HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud Chairman of Kingdom Holding Company (KHC), announced a $50 million investment into First Hydrocarbon Nigeria Limited FHN in Nigeria the transaction was through the second Kingdom Zephyr fund, PAIP II. FHN was established in 2009 to capitalize on the exceptional opportunities for indigenous Nigerian involvement in the upstream sector of the oil and gas industry.
Prince Alwaleed commented: “We invest in the gas and oil sector based on a strategic investment approach.”
PAIP II`s investor base includes KHC, African Development Bank, International Finance Corporation, European Investment Bank, and Netherlands Development Finance Company. Fernvale Investments (Mauritius) Pte Ltd, a wholly owned indirect subsidiary of Temasek Holdings (Private) Limited.
Since its inception in 2008, PAIP II has invested approximately US $100 million in three investments: Thunnus Overseas Group, a seafood canning and processing business based in Cote d`Ivoire and Madagascar; Mixta, S.A., a builder of affordable housing, operating in five North African countries; and Buildworks, a South Africa based company listed on the AltX division of the Johannesburg Stock Exchange, that provides heavy building materials and constructs electrical power substations and transmission lines throughout Africa.
Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world’s most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region, and internationally. KHC’s portfolio has its main interest in landmark hotel properties and hotel management companies, real estate development in Jeddah and Riyadh, financial services, technology and media.
KZAM is one of the leading pan-African private equity General Partnerships (GP). Kingdom Zephyr manages the investments of PAIP II and PAIP I from offices in Accra, Ghana; Johannesburg; London; and New York. KZAM is a joint venture, of which KHC owns 75%. Its main mandate is to focus on investment opportunities in the region and pan-African businesses. PAIP II’s predecessor fund, PAIP I, has invested more than US$100 million in private equity opportunities in sectors such as telecommunications, insurance, banking, consumer finance, and homebuilding. The PAIP investment program focuses on investing in multi-country enterprises with a healthy capacity for growth and an ability to compete domestically and regionally.
Recently, Prince Alwaleed visited Republic of Nigeria. Prince Alwaleed was warmly welcomed by HE Mr. Goodluck Jonathan, President of the Republic of Nigeria at the Presidential Palace. Moreover, the President and HRH discussed a number of social, philanthropic and economic issues. During Prince Alwaleed’s visit he also met with prominent Nigerian business men. The meeting was attended by Dr. Khalid Almansour and Dr. Nahla Alanbar, Private Executive Assistant to HRH the Chairman.
Prince Alwaleed’s investments in Nigeria through Kingdom Holding Company are in the banking sector via Citigroup.