AFSIC growth boosts Afinitas revenues  

Afinitas Limited, the Botswana-based pan African investment holding company said its topline grew in the last six months on the back of impressive performance from Africa Financial Services Investment Conference (AFSIC) in London.

According to the company’s report on operational and financial performance of the group for the period ended  June 30, 2017, revenue for the group increased by 26% against the comparative interim period to $412 953 mainly driven by the growth of AFSIC.

It said operating and establishment costs increased over the comparative period in 2016. This is attributable to ongoing investment into the subsidiaries and the higher operating costs resulted in pre-tax loss of $440 655.

Afinitas managing director Rupert McCammon

The group maintains a low burn rate of its cash resources through prudent management of costs. Total cash available for future investments is $3m after taking into account the $2.5m allocated to Adventis Limited and $2.5m allocated for Ethiopia Investments Limited.

“During the period under review Africa Events Limited launched a series of investor trips into 12 African countries. These trips will initially be focused on connecting investors with investment opportunities in the Infrastructure, Energy, Power, Renewables, Mining and Oil and Gas sectors,” a statement accompanying the results noted.

“The first of these investor roadshows was held in June and focused on several countries in Southern Africa. Investor trips are being arranged for East Africa, West Africa and North Africa. Details of the investor trips are available at”

The company has investments in Africa Events Limited – a specialist events management business that focuses on investor oriented events, Adventis Limited – an Africa focused asset management company and Ethiopia Investments Limited – a permanent capital vehicle that seeks investment opportunities in Ethiopia.

Africa Events Limited (AEL), a 50% owned event management company, hosted the 5th Africa Financial Services Investment Conference (AFSIC) in London on 3rd to 5th May 2017. AFSIC once again recorded good growth in delegate numbers and profitability.

This represents a 5th consecutive year of growth for the event. AFSIC is now one of the leading Africa focused investment events held annually and attracts a global audience of key executives of Africa focused companies and investors.

Adventis Limited (Adventis), a 66% owned subsidiary of Afinitas as of date, is focused on attracting investment into the African continent. The investments will be managed by an experienced team led by Joseph Rohm.

The Adventis team is actively working on launching a product that will look to strengthen and deepen Africa’s financial services sector. Discussions with potential investors are ongoing and details will be communicated to the market at a later date.

Ethiopia Investment Limited (EIL), a 100% owned permanent capital vehicle focused on investing in Ethiopia, has been granted a licence to set up a business process outsourcing (BPO) company in Ethiopia.

The new company, a subsidiary of EIL, operates under the name Eqos Global (www.eqosglobal. com) and will provide outsourced services to international and local clients. Eqos Global is one of the first BPO companies in Ethiopia. A management team is in place for the new entity and is actively working on recruiting clients. Eqos Global is the first of many exciting investments that EIL plans to make in Ethiopia.

The company which is listed on the Botswana Stock Exchange (BSE) issued a further cautionary announcement to the one dated September 1, 2017, to Shareholders of Afinitas are advising “that negotiations are still in progress which if successfully concluded may have an impact on the price of the Company’s securities.”

It further advised that “accordingly, Shareholders are advised to exercise caution when dealing in the Company’s securities until a full announcement is made.”