Saturday, October 25, 2008

Onexim investment in Pangaea to boost capital availability in mining

Onexim investment in Pangaea to boost capital availability in mining
Written by Chiwoyu Sinyangwe
Saturday, October 25, 2008 10:12:47 PM

PANGAEA Renaissance

Securities Limited managing director Ceasar Siwale has said the investment by Onexim into Renaissance Capital would help accelerate the availability of capital for Zambian entrepreneurs into the mining sector.

In an interview, Siwale said Onexim’s investment would enable Renaissance Capital to have an increased access to much larger and liquid balance sheet for transactions that could not secure financing for within the Group.

He also said Onexim was a successful name in natural resources sector.

Renaissance Capital is a member of Renaissance Group which operates in the country as Pangaea Renaissance Securities Limited and last week’s deal with Onexim is estimated to be around US$500 million.

“As you know, there are a number of Zambian entrepreneurs that own mining prospecting licences but have not always had access to capital. Onexim has been a success in the natural resource sector. As such it enhances our mining credentials and brings access to the necessary capital required to invest in such opportunities,” Siwale said. “I truly believe that this is the type of development that the African continent needs if we are to continue uplifting the quality of life for our people.”

Siwale also added the investment by Onexim into Renaissance Capital had no direct impact on the daily operations of Pangaea Renaissance.

And commenting on the deal, Renaissance Group chief executive officer and chairman Steven Jennings said the partnership with Onexim only related to Renaissance Capital and other parts of the Renaissance Group were not involved in the transaction.

He, however, said the transaction was not as a result of the current global financial turmoil.

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