Saturday, October 24, 2020

Jefferies gets onto Afinitas seat

The managing director of Econsult Botswana, Dr Keith Jefferies, has been appointed as an Independent NonÔÇÉExecutive Director of the Botswana Stock Exchange (BSE) quoted venture capital company, Afinitas Limited. 

Jefferies previously served as the deputy governor of the Bank of Botswana (BoB) from November 1999 to March 2005 moving on to the private sector to run and manage his economic firm – Econsult Botswana. 

Afinitas Limited is a green field investment company which was incorporated in Botswana early last year. The financial services company listed its shares on the local bourse mid-last year, looking to raise P28.8 million to finance its forays into Africa. 

Before the listing, the company raised over P90 million through private placement from local fund managers African Alliance, Investec and Afinitas, which garnered them a respective shareholding of 25 percent, 7.5 percent and 5.5 percent each respectively.

Upon the completion of the listing on the Venture Capital of the BSE, Afinitas indicated its intentions to adopt a pan-African investment strategy and seek investments across diverse industry sectors.

Among other businesses across Africa, Afinitas owns Africa Events Limited (AEL) which is an events management business that specialises in hosting Investment focused events & conferences. The flagship event in AEL is the annual Africa Financial Services Investment Conference. This event is attended by a wide range of Africa’s leading financial services companies and major global investors seeking investment opportunities in Africa.

In early October, Afinitas Executive Director Leutlwetse Tumelo said that its maiden interim financial results for the period that ended June 2016 the company showed a profit of $33 216.00.

According to Tumelo, the business climate in Africa is also improving due to a number of factors such as improved telecommunications and better governance in general. He further said that less intense business competition in Africa than in more developed markets may manifest itself in higher achievable rates of return on equity

“Interest in Africa from European funds is at an all-time high and that is driving the emergence of new investment opportunities within the continent. Afinitas is about the African story. We created a company that would leverage on Botswana’s IFSC and reputation as an attractive investment destination to launch into the rest of Africa,” said Tumelo. 

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