Category: Press

ADNA has advised Injaro Investment Advisors, a Ghanaian private capital fund manager, on an equity investment in Nouvelle Mici Embaci (NME), a leading packaging company in Côte d’Ivoire and Francophone West Africa. This transaction marks the second investment made by the Injaro Ghana Venture Capital Fund (IGVCF), and the Fund’s first investment in Côte d’Ivoire.

IGVCF will join an existing consortium of private equity investors including Advanced Finance and Investment Group (AFIG Funds) and the Norwegian Investment Fund for Developing Countries (Norfund), who completed a 100% acquisition of NME last year.

IGVCF’s investment will allow the Company to unlock the next stage of growth by deepening its market share in Côte d’Ivoire and expanding to other West African countries.

The ADNA team was led by Partner Sydney Domoraud, Senior Associate Boubacar Diao and Managing Associates André Aurélien Zeredji and Julia Challloub.

For more information: https://www.injaroinvestments.com/blog/igvcf-makes-eur-2m-equity-investment-in-nouvelle-mici-embaci

With the ambition to become the leading firm in real estate in Morocco and Francophone Africa, ADNA strengthens its real estate practice with the arrival of Youssef Benamar as a new partner hire. The firm aims to capitalise on Youssef Benamar’s expertise to implement an integrated strategy, based on a deep understanding of the North and West African markets, as well as forging new partnerships, while striving to achieve expansion goals across the continent.

Youssef Benamar joining ADNA marks a significant milestone in the firm’s ambition to become a key player in real estate in Francophone Africa. Youssef has been advising local and international clients on various aspects of real estate law across different assets including industrial, commercial, residential, hospitality, and logistics.

Youssef has extensive experience in the industrial sector, advising numerous investors in the development of their industrial projects in Morocco. He also represents and advises clients in arbitration proceedings related to real estate disputes (particularly construction and promotion).

In recent years, Youssef has advised Hands Corporation (the fifth largest manufacturer of aluminum alloy wheels globally) on the development and operation of a new production unit located in the Tangier Free Zone in Morocco, as well as Cantor Capital Group on the development of office towers within the Casa Anfa zone. He has also contributed to legislative reform on industrial zones in Morocco advising the Millennium Challenge Account Morocco (MCC) and the Ministry of Industry on drafting the new law on industrial zones.

Youssef will bring his real estate law expertise to the development of a new multidisciplinary practice closely integrated with ADNA’s teams.

“We aim to position ADNA as the leader in real estate law in North and West Africa, offering top local expertise designed to meet the requirements of major sector investors,” said Youssef Benamar.

The firm plans to leverage Youssef Benamar’s experience in real estate to develop strong internal synergies, particularly with the Project team led by Ghita Bennis and the Arbitration team led by Orphée Haddad, as noted by Safia Fassi Fihri, Co-founder Partner of ADNA:

“The real estate sector is a key strategic focus at ADNA. Youssef Benamar’s arrival follows recent developments in our project/project finance and arbitration practices and perfectly aligns with our desire to further grow our African practice and expertise across the continent. Youssef brings extensive expertise in real estate law and a deep understanding of the real estate market. Our goal is to further expand our presence in Francophone Africa to effectively meet investors’ needs.”

About ADNA:

www.adnalaw.com

ADNA is a team of lawyers and legal advisers with a shared entrepreneurial spirit, who have created a solid, independent, and integrated law firm for Africa, whose activities extend from North Africa to West Africa. A firm with a pan-African vision and profoundly international expertise. With offices in Algeria, Côte d’Ivoire, Guinea and Morocco, ADNA is also a member of the ALN (Africa Legal Network), which acts as a bridge between English-speaking and French-speaking Africa.

With over 45 years’ cumulative experience on the African continent, ADNA places its ambition at the service of its clients in order to advise them more effectively, by breaking the codes of traditional law firms. ADNA supports its clients in the success of all their projects thanks to a tailor-made legal service.

ADNA helps clients navigate complex business environments. Our recommendations are based on strategic guidance and detailed analysis, while providing local and international clients with tailor-made solutions through long-term, professional, and trusting relationships.

 

ADNA LinkedIn

https://www.linkedin.com/company/adna/

 

Youssef Benamar LinkedIn

https://www.linkedin.com/in/youssef-benamar-90457b1a5/

 

Press contact :

Christelle Rivière – Media and Influence Consultant – Eliott & Markus

Tel : 01.89.16.08.77 // 06.84.46.66.76

Email : c.riviere@eliott-markus.com

Driven by the ambition to support its clients on large-scale projects, ADNA announces the arrival of Ghita Bennis as Counsel. This strategic arrival will consolidate the firm’s Finance and Projects practice.

 Ghita Bennis brings extensive experience in structured finance, project finance, and project development in French-speaking Africa. With her qualifications and diverse professional background at international law firms including Linklaters and Ashurst in Paris and New York, as well as her recent role as legal manager for NBA Africa and the Basketball Africa League in Dakar, Ghita is a valuable addition. She enhances the firm’s capabilities in financing and projects in North and West Africa. Ghita’s specific knowledge in mining, oil, energy, and infrastructure sectors will strengthen ADNA’s position as a key player in French-speaking Africa, enabling the firm to continue its development by consolidating its leading position in Francophone Africa.

 Salimatou Diallo, Managing Partner of ADNA: “We are delighted to welcome Ghita to ADNA. Her unique experience in both complex structured finance and project development on the continent will help to strengthen our already well-established practices in these areas. This integration also demonstrates the importance of our human resources as a key pillar of the firm’s development. Our recruitment strategy illustrates our commitment to serving our international clients, both financial institutions and corporates, ever more effectively, while at the same time deepening our relationships with partner firms worldwide”.

 For Ghita, joining ADNA means embracing a shared vision: “It was ADNA’s vibrant entrepreneurial culture that attracted me, a firm made up of a mosaic of talent from every continent. As an independent firm, ADNA works with public bodies, banks and sponsors as well as international law firms. I can identify with the firm’s quest for excellence and their unique positioning in the market”.

Ghita Bennis joins an African law firm with an unrivalled reputation and dynamism in French-speaking Africa. The firm boasts a strong team of lawyers and legal advisers, including partners Foued Bourabiat, Salimatou Diallo, Sydney Domoraud and Safia Fassi-Fihri.

About ADNA :

www.adnalaw.com 

ADNA is a team of lawyers and legal advisers with a shared entrepreneurial spirit, who have created a solid, independent, and integrated law firm for Africa, whose activities extend from North Africa to West Africa. A firm with a pan-African vision and profoundly international expertise. With offices in Algeria, Côte d’Ivoire, Guinea and Morocco, ADNA is also a member of the ALN (Africa Legal Network), which acts as a bridge between English-speaking and French-speaking Africa.

With over 45 years’ cumulative experience on the African continent, ADNA places its ambition at the service of its clients in order to advise them more effectively, by breaking the codes of traditional law firms. ADNA supports its clients in the success of all their projects thanks to a tailor-made legal service.

ADNA helps clients navigate complex business environments. Our recommendations are based on strategic guidance and detailed analysis, while providing local and international clients with tailor-made solutions through long-term, professional, and trusting relationships.

ADNA LinkedIn

https://www.linkedin.com/company/adna/

Ghita Bennis LinkedIn

https://www.linkedin.com/in/ghitabennis/

 

Press contact :

Christelle Rivière – Media et Influence Consultant – Eliott & Markus

Tel : 01.89.16.08.77 // 06.84.46.66.76

Email : c.riviere@eliott-markus.com

ADNA has advised Adiwale Fund I on a minority equity investment in Global Action, a growing consumer goods distribution company in Senegal.

Adiwale Partners is an independent private equity fund manager established in 2016 based in Abidjan, Côte d’Ivoire. The company manages Adiwale Fund I, a €60 million private equity fund that provides operational support to companies looking to strengthen and grow in West Africa and beyond. Adiwale Fund I invests primarily in consumer goods and services, business services and manufacturing.

Global Action was founded in 2014 and is a significant player in wholesale distribution in Senegal with customers in several regions of the country.

Adiwale’s funding will enable Global Action to open additional points of sale across the country densifying its distribution network and expanding its affordably priced product offering. Adiwale will also contribute to strengthening Global Action’s managerial and operational capabilities by participating in the reinforcement of the team and by investing in logistics and IT systems.

Sydney Domoraud, ADNA Fonding Partner in Abidjan commented “As a leading pan-African firm active in Francophone Africa, it is our pleasure and honour to assist ambitious organisations such as Adiwale Partners expand their activities on the Continent”.

The ADNA team was led by Partner Sydney Domoraud (Côte d’Ivoire), Senior Associate Boubacar Diao and associates Julia Challoub and Sékou Bah.

Press contact:

Dalila Hammadi T +33 (1) 88 33 26 39

dalila.hammadi@eliott-markus.com

ADNA has advised Indonesian state oil company Pertamina in connection with the conclusion of a hydrocarbons contract governed by the new hydrocarbons law for the development of an oil field in Algeria with Algerian and Spanish partners. The new production sharing contract for the development of the Menzel Lejmat Nord perimeter (block 405a) was signed by Pertamina through its subholding upstream subsidiary PT Pertamina Internasional EP (PIEP), which operates in Algeria under PT Pertamina Algeria EP , Algerian state oil company Sonatrach and Repsol Exploracion 405A, a unit of Spanish energy company Repsol.

This production sharing contract is part of the existing partnership in the Menzel Lejmat Nord perimeter. Pertamina entered in 2014 after acquiring the interest of ConocoPhillips Algeria Ltd..

This project includes notably plans for the drilling of 12 oil wells, the construction of an extraction plant for liquefied petroleum gas and a solar energy project. The total investment is estimated at over USD 800 million.

ADNA has extensive and in-depth knowledge of the 2019 hydrocarbons law after having notably advised Oxy in 2022 on a similar project.

The new hydrocarbons law is attracting a growing number of international major oil and gas companies. We are delighted to share our expert knowledge with our clients.

Foued Bourabiat, ADNA Partner in Algiers commented “we are proud to advise Pertamina on this significant project that marks a long working relationship and confirms our growing expertise in this strategic sector.” 

The ADNA team was led by Partner Foued Bourabiat (Algeria) and Associate Fayçal Zedek (Algeria).

De Brauw Blackstone Westbroek acted as international counsel to Pertamina.

Press contact:

Dalila Hammadi T +33 (1) 88 33 26 39

dalila.hammadi@eliott-markus.com

ADNA a conseillé le Consortium d’investisseurs institutionnels nationaux composé de la Banque Nationale d’Investissement (BNI), la Caisse Nationale de Prévoyance Sociale (CNPS), la Caisse des Dépôts et Consignations de Côte d’Ivoire (CDC-CI) et l’Institution de Prévoyance Sociale – Caisse Générale de Retraite des Agents de l’Etat (IPS-CGRAE) dans le cadre d’une prise de participation majoritaire dans le capital social de la Banque Internationale pour le Commerce et l’Industrie de la Côte d’Ivoire (BICICI), société cotée à la Bourse Régionale des Valeurs Mobilières (BRVM).

Le Consortium a acquis 67,49% du capital social et des droits de vote de la BICICI, pour un prix total de 80 milliards de Francs CFA (près de 122 millions d’Euros), auprès du Groupe BNP Paribas et Proparco. A travers cet important investissement les investisseurs confirment le mouvement de renforcement des acteurs locaux dans le secteur bancaire ivoirien.

Compte tenu de sa complexité, cette opération a traité de plusieurs aspects du droit notamment le droit boursier (la société étant cotées), le droit public des affaires (les investisseurs étants des entités soumises à certaines règles de droit public), le droit bancaires et financier (la cible étant une banque), la réglementation des relations financières extérieures (les cédants étant des non-résidents).

Sydney Domoraud, Associé Fondateur de ADNA: « En conseillant les acquéreurs dans le cadre de cette opération majeure et stratégique, ADNA confirme sa position de Cabinet de conseil juridique de premier plan dans les opérations de M&A dans le secteur des services financiers et particulièrement du secteur bancaire. »

ADNA a également récemment conseillé Sanlam Group dans le cadre de la fusion des activités assurance en Afrique avec celles du groupe Allianz (12 juridictions d’Afrique dont le Maroc : Benin, Burkina Faso, Burundi, Cameroun, Côte d’Ivoire, Gabon, Guinée, Mali, Maroc, Niger, Sénégal et Togo).

L’équipe ADNA était composée de Sydney Domoraud, Safia Fassi-Fihri Associés fondateurs, Boubacar Diao, Julia Challoub, Aurélien Zérédji, Sékou Bah, Morel Fagnidi et Sigismond Konan, Collaborateurs.

La Banque Internationale pour le Commerce et l’Industrie de la Côte d’Ivoire était conseillée par le cabinet Lacourte Raquin Tatar mené par Renaud Rossa, Associé (conseil international) et le cabinet KSK mené par Zinda Sawadogo, Associé (conseil de droit ivoirien).

 

MONDAY 9 MAY 2022

ADNA has advised Edison on an agreement to sell its stake in the North Reggane license in Algeria, completing the divestment of all Exploration and Production (E&P) activities following the company’s strategic realignment towards its energy transition businesses. Through this transaction, Edison exits from the Exploration and Production activities completing a process started in 2019.

Under the agreement, Edison will sell its 11.25% stake in the North Reggane on-shore gas field to Wintershall Dea Algeria Gmbh as part of a plan to grow its participation in the country, citing major potential for enhanced energy partnership with Europe. Wintershall Dea already holds a 19.5% stake in the licence. The transaction is subject, among others, to customary authority approvals.

The North Reggane field started production stream in 2017 and consists of 19 currently productive wells which provide approximately 2.8 billion cubic metres of gas per year sold entirely to Sonatrach in Algeria on the basis of a long-term contract.

Foued Bourabiat, ADNA Partner in Algiers commented “we are proud to advise Edison on the divestment of its activities in Algeria, the third largest exporter of gas to Europe, completing a process which has started in 2019 following the company’s new strategic realignment towards its green transition businesses. We very much look forward to advising Edison on additional projects that will continue to build a more sustainable future. We are currently advising various IOCs on major oil & gas transactions that will significantly strengthen our energy practice.”

The ADNA team was led by Partner Foued Bourabiat (Algeria) and Associate Fayçal Zedek (Algeria).

Press contact:

Dalila Hammadi T +33 (1) 88 33 26 39

dalila.hammadi@eliott-markus.com

WEDNESDAY 25 MAY 2022

Development Partners International (“DPI”), a premier investment firm focused on Africa with $2.8bn in assets under management including co-investments, invested €60 million for a significant minority stake in high-growth financial services business, Groupe Cofina. This transaction will support the Company in its mission to accelerate growth for Francophone West and Central’s Africa’s small and medium enterprises (SMEs) – a critical sector helping to drive economic development in the region.

Groupe Cofina has also significantly expanded its reach across the region – with presence today in Senegal, Côte d’Ivoire, Guinea, Gabon, Mali, Congo, Burkina Faso and Togo, through subsidiaries operating in each country. The business also has operations in France through a subsidiary approved by the local supervisory authority ACPR (Autorité de Contrôle Prudentiel et de Résolution).

ADNA partners Safia Fassi-Fihri and Sydney Domoraud said “We are very proud to have advised COFINA, a leading player in west Africa on a transaction with a lasting impact driving financial inclusion whilst creating a positive outcome on African economies and enhancing financial inclusion”.

Founded in 2014 by Jean-Luc Konan and headquartered in Abidjan, Côte d’Ivoire, Groupe Cofina is developing solutions to bridge the “missing-middle” – the gap between microfinance and traditional institutional financing – and to serve consumer finance customers across Francophone West and Central Africa. Since its creation, the business has grown rapidly, developing new, innovative products while providing companies the ability to scale, with almost 1.5 billion euros of credit allocated to date.

The investment from DPI will support Groupe Cofina as a regional leader – continuing its ambitious expansion plan and bringing the successful model from existing markets into new countries with similar demand in SME and consumer finance markets. The company will also look to increase investment in innovation, creating new flexible products that are both scalable and adaptable to evolving customer needs. As part of this, the partnership will also enable Groupe Cofina to launch new and differentiated services, gaining access to an even greater pool of potential customers.

Cofina was advised by ADNA partners Safia Fassi-Fihri, Sydney Domoraud and Associate Julia Challoub. DPI was advised by ASAFO & Co and KPMG.

Monday 20 June 2022

ADNA has advised Jotun Group (Norway) on the signing of a partnership agreement with Med Investment Holding Spa (Algeria) for producing Jotun paint and coatings in Algeria through a joint venture in Technover P. 

The joint venture (Technover P) will produce Jotun decorative paints and protective coatings to international standards in a newly built factory in the district of Tizi-Ouzou, east of Algiers. The factory has been designed by the German Technology company Netzsch and has a capacity to produce locally 120 million USD of the standard quality of paint and coating that are presently imported. 

This partnership is the first foreign direct investment (FDI) and production establishment in Algeria from one of the world’s leading global suppliers of coatings. Jotun aims to meet the continuing growth in construction as well as the industrial, oil & gas sectors in Algeria.

The ADNA team was led by Partner Foued Bourabiat  (Algeria) assisted by Abderrahmane Lassakeur (Algeria).

For more information : https://www.jotun.com/ww-en/about-jotun/media/news/Jotun-to-start-paint-production-in-Algeria/

Press contact: Dalila Hammadi T +33 (1) 88 33 26 39 – dalila.hammadi@eliott-markus.com