Shelter Afrique the Pan-African Housing Financier dealing exclusively with the promotion of affordable housing has received a capital injection from some of its shareholders. The capital injection follows on from the capital call on arrears made at the Extraordinary General Meeting held in Nairobi, in January.
\nShelter Afrique revealed that Cameroon and African Reinsurance, an institutional shareholder have made payments totaling $5.8m, with Cameroon contributing $2.3m and Africa Re contributing $3.5m.
\nSpeaking on the developments, Acting Managing Director, Femi Adewole, expressed his pleasure, \u201cOur shareholders continue to show that Shelter Afrique is viable and indeed valuable. These capital subscriptions show that our member countries and shareholders understand how critical affordable housing is to the growth of the continent, and how Shelter Afrique can be instrumental to achieving that and the objectives of the new urban agenda that was passed in Quito last year.\u201d
\nShelter Afrique also revealed that other shareholders had made commitments to make their contributions before the end of the year. Namely, Ghana, Kenya, Morocco, Namibia, Nigeria, Rwanda, Senegal, Swaziland and Zambia are all committed to a collective $47.2 before the end of June 2017
\nIt is understood, as well, that the company is actively courting Class C shareholders; a new category of shareholders which was passed by the General Assembly in January. The company is said to have begun promising negotiations with some interested parties.
\nShelter Afrique noted that shoring up the financial base of the company is in line with the company\u2019s turnaround plan and follows on from the recommendation of the independent forensic report which was commissioned by the board.
\nShelter Afrique expects continual engagement with its shareholders and stakeholders, and as it continues to show the value, it plays in achieving affordable housing in Africa and the New Urban Agenda, the organisation is confident it will be able to report on more commitments by shareholders shortly.
\nShelter Afrique is expected to hold its 36th Annual General Meeting in Zimbabwe in June 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shelter Afrique the Pan-African Housing Financier dealing exclusively with the promotion of affordable housing has received a capital injection from some of its shareholders. The capital injection follows on from the capital call on arrears made at the Extraordinary General Meeting held in Nairobi, in January. Shelter Afrique revealed that Cameroon and African Reinsurance, an … <\/p>\n