Prince Alwaleed bin Talal chairman of Kingdom Holding Company has announced a USD 50 million investment into First Hydrocarbon Nigeria Limited in Nigeria. The transaction was through the second Kingdom Zephyr fund, PAIP II.
FHN was set up in 2009 to capitalize on the exceptional opportunities for indigenous Nigerian involvement in the upstream sector of the oil and gas industry.
Mr Alwaleed commented that "We invest in the gas and oil sector based on a strategic investment approach."
PAIP II's investor base includes KHC, African Development Bank, International Finance Corporation, European Investment Bank, and Netherlands Development Finance Company.
Fernvale Investments (Mauritius) Pte Ltd is a wholly owned indirect subsidiary of Temasek Holdings (Private) Limited.
Since its inception in 2008, PAIP II has invested around USD 100 million in three ventures Thunnus Overseas Group, a seafood canning and processing business based in Cote d'Ivoire and Madagascar; Mixta, SA, a builder of affordable housing, operating in five North African countries and Buildworks, a South Africa based company listed on the AltX division of the Johannesburg Stock Exchange, that provides heavy building materials and constructs electrical power substations and transmission lines throughout Africa.
KHC's portfolio has its main interest in landmark hotel properties and hotel management companies, real estate development in Jeddah and Riyadh, financial services, technology and media. KZAM is one of the leading pan African private equity General Partnerships.
Kingdom Zephyr manages the investments of PAIP II and PAIP I from offices in Accra, Ghana; Johannesburg; London; and New York. KZAM is a JV, of which KHC owns 75%.
Its main mandate is to focus on investment opportunities in the region and pan-African businesses.
PAIP II's predecessor fund, PAIP I, has invested more than USD 100 million in private equity opportunities in sectors such as telecommunications, insurance, banking, consumer finance and homebuilding.
The PAIP investment program focuses on investing in multi-country enterprises with a healthy capacity for growth and an ability to compete domestically and regionally.
(Sourced from www.arabnews.com)
