Togo’s Oragroup Seals Fresh $18m Investment

Ventures Africa 7 May 2013
Oragroup, a Togo-based regional commercial banking company, today announced that it closed a first tranche of equity fundraising at $18 million from investors including Development Finance Institutions BIO and PROPARCO.
Commenting on the equity fundraising, Patrick Mestrallet, CEO at Oragroup said: “This capital injection represents a major landmark for Oragroup; highlighting our existing investors’ confidence in our business model and in the pan-African markets in which we operate. Through this additional investment, we will be able to undertake the next steps in our expansion plans, supported by market leading private equity firm Emerging Capital Partners (ECP)”.
ECP has been active in the African financial services sector for over a decade now.
In order to support its ambitious acquisition program, the group will seek to raise funds in the region of $50 million through a combination of debt and equity financing from a diversified investor base which includes local, regional and international investors, adding both retail and institutional shareholders to Oragroup’s share capital.
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