Businesses & Financial News

DRC increase 1.68 percent stake in Shelter Afrique with $2.5 million capital

Pan-Africa housing development financier, Shelter Afrique has received USD2.5 million in additional capital subscription from the Government of the Democratic Republic of Congo, DRC post the 40th AGM held in Yaounde Cameroon on the 24th June 2021.

The Additional stake now takes DRC’s shareholding to 1.68% up from 0.74% held previously.

 While receiving the contribution, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah thanked the Government of the Democratic Republic of Congo for improving its stake in the company, the prevailing economic conditions notwithstanding.

DRC joins several other countries that have ramped up capital subscription in the Pan-African housing development financier in 2021 which include Kenya (US$9.3million), Cameroon(US$3.53million), Mali(US$2.06million), Rwanda(US$1.1million), Uganda(US$0.1million), Togo(US$0.58million, Tanzania(US$2.67million), Swaziland(US$0.3million), and Ivory Coast(US$0.57million).

The current top five shareholding of Shelter Afrique has Kenya as first with 17.61%, followed by Nigeria at 13.15%, the AfDB at 12.71 %, Mali at 5.54% and Ghana with 5.28%.

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