30th November 2015: The West Africa Emerging Markets Growth Fund (WAEMGF), a regional SME focused fund managed by PCM Capital Partners (PCP), has sealed a deal to inject CFAF 3.3 billion (€ 5 millions) in equity into the Azalaï Hotels Group (AHG). The funding is part of a capital increase by the Malian hospitality group to support its developing expansion in West Africa.
As the leading West African hospitality group with 7 hotel properties in Benin, Burkina Faso and Guinea Bissau, AHG is soon to open a series of new hotels in the sub-region. The first, located in Nouakchott, Mauritania, is scheduled to open in the last quarter of 2015. The second, located in Abidjan, Côte d’Ivoire, is planned for the second quarter of 2016. Additional hotels are planned for Dakar, Niamey and Conakry.
Commenting, Mr. Mossadeck Bally, Founder and CEO of the Azalaï Hotels Group said, “This equity partnership with WAEMGF is consistent with our strategy to increase hotel accommodation capacity in the sub-region to meet a growing demand”.
Remarking further, Mr. Michel Abrogoua, Chairman of PCP, indicated that ”This equity investment will enable AHG to successfully carry out an ambitious expansion program which will allow West Africa to take advantage of the strong and enduring growth in tourism worldwide”. Hence, AHG and WAEMGF expect that the partnership concluded on this 30th day of November 2015 will contribute to the growth of tourism in West Africa. According to Mr. Wilfrid Korsaga, Senior Investment Officer at PCP, ”in addition to financial support, we intend to assist the Azalaï Hotels Group with strategic and managerial advice which will consolidate governance, social and environmental policies and improve the overall performance.” he opined.
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