising its shareholding to 1.68 percent from 0.74 percent.
“The total additional capital we have received from member States within the last six months of 2021 now stands at $22.7 million,” said Shelter Afrique chief executive Andrew Chimphondah.
“This much-needed capital injection which will go a long way to assisting strengthening the capital structure of the company in preparation for its fundraising efforts to raise additional debt capital required to support the pipeline which now stands at $1 billion.”
Last week, Shelter Afrique announced that it had completed the repayment of the balance of Ksh20.5 billion ($186 million) owed to eight lenders three years ahead of schedule.
The repayment, it said, paved the way for the lender to roll out its bond issuance plan, which was first announced earlier this year.
It will be seeking Ksh55.1 billion ($500 million) from East Africa and a similar amount from Nigeria, with the remaining $250 million coming from its francophone markets.
“Plans are currently underway to register bonds on the Nigerian Stock Exchange and the Nairobi Securities Exchange,” the lender said. Goma projects The Nairobi-based Shelter Afrique, last year, returned a net profit of Ksh199.6 million ($1.85 million) after six years of losses amid high finance costs, which negatively affected its ability to raise new capital and fund new projects.The lender is eying low-cost housing projects in the eastern DRC city of Goma, home to over one million inhabitants, which was hit by Mt Nyiragongo volcanic eruption in May, displacing thousands of people.“We are grateful to the government of the Democratic Republic of Congo for making this strong commitment to Shelter Afrique.“We would like to play […]
