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African family businesses

July 8, 2015

When Riaz Currimjee, a member of one of the oldest and largest industrial family conglomerates in Mauritius, returned home for Christmas wearing a t-shirt with “Africa is the Future” emblazoned across the chest, many of his family thought he’d lost the plot. So when the 42-year-old announced he was going to focus his new private equity firm Surya Capital on the birthplace of mankind he got more than a few odd looks. 

It’s actually a little difficult to describe Surya Capital because in many ways my partners and I are trying to do something innovative and different, more akin to the 19th-century merchant bank, but in east Africa. Surya is a deal-by-deal principal investment firm, backed by a group of family offices and institutions. It is focused on high-growth markets in east Africa, including Ethiopia.

October 10, 2014

Asia, the Middle East and Africa are currently some of the fastest growing economies in the world. Now a new report profiles what makes the regions’ high net worth business owners tick.

Founded in 1974, Foxconn, a Taiwanese electronics empire, already has revenues of $131.8 billion (€104.4 billion). It’s not a consumer brand, but its electrical components power iPhones, Kindles and Playstations, among other gadgets. Still in the hands of its founder, Terry Gou, the company is an example of the way private business can exploit the skyrocketing economies of developing regions.

April 14, 2014

South African hotelier Sol Kerzner, 78, has announced his retirement from the hotel industry and the sale of a stake in his eponymous company, eight years after the death of his son and heir apparent.

South African hotelier Sol Kerzner, 78, has announced his retirement from the hotel industry and the sale of a stake in his eponymous company, eight years after the death of his son and heir apparent.

Last week the Investment Corporation of Dubai (ICD), an arm of the United Arab Emirates government, confirmed it had bought a “significant” equity interest in the hotel group, which includes the Atlantis resort in the Bahamas and the One&Only resort chain.

August 12, 2013

Wal-Mart mulls buyout of one of several family-owned supermarkets in Kenya; and America Movil moves to buy remaining shares in Royal KPN.

Wal-Mart mulls buyout of one of several family-owned supermarkets in Kenya; and America Movil moves to buy remaining shares in Royal KPN.

Massmart
South Africa’s Massmart Holdings, a unit of Wal-Mart, is considering the buyout of one of several family-owned retailers in Kenya, as it tries to make inroads into the African nation.

According to Nairobi-based newspaper Business Daily, Naivas, Tuskys and Nakumatt, the family-owned businesses that dominate the sector, are the main targets for the food and household-goods retailer.

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