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PBME-KHC sign Africa deal.

MANAMA: Bahrain-based PineBridge Investments Middle East (PBME) and Saudi Prince Alwaleed's Kingdom Holding Company (KHC) have signed a memorandum of understanding (MoU) to establish a joint venture.

The joint venture between KHC and PBME will invest in African companies, in response to rising investor demand for exposure to the continent's fast growing economies.

Key focus sectors include manufacturing, consumer driven sectors, infrastructure, financial services and other sectors.

The MoU was signed by KHC executive director for private equity and international investments Dr Adel Alsayed and PBME chief executive Talal Alzain.

"Investment in this platform is a continuation of KHC's successful investment strategy in Africa that began in 2003, and reflects our confidence in achieving long-term returns for investors in this venture," Prince Alwaleed said.

Mr Alzain said the global multi-asset-class manager believes the African continent is going through positive socio-economic transformations.

"PineBridge Investments has a long track record of directly investing in Africa since the 1990s, with extensive experience in sectors including infrastructure, banking and consumer industries.

"The firm has offices in South Africa, Kenya and Uganda, investing in equities, credit and private markets," he added.

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:6SOUT
Date:Jul 1, 2014
Words:200
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