Kuwait-based Agility said it was keen to inject fresh capital to boost returns on investments under its management.
This could see them take up part of the cash-strapped Abraaj’s portfolio that includes a 10 per cent stake at Brookside Dairy and high-street Java, with coffee cafés in Kenya, Uganda and Rwanda.
On Wednesday, Agility said it planned to invest at least Sh200 billion in infrastructure, real estate and technology space in the next two years across its businesses around the world.
A Kuwaiti logistics firm eyeing a slice of the private equity firm Abraaj Investment African business says it will install a robust team to manage the multi-billion shilling portfolio.
Sulaibiya Kuwait-based Agility, currently putting up a logistics park in Kenya to support e-commerce multinationals, said it was keen to inject fresh capital to boost returns on investments under its management. This could see them take up part of the cash-strapped Abraaj’s portfolio that includes a 10 per cent stake at Brookside Dairy and high-street Java, with coffee cafés in Kenya, Uganda and Rwanda.
“Our consortium including New York-based Centerbridge Partners, York Capital as well as Abu Dhabi Financial Group… the strategy for Abraaj is to put together the best emerging markets team and a winning sort of formula for anybody who wants his money managed along with the governance of a major UK and US regulated sort of partner,” said Agility chief executive Tarek Sultan.
International news agencies quoted Mr Sultan saying the bid talks launched last July remained “fluid” with no timelines set for conclusion of negotiations.
“Our focus is obviously on developing these projects to support e-commerce multinationals and SMEs in Africa,” he said.
On Wednesday, Agility said it planned to invest at least Sh200 billion in infrastructure, real estate and technology space in the next two years across its businesses around the world.
However, the Kuwait and Dubai-listed firm added the money will not be spent on new acquisitions adding that a Sh50 billion bond will be floated later this year to help finance investments.
Mr Sultan said most of the investments in infrastructure and real estate will be concentrated in emerging markets, particularly in Africa and Saudi Arabia.
The company has logistics parks under various stages of execution in Kenya, Ghana, Nigeria, Mozambique and Ivory Coast.
Last June, Abraaj obtained an order from Cayman Island High Court granting it provisional liquidation to deter its creditors from seizing properties to recover monies that some investors felt had not been prudently invested.
Agility, joins TFG Fund and Colony Capital among investment management funds that have expressed interest in taking up a slice of Abraaj’s portfolio.
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