In what has been described as one of Africa’s most ambitious infrastructure projects, Zungu Investments joined forces with a group of investors to acquire the Pan African Infrastructure Development Fund’s shareholding in Aldwych Holdings Ltd (AHL), which had stakes in Lanseria International Airport and power generation assets in five countries on the continent.
Led by South African private equity firm, Harith General Partners, this acquisition will give the investors a footprint in various industries and countries, which aligns with Zungu Investments’ efforts to expand its portfolio across the continent and beyond.
Commenting on the acquisition, Sandile Zungu, Chairman of Zungu Investments, said the transaction was going to inject a new life into various companies.
“This acquisition will open up many possibilities in the South African and African infrastructure sectors, which is what the continent needs to realize its developmental objectives,” explained Zungu.
He added that his company had invested R400m in the acquisition of the Fund’s shareholding of AHL, which owned various strategic companies and stakes.
Among AHL’s shareholding includes a 15.3% share of Community Investment Venture Holdings (CIVH), which owns fibre infrastructure companies Vumatel and Dark Fibre Africa (DFA), IoT network operator Sigfox South Africa, and full-service optical fibre company Britelink MCT. CIVH also owns Maziv, a company established specifically to hold its fibre assets from Vumatel and Dark Fibre Africa.
AHL owns 37.92% of Arnegi Holding Group which owns energy generation assets in Ghana, Kenya, Nigeria and South Africa’s only privately owned coal-fired power station, Kelvin Power Station.
The new consortium has also acquired the Fund’s 37.5% stake in Lanseria — South Africa’s only private airport.
“This investment will enable our company to expand its efforts to create critical social and economic benefits in many communities on a continental scale,” said Zungu. “It is an investment that not only makes a difference in the lives of ordinary people, but it also helps our continent develop.”