PAC Capital Limited, an investment banking arm of PanAfrican Capital Holdings has achieved a new milestone as it successfully raised a $300 million funding pre-export finance facility for its client, Bestaf Funding Limited earlier in the year.
The funding was deployed to support the acquisition of some strategic oil and gas assets.
According to a statement made available to BusinessDay, the facility was secured by the African Export Import Bank (Afreximbank), which remains a leading regional financial institution promoting and supporting the growth and expansion of African firms across sectors.
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“This transaction is a landmark deal that is expected to further strengthen the participation of indigenous firms in the oil and gas sector at a time that the international oil and gas companies (OICs) are developing a cold foot (divesting),” the statement stated.
The oil and gas sector remains strategic to the development and stability of the African region, whilst efforts are geared towards energy transition for Africa in the medium to long term.
