General Cargo Group (GCG) is a provider of logistics and transport solutions in the Kenyan market. GCG has operated for over 35 years and is recognised as one of the leading Kenyan SME’s in its sector.

Kibo has carried out this investment in partnership with Velogic Logistics, the Indian Ocean leader in logistics solutions. Kibo and Velogic will expand GCG’s product offering and value-added services in Kenya and the region. This investment builds up on a partnership between one of Africa’s most successful logistics players and a local based leader to capitalize in the expansion of the region’s economies.



Madison Finance Company Limited (Mfinance) is one of the largest licensed microfinance Institutions in Zambia with a network of 18 branches. It is one of the top 3 financial services provider of micro, small and medium sized enterprise (‘MSME’) loans in Zambia.

TKF acquired a 20% stake in MFinance in August 2013 with a follow on investment of 5% in August 2014, and invested in additional preference shares to help the business grow its existing loan book to small and medium enterprises.

The Regional PE fund Kibo I has partially exited its investment in MFinance through redemption of its preference shares in October 2015.



IMG is the leading private healthcare group in Uganda, a country experiencing rapid GDP growth but with a lack of adequate health services for the upcoming middle classes.  IMG owns and runs Kampala’s main hospital (IHK), a modern 100 bed facility, and a network of 10 out-patient facilities across the country.  IMG also operates a healthcare insurance plan through its subsidiary IAA.

At the time of Kibo’s investment, IMG was intent upon offering secondary and tertiary services in its hospital and required the expertise and know-how of a healthcare group to partner with them in this venture.  This objective was achieved with the Kibo-led investment consortium with the support of Fortis, a leading healthcare operator in India.

This investment has been successfully exited in 2015.



Electromaxx is the first indigenous privately-owned power generating company in Uganda operating a thermal power plant with an installed capacity of 90 MW in Tororo, close to the Kenyan border.  The power generated is sold to the national grid under a Power Purchase Agreement.

Kibo’s investment strengthened the capital structure of the company to enable the increase of its generation capacity from 20MW to 90MW in order to cater for the deficit in power supply in a country with electrification rates ranking amongst the lowest in Africa.

This investment was exited in 2022.



Intendance Holding is an investment company holding a controlling stake in Swan Group. Swan is the leading general, life and health insurance company in Mauritius providing an array of services and non-banking financial products to a large individual and corporate client base; it is listed on the Mauritius stock market with a market capitalization of about US$100 m.

Kibo made an investment in the company as part of shareholder reorganization within the group as Swan embarked on a new strategy focused upon consolidating its dominant position in the small yet dynamic Mauritius market, through the acquisition of a smaller player, as well as expanding in the region.

The investment was successfully exited in June 2012.



Orange Madagascar is the leading integrated telecoms operator in Madagascar.  It has a subscriber base of 2 million and an estimated market share of 30%.  It provides cellular and data services using 2.5, 3 and 4G networks to its clients using a modern infrastructure including fibre optics thereby providing Madagascar with first class connectivity to the outside world.  The company is also a provider of mobile banking services via its Orange Money service.

As compared to most of its peers in Sub-Saharan Africa, the penetration rate of telecoms in Madagascar is still extremely low thereby presenting an evident growth opportunity to the company whether access to basic low-cost telephony in currently unserved parts of the country or high value-added data services to its corporate clients.

This investment has been successfully exited in 2021.



I & M Bank (T) is a commercial bank operating in Tanzania. Prior to its acquisition by a consortium led by I&M Bank of Kenya and including The Kibo Fund and Proparco, it traded as CFU Bank and provided basic banking services to a small client base in Dar-es-Salaam business district. Whilst the Tanzania economy is one of the fastest growing in the region, the banking sector is characterized by a low penetration rate at below 15%, ranking amongst the lowest in Africa, thus providing tremendous growth opportunities.

Since the acquisition in 2010, the bank has undergone significant changes and is being transformed into a modern and customer centric financial institution with a growing number of branches across the country.

This investment has been successfully exited in 2018.

Copyright by KIBO CAPITAL. All rights reserved.

Copyright by KIBO CAPITAL. All rights reserved.