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Afreximbank issues $300M in depositary receipts in Mauritius

Cairo-based African Export-Import Bank is launching a $300 million equity offering through the issuance of depositary receipts to tap investors in Mauritius.

The issuance will help Afreximbank improve its capitalization in order to narrow the trade financing gap in Africa and meet its objective of growing intra-African trade in all regions of the continent.

The listing has been approved by the Stock Exchange of Mauritius, subject to the raising of the funds by September-end.

The deal is being arranged by Port Louis-based SBM Group.