Summary of Proposed Investment
Project Number
7614
Company Name
AIG-East Africa Mutual Fund
Date SPI Disclosed
May 1, 1997
Country
World Region
Industry
other
Status
Completed
Sector
Foreign Portfolio Equity Fund - Regional
Department
Equity Portfolio Management
Environmental Category
C - No Impact
Previous Events
Approved : Jun 16, 1998
Signed : Nov 20, 1998
Invested : Dec 4, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | EAST AFRICA-Templeton East Africa Asset Management Company (TEAM) and Templeton East Africa Mutual Fund (TEAMF). |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateJune 30, 1997
Company NameTempleton East Africa Asset Management Co.
Technical Partner and/or Major Shareholders
Templeton Worldwide Inc.
Dyer and Blair Kenya Limited
Project Cost Including proposed IFC investment
US$51 million equivalent. IFC porposes to invest US$150,000 equivalent for about a 15% stake in TEAM and subscribe to up to US$7.5 million equivalent for an up to 15% stake of the core capital of TEAMF.
Location of project and Description of site
Kenya, Tanzania and Uganda
Description of Company and Purpose of Project
The proposed project involves the establishment of Templeton East Africa Asset Management (TEAM, the Company), the first full-fledged private sector asset management company in East Africa. This project would be IFC’s first investment in an asset management company in Africa. The principal objective of TEAM is the provision of fund management, investment advisory and portfolio management services to both local and foreign investors, thereby contributing to the further development of domestic capital and money markets in the region. The Company intends also to launch and manage Templeton East Africa Mutual Fund (TEAMF), the first private, semi-open-ended mutual fund in the region. IFC has been the key player in developing the concept, structuring the proposal and bringing a strong technical partner to join hands with the local partner. This arrangement will enable the establishment of a first class assets management company with a demonstration effect for new asset management companies and mutual funds throughout Africa. IFC’s involvement in the project is also expected to provide comfort to other local investors and authorities
Environmental Category and Issues
The project is a category “C” project. No further environmental review is necessary.
| Date SPI sent to PIC | May 1, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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