AMSCO client, Oragroup has increased its capital, closing a first tranche of equity fundraising at $ 18 million from investors. The funds are expected to help finance its continued growth and expansion strategy.
According to a statement released on 7 May 2013, the funds have been received from several investors including European Development Institutions BIO and Proparco (who had already invested $ 20 million in November 2011).
Commenting on the recent developments, CEO of Oragroup, Patrick Mestrallet said in a statement: "This capital injection represents a major milestone for Oragroup, highlighting the confidence of our existing investors in our business model and the Pan-African markets in which we operate. With this additional investment, we will be able to take the next steps of our expansion plans, supported by ECP, a leader in the private equity market."
Controlled by capital investor Emerging Capital Partners (ECP), Togo based Oragroup is the holding company operating under the brand Orabank. The company currently has a presence in six countries (Benin, Togo, Guinea, Chad, Gabon and Mauritania) and is worth a total cash balance of more than € 1 billion. The group is seeks to raise a further $ 50 million through a combination of debt and equity financing.
A booming company, in August 2012 the group acquired the Togolese Development Bank for € 30 million, as part of a privatization process launched by the State. A few weeks later, it was selected to acquire a 51% stake in the group Regional Solidarity Bank (BRS), an operation that will enable the Group to be present in twelve countries including Côte d'Ivoire and Senegal. Oragroup also has a microfinance institution in Cameroon which it hopes to turn into a bank in the coming years. |
