4 May 2011

Africa: Dyer and Blair Eyes Joint Ventures for Africa Deals

Nairobi — Dyer & Blair Investment Bank plans to diversify its income streams by bidding for transaction advisory deals in other African countries.The firm has set its sights on Angola, Zambia and Uganda where private companies and government corporations are seeking to raise funds from the capital markets.

Newly appointed chief executive of Dyer & Blair Paul Orem revealed the plans at a ceremony where he was unveiled Tuesday as the new head of the firm.Mr Orem is replacing Kabaki Wamwea who served in the capacity for three years.

Mr Orem said the investment bank would seek to enter into partnerships in the new markets with existing deal-makers in the targeted countries to access the new opportunities."We are keen on joint ventures in deal making in the opportunities that are presenting in the new markets," he said.Dyer & Blair were the joint transaction advisers with JP Morgan in the mobile service provider Safaricom's initial public offer in 2008.

Mr Wamwea replaced Mohammed Hassan as the executive director in 2009.Under Mr Wamwea's watch, the firm made Sh222 million in after-tax profits last year, nearly half of the entire industry net earnings.

He is moving to head County Developers, a real estate firm involved in multi-million shilling residential projects in Nairobi.Mr Wamwea will, however, remain as a non-executive director of Dyer & Blair.

"I will be keen on developing special investment vehicles that would enable small investors to participate in real estate development even under private arrangements," said Mr Wamwea.The Capital Markets Authority is developing rules for establishing collective investment vehicles targeting the real estate sector termed Real Estate Investment Trusts (REITs).

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