Abraaj makes “successful” first exit from Angola


plastic-water-pipes-270346-mMiddle East-headquartered Abraaj Group has exited its investment in Angolan plastic pipe manufacturer Fibrex.

Launched in 1966 Fibrex was the first company in Angola devoted to the manufacture of plastic pipes and fittings. Abraaj invested in the company in 2007.

Since investing the private equity firm has provided operational support which resulted in Fibrex upgrading in energy supply infrastructure and improving governance, accounting and reporting standards.

During Abraaj’s investment Fibrex’s production volume increased by more than 70 per cent. The company also secured an internationally recognised award for quality management in 2010.

Abraaj managing director Sandeep Khanna said, “Fibrex remains in a strong position today to capture the continued growth of the construction industry, as Angolans and the African continent more broadly seek to address their infrastructure needs.

“This successful experience in Angola has strengthened our confidence in the country’s investment opportunities, increased our appetite for Angolan businesses, and boosted our search for local partner companies.”

The Abraaj Group has been investing in Africa for 20 years and has deployed $2.6bn in the continent through 80 investments.

Among Abraaj’s recent funds is its North Africa Fund II targeting up to $300m, which the European Bank for Reconstruction and Development was considering investing $25m into last month.

Abraaj announced it bought a majority stake in Tunisian private healthcare business Polyclinique Taoufik in July.

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