Tayo Amusan Now Has Full Ownership Of The Palms Shopping Mall

Actis exits investments in Nigeria, Egypt
13/12/2007. Source: AltAssets. 

Emerging markets private equity investor Actis has announced two exits. The firm has completed the sale of shopping centre The Palms Mall in Lagos, Nigeria. It has also sold its stake in El-Rashidi El-Mizan Confectionary Company (REM) in Egypt as part of a successful sale of 100 per cent of REM.
REM produces halawa and tahina, two staple food products made from sesame seeds. The acquisition of REM in 2002 from its owner, Unilever, by management and Actis was the first MBO ever undertaken in Egypt.

Actis investment manager Sherif Elkholy commented, 'It has been a very exciting five-year partnership with the El-Rashidi family and management, working together to transform REM into an industry role model within the FMCG sector. We are delighted to have secured Citadel as a strategic partner for the business going forward and believe this deal will help reinforce REM's leading position in the market.'

In the second transaction, Actis has sold its majority stake in The Palms to Nigerian property developer Tayo Amusan. The Palms was developed in joint venture between Actis and Mr Amusan at a cost of over $40m and opened in late 2005.

Simon Harford, head of Actis for West Africa, said, 'Actis continues to be very positive about investing in Nigeria, a market in which we have been active for decades. Actis admires the progress being made in government reforms and private sector growth, and accordingly we intend to increase both our team presence in Nigeria and our investment rate. We now have West Africa investments exceeding $500m across multiple businesses and countries, and we look forward to further high quality investments in Nigeria across different sectors. The successful Palms investment, development and realisation demonstrates the value of the private equity model to Nigerian economic growth, and the value of deep partnerships between Actis and committed Nigerian entrepreneurs such as Tayo Amusan.'

Actis has $3.5bn in funds under management.

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We need more shopping malls in Port Harcourt especially around the International airport/federal university axis.

Its a good-day for entrepreneuship in Nigeria Tayo has a lot to prove indeed.