Copperbelt energy sells $57m stake

Comment on this story


IOL bus mar11 Standard Chartered

Reuters

File photo: Jo Yong-Hak

Lusaka - Standard Chartered's private equity arm has acquired a quarter of Zambia's Copperbelt Energy Corporation Plc for $57 million, its first investment in the growing African power industry.

The bank will take 25.8 percent of the Lusaka-listed power supplier by acquiring a stake in parent company Zambian Energy Corporation, Standard Chartered and Copperbelt said in a joint statement on Tuesday.

Copperbelt, which supplies power to mines in Africa's largest copper producer, has recently acquired stakes in a power company and power plant in Nigeria.

A lack of power is a serious hurdle for many sub-Saharan economies, even as they benefit from rising incomes and investment from China.

London-based Standard Chartered has been ramping up its private equity investments in Africa.

In January Standard Chartered said it had bought 13 percent in Botswana-listed supermarket chain Choppies Enterprises , a deal that was likely worth around $60 million, according to Thomson Reuters data.

Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks