Amethis Finance Acquire 17% Stake in CIEL Finance Mauritius

Amethis Finance are keeping busy, and have gone back to the financial sector with their latest, and very interesting, investment: The fund manager announced the acquisition of a 17% stake in Mauritius-incorporated CIEL Finance which in turns holds the following participations:

• 50% in Mauritius-based Bank One;
• 55.5% in mutual fund and asset management company IPRO with offices in Mauritius and Botswana;
• 60.1% in MITCO group, a company that provides fiduciary services, funds and companies administration in Mauritius and the Seychelles;
• 50% in Kibo Capital Partners (KCP), a private equity fund manager, and participations in the two Kibo funds managed by KCP.

Amethis plan to increase their stake in CIEL to 24.9% during 2015. This not only gives them an instant footprint in a range of financial institutions – in addition to their existing bank investments in e.g. Ghana and Kenya , but also a direct investment in a private equity fund manager. As their press release states: ‘The two groups expect to generate additional business opportunities, share best practices and pool purchases through a systematic cooperation between their respective units.’

And from Amethis Managing Partner Laurent Demey: ‘This transaction is the first milestone of a successful expansion plan for CIEL Finance. Our network, expertise and track record in the financial sector in Sub-Saharan Africa will serve the consolidation and expansion of its subsidiaries so as to foster the emergence of a leading pan African financial group.’ Source: Africa Assets