This archive report was first published on 22 September 2019.
Published on September 22, 2019, Shelter Afrique, a Pan-African housing financier, is seeking to diversify its capital base and improve its balance sheet by eyeing new shareholders.
The firm is targeting non-African countries and institutions, such as China, CDC, and housing corporations, under its Class 'C' shares category. It is also focusing on additional African countries, including Egypt, Angola, Ethiopia, and Mozambique.
Shelter Afrique is also pressing its primary shareholders, comprising 44 African countries holding Class A shares, and Class B shareholders African Development Bank's (AfDB) and African Reinsurance, to honour delayed statutory capital contributions worth Sh36.3 billion.
According to Shelter Afrique board chairman Nghidinua Daniel, the firm is looking to broaden its equity structure by onboarding new 'Class C' shareholders. 'The 44 shareholders have already given us the go-ahead to look for like-minded institutions to bring on board,' he said.
As of 2017, Kenya was the largest shareholder among governments with an 11.16 per cent stake, second to AfDB's majority share of 22.7 per cent. Other large shareholders included Ghana (11.02 per cent), Nigeria (9.62 per cent), and Algeria (7.36 per cent).
