Shelter Afrique receives USD2.7m capital boost from Tanzania

Nairobi:  04 August 2021- The Government of Tanzania has increased its stake in Shelter Afrique after paying USD2.7 million in additional capital, the pan-African housing development financier has disclosed.

The Additional stake now takes Tanzania’s shareholding to 1.54% up from 0.3% held previously.

Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings now standing at 17.78%, 13.27% and 12.83%, respectively.

Thanking the Government of the United Republic of Tanzania, Shelter Afrique Group Managing Director and Chief Executive Officer Andrew Chimphondah said it was gratifying so see the unwavering support renewed confidence by shareholders.  

“We thank the government of Tanzania for choosing to increase her stake in Shelter Afrique despite the prevailing condition, and in particular the Ministers for Housing and finance Honourable William Lukuvi and Honourable Mwigulu Nchemba for making the disbursements - It’s a vote of confidence in the Company.  We are also grateful to other shareholders who have increased their stakes recently,” Mr. Chimphondah said.

In addition to the Tanzania’s contribution the Company has also received additional capital contributions from Kenya (USD 9.92m), Cameroon (USD 3,529,801.29) Mali (USD 2,062,994), Rwanda (USD 1.1m), Uganda (USD 0.08m), Togo (USD 0.58m), Swaziland (USD 0.32m), Ivory Coast (USD 0.57m), and Democratic Republic of Congo (USD 0.5m), bringing the total additional capital receipts to $20.69m within the last six months of 2021.

“We also wish to thank several other shareholders such as Namibia, Zimbabwe Morocco, and Swaziland, Cameroon, Kenya, DRC, Mali, Ivory Coast, Uganda, Rwanda and Togo for their positive response to the call for recapitalization, this continues to show confidence in the strategy of The Company” Mr. Chimphondah said.

Shelter Afrique approved financing in excess of USD 52,246,000 in Tanzania. The Company invested equity into the Tanzania Mortgage Refinance Company (TMRC) in 2014 and has remained an active member.