M&A WATCH- EFG acquires 100% of Nigerian brokerage firm Primera Africa: Our friends at EFG Hermes announced on Thursday signing a sale and purchase agreement for 100% of the Lagos-based Primera Africa. Primera, which offers a range of brokerage and research services to international investors, will begin operating under the EFG Hermes brand name once the transaction is complete, EFG said in a press release (pdf).

The Nigerian operation will serve as a starting point for further expansion into West Africa, the company said. “Nigeria is our fourth direct entry as we continue our strategy of expanding our geographic footprint in high-potential, frontier emerging markets,” said EFG Group CEO Karim Awad. “At the close of this transaction, we will have a direct presence in 12 jurisdictions on four continents to serve our global institutional investors, regional high-net-worth individuals, and local retail investors.”

The move comes just days after EFG said it concluded advisory services on the GBP 125 mn IPO of microfinance lender ASA International on the LSE, which is part of a wider company plan to break into frontier markets that has recently seen it establish distribution and sales capabilities in New York, London, Pakistan, Kenya, and Bangladesh. Reuters also has the story.

IPO WATCH- Meanwhile, EFG Hermes has reportedly been tapped to manage Fresh Electric For Home Appliances’ initial public offering, which is likely to take place in 2019, sources tell Al Mal. Fresh execs had said in June that the company was looking to list as much as 20% of its shares on the EGX soon to raise enough capital to increase production capacity by 10% as it eyes higher exports. The company has already applied for Financial Regulatory Authority approval to list and is undergoing an internal restructuring to meet EGX regulations, senior company executive Bahaa Demtery had said.