A US government-backed private equity fund has taken over the management of Africa Telecommunications, Media and Technology Fund (ATMT Fund), the company that controls Wananchi Group Holdings.
The Business Daily has learned that the Overseas Private Investment Corporation (OPIC) last week wrote to owners of triple-play service firm Zuku to invoke a rule, technically known as ‘bright-line test’, to protect the $50 million (Sh5 billion) senior debt it advanced ATMT Fund and which has so far accrued $12 million (Sh1.2 billion) in interest.
