through its CIFA fund, invested in Banro Corporation. Banro is a
junior gold exploration company focused on the development of four
advanced stage gold projects in the Democratic Republic of the Congo.
Africa is rich in natural resources and accounts for 21% of the
world’s gold production. Banro is a Canadian (Toronto Stock
Exchange) and AMEX listed company. The company owns 100 percent
of the mining licenses of the four projects and has eleven million
ounces of gold resources along the Twangiza-Namoy gold belt.
Banque Commerciale de Rwanda (BCR)
invested in BCR, the second largest commercial bank in Rwanda, with
a market share of 25 percent, 200 staff and seven branches. Utilising
the bank’s extensive branch network and strong distribution
channels, the intention is to grow the corporate and retail
business significantly by introducing leasing, SME lending and housing
finance products, all the while focusing on customer service.
Candax Energy Inc.
is a Toronto-based oil and natural gas company engaged in exploration,
acquisition, development and production of natural gas and crude
oil. The company is currently focussing its activities on projects
in the Middle East and North Africa, North Africa being one of the
most prolific and, as yet, underdeveloped regions for hydrocarbon
reserves in the world. Candax was listed on the Toronto Stock
Exchange in August 2005.
Mineral Deposits Limited (MDL)
is an Australian based resources company that is developing two
quality mining projects in Senegal. The Grande Côte Zircon
Project, which has received its mining concession, has high quality
zircon, a cost freight advantage over its competitors due to its
proximity to Europe, and can benefit from the use of existing sand
mining dredges. The second project is the Sabodala gold project
where evaluation drilling has confirmed a resource of 2.2 million
was acquired by IAMGOLD in February 2009.
Orezone Resources is a Canadian gold
exploration company with four advanced stage gold projects in Burkina
Faso. Burkina Faso is strategically located between Ghana and Mali,
the second and third largest gold producing countries in Africa.
Orezone has 3700 km2 of properties in the region with 3.5 million
Papers is the second largest paper merchant in South Africa with
a history that can be traced back over 100 years. The company distributes
paper and associated products to commercial printers and resellers
in South Africa. It represents more than 40 leading paper mills
and graphic sundries suppliers from around the world and employs
300 permanent and 100 contract staff in its nationwide sales and
distribution network in South Africa.
invested in Savcio, a repairs, services and replacement parts company
comprised of four separate business units: Electrical Repair Engineering,
accounting for 80 percent of Savcio’s sales, is Africa’s
largest private sector repairer of electric motors, transformers
and traction drive systems; Transwire is a leading manufacturer
of enamelled copper wire; Wilec supplies input materials to the
electrical motor and transformer industries; and ESPA specialises
in the procurement of high quality after-market replacement parts.
The growth prospects for Savcio are very encouraging given that
Savcio will benefit from general and industrial growth in South
Africa and is uniquely positioned to take advantage of the government’s
commitment to upgrade public transport and electrical distribution.
invested in UAC of Nigeria (UACN). With its headquarters in Lagos,
the company’s core businesses are food-focused and include
a fast food retail outlet (the Mr. Big Bigg’s chain), food
manufacturing (Gala Sausage Rolls), and food supply (GCOML grain
processing plants). UACN also owns MDS, one of the largest warehousing
and logistics companies in Nigeria, and holds a 46% shareholding
in UACN Properties, a high growth residential property developer.
The company has been trading since 1931 and was formerly a part
of Unilever plc. It is one of the leading public companies quoted
on the Nigerian Stock Exchange.
Gulf of Guinea Energy Limited (GOGE)
GOGE is an upstream oil & gas company
whose initial focus is on Nigeria but with ambition to expand to
West Africa. GOGE has rights to a 40% interest in the undeveloped
onshore Uquo field to the east of the Niger Delta, with 2P oil reserves
of 50 million barrels and tcf scale gas.
Diamond Bank, Nigeria's 9th largest
commercial bank, currently has 100 branches, 1800 staff and a market
share of 5%. With its focus on SME and corporate sectors, the bank
sits at the top of the second tier of the industry with a healthy
lending book and a robust operating platform.
Fuel Logistics Group
Fuel is an established supply chain
and logistics services group in South Africa. With a nationwide
network, the company provides customised logistic solutions to blue
chip local and international customers in a wide range of industry
sectors, focussing in particular on the FMCG and pharmaceutical
Sinai Marble is an integrated marble
producer and one of Egypt's leading exporters. Marble extracted
from company-owned quarries is used in the production of slabs and
tiles for export to over 40 countries. As one of the few producers
of scale in Egypt and as the leading player in terms of product
quality and customer service, Sinai Marble is well-positioned to
take advantage of the increase in demand for high quality Egyptian
Alexander Forbes is a diversified financial
services company that operates as an intermediary in two distinct
industries: investment and insurance. The company holds a dominant
market position and is represented across 30 countries, with the
majority of its operations being in South Africa.
manufactures foam used in making mattresses, furniture and other
products. Founded in 1972, the company today holds a leading brand
and market position in Nigeria and continues to experience growth
both in Nigeria and the West African su-region.
The Poulina Group pioneered the poultry
industry in Tunisia before diversifying regionally into branded
food, building products and ancillary industries. The Group has
shown double-digit growth for the last 20 years and, in August 2008,
CIFA was invited to become a cornerstone investor in its landmark