Temasek steps up investment in South Africa

Temasek steps up investment in South Africa
By Clement Mesenas | Posted: 05 August 2011 2324 hrs
 
SINGAPORE: Temasek Holdings has stepped up investment in South Africa with the setting up of a joint venture - Tana Africa Capital - with E Oppenheimer & Son International Ltd.

E Oppenheimer & Son is the investment vehicle of the Oppenheimer family and its primary asset is a stake in diamond miner De Beers SA.

A joint media release on Friday said the 50-50 joint investment will provide capital and business-building support to African businesses in two sectors, primarily consumer and agriculture.

It did not disclose the amount of the investment. But Temasek had made a US$100 million investment last year in South African developer Platmin Ltd, according to Dow Jones.

Tana Africa will also explore opportunities in media, health and education, the statement said.

Nagi Hamiyeh, managing director of investment at Temasek, said: "With a growing population of more than a billion, the African domestic economies are growing with the emergence of a middle class with an increasing disposable income.

"We believe that the consumer and agriculture-related businesses will strongly benefit from this trend."

Temasek, which was set up in 1974 has a S$193 billion portfolio at end-March. While it has been expanding overseas in recent years, most of its investments are anchored in Asia, with only 3 per cent in Latin America, Africa, Central Asia and the Middle East.

- CNA/al

- wong chee tat :)