Alexander Forbes, in its latest annual report, noted that it would now be studying possible opportunities in Tanzania and Ghana. According to Alexancer Forbes chief executive Edward Kieswetter, the firm will be looking to bolster its existing Africa operations in Botswana, Namibia, Kenya, Uganda, and Nigeria. The statement further said that the group, in this financial year, will also target further growth opportunities in Uganda and Zambia.
The financial report of Alexander Forbes revealed the firm's active presence in African countries including Kenya, Botswana, Malawi, Namibia, Mauritius, Nigeria, Swaziland, South Africa, Tanzania, Zambia, Uganda, and Zimbabwe. The group's African operation is collectively referred to as AfriNet.
Alexander Forbes has been disposing of what it considers as noncore assets in advance of the expected exit of its private equity fund shareholders Ethos and Actis.
"In addition to our commercial aspirations we are mindful of the need to prepare for the likely exit of our current private equity investors in the next 24 months. In this regard, we have appointed Deutsche Bank and Rand Merchant Bank as strategic advisers. As we respond to this factor, we will remain committed to the long-term integrity of the business and will continue our efforts to build a business for the future," Sello Moloko, chairman of Alexander Forbe, noted in the annual report.
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