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| 11/11/2009 |
| Renaissance Capital completes sale of DRC miner CAMEC to ENRC |
Successful completion of the Firm’s 14th transaction in Africa this year
London, November 11, 2009 – Renaissance Capital is pleased to announce its role as the financial advisor to Central African Mining and Exploration Co. (CAMEC) in the completed cash offer for CAMEC by ENRC, an LSE-listed Kazakh mining group. This landmark $955 million deal in the mining sector is the largest public transaction on which Renaissance has advised on in Africa this year.
CAMEC is listed on AIM and holds copper assets in Congo and other mining assets in Mali, Mozambique and Zimbabwe. ENRC now owns or has received valid acceptances in respect of 2,637,411,577 CAMEC shares, representing approximately 91.65 percent of the entire issued share capital of CAMEC.
Andrew Cornthwaite, Deputy CEO and Head of Investment Banking at Renaissance Capital, said: "This transaction between a CIS-based strategic buyer and an African mining asset epitomizes Renaissance Capital’s strength as a leading investment banking group across the emerging EMEA region. It demonstrates our unique ability to add value in cross-border, highly complex M&A situations where our industry expertise and footprint in both the CIS and Africa are of strategic importance.”
This is the fourteenth deal completed by Renaissance Capital so far this year in Africa, demonstrating the company’s strong performance across the continent. Recent transactions include the A$85 million (USD$ 79 million) follow-on offering for Sundance Resources out of Cameroon, a USD$105.5 million follow-on offering for African Minerals out of Sierra Leone, and a string of other deals in Nigeria, Kenya, Zambia, Ghana and Zimbabwe.
Other African deals have included a bond issue for Nigeria’s Niger State, ECM deals for Zambia Sugar and CAL Bank in Ghana, acquisition of a bank in Tanzania, and the sales of an agricultural asset in Zambia and a manufacturing facility in Nigeria.
About Renaissance Capital (www.rencap.com)
Renaissance Capital is an investment banking firm with market-leading positions in each of its core businesses - equity and debt capital markets, securities sales and trading, M&A, and research. In Africa, the Firm maintains offices in Lagos, Nairobi, Harare, Lusaka, and Accra and is a leading deal-maker across the African continent. The Firm was founded in Russia in 1995 and is part of the Renaissance Group.
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