Daily Archives: February 1, 2018

Jibu Announces Completion of $7 Million Series B Financing

Funds raised through impact investments will accelerate Jibu’s growth and drive social and financial returns

DENVER, Feb. 01, 2018 (GLOBE NEWSWIRE) — Jibu, a social enterprise that has reinvented the traditional franchise model to equip emerging market entrepreneurs to build solutions that close infrastructure gaps and ensure access to basic human necessities, announces the completion of its $7 million Series B financing round, bringing its total raised to more than $10 million.  The Company will use the funds to accelerate its launch of 1,000 drinking water franchises in at least a dozen new countries by 2022.

“Over one billion people globally do not have access to daily necessities such as safe drinking water.  In addition, top entrepreneurial talent lies dormant because of lack of meaningful business ownership opportunities and massive unemployment in emerging markets,” said Randy Welsch, Jibu Co-Founder and President.  “These are the core challenges and opportunities Jibu is working to address through our hybrid social enterprise that fundamentally integrates financial and charitable goals without compromising either.”

Jibu’s Series B round consisted of a combination of mostly equity investment along with grant capital raised from many individuals and organizations internationally, notably Conrad N. Hilton FoundationDanone Communities (Paris)Stone Family Foundation (London), Asia Africa Investment & Consulting (AAIC, Tokyo), Maclellan FoundationSegal Family Foundation, and NRD Capital.

“We are proud to have attracted a world class group of investors to help Jibu execute on our vision of funding and growing a network of co-invested business owners who will revolutionize the way critical resources are leveraged to meet basic necessities in emerging markets,” said Galen Welsch, Co-Founder and Chief Executive Officer of Jibu. “Our successful Series B raise provides the capital for Jibu to significantly increase the speed and quality of Jibu’s expansion globally.”

Jibu’s investors provided the following commentary about their financial support:

“By tapping into latent entrepreneurial talent, Jibu has demonstrated in a very innovative way how to multiply branded drinking water franchises that provide a highly trusted product while also generating a profit,” said Peter Laugharn, President and CEO for the Conrad N. Hilton Foundation. “We are pleased to be investing in Jibu and hope our partnership spurs further creativity in an effort to reach the vast underserved market in Uganda.”

Corinne Bazina, General Manager at Danone Communities: “After working on the water kiosk model for the last 10 years, we see in Jibu’s service experience and franchise system the next step of what this solution needs to reach scale. We want to be of service to making that happen with a broader community of players, investors and operators.”

John Stone, founder of the Stone Family Foundation: “We believe that Jibu is the only water business serving the lower income market in Africa that is ‘investable’. We have been searching for nearly ten years to find an investable WASH (Water, Sanitation and Hygiene) enterprise and are pleased to invest both equity and grant capital in this opportunity.”

Shigeru Handa, AAIC’s Director of the Africa Healthcare Fund: “Jibu is needed.  It makes people more safe and secure through access to affordable drinking water. It also promotes a profitable franchise business platform for entrepreneurs, creating jobs with true ownership. We are enthusiastic to invest in Jibu’s scaling and community promise.”

Jibu scaled from two franchises in two countries in 2015 to more than 200 new businesses in Kenya, Uganda and Rwanda, launching at a rate of more than one new locally-owned business per week. Many of these businesses are profitable within a few months.  In September 2017, Jibu adapted its business model in Zimbabwe by licensing an experienced local investor-entrepreneur to grow Jibu’s footprint to more than 90 franchises in Zimbabwe within the next few years. Jibu is also currently piloting this new model through a local partner in Tanzania. If successful, this new approach will further accelerate Jibu’s growth and international impact.

About Jibu

Jibu is a social enterprise pioneering a powerful new model that capitalizes and equips entrepreneurs in emerging market communities to own businesses that ensure access to basic human necessities, with water as an anchor product. Jibu has scaled a network of locally owned, financially independent and self-sustaining franchises that provide safe drinking water to their communities while offering life-changing training and employment. Driven by a belief in the power of eye-to-eye partnership to unleash latent entrepreneurial talent, Jibu is transforming the challenge of addressing basic human needs into an expansive opportunity that allows thousands of entrepreneurs to build lasting solutions, one neighborhood at a time. The company’s vision is to train, finance, and grow a network of co-invested business owners who will revolutionize the way critical resources are leveraged to develop essential infrastructure in emerging markets.  For additional information, please visit: http://jibuco.com/

Media Contacts:

Jibu
Kelli Schroeder
+1-850-544-2448
kelli@jibuco.com

ICR
Cory Ziskind
cory.ziskind@icrinc.com
646-277-1232

XCMG Opens First Direct Spare Parts Center in Africa – Consolidating Local Support

NAIROBI, Kenya, Feb. 1, 2018 /PRNewswire/ — XCMG opened its first direct regional spare parts center (“the Center”) on January 6 in Nairobi, Kenya to serve business in East Africa. The Center is a collaboration with TISCO Construction Ltd., and provides prompt services to clients in all the five countries in Eastern Africa. XCMG’s 4S shop (sales, spare parts, service and survey) also officially opened on the same day in Nairobi.

The Center in Kenya strives to deliver high quality and timely spare parts service, further enhancing the company’s competitiveness and brand influence. This new development will allow XCMG gradually increase the investment and better support the region, and to establish a bonded warehouse in Mombasa that can ensure supplies to construction projects.

“XCMG has established dealerships in 16 countries across Africa. The Center in Kenya will further advance XCMG’s strategy in the African spare parts market, it also sets an example for XCMG’s overall arrangement of spare parts centers in Asia-Pacific, Middle East, Central Asia, Europe and the Americas,” said Cui Xiangdong, assistant secretary of XCMG spare parts supervision management department.

In 2017, XCMG initiated an upgraded plan for the overseas service and spare parts network, with the state aim of establishing independent service and spare parts centers and increase relevant support for dealers. The plan also further enhances a three-level spare parts supply system that includes the general spare parts warehouse in China, regional spare parts centers and self-built spare parts stations and dealership spare parts stock.

There are more than 200,000 pieces of XCMG equipment are in use outside of China at present; and in Kenya alone there are 2,000 machines. As a leader in the global construction machinery industry, XCMG successively acquired Germany’s SCHWING and FT and Holland’s AMCA while establishing manufacturing bases and KD factories in 10 countries including Brazil, India, Kazakhstan, Malaysia and Iran.

About XCMG

XCMG is a multinational heavy machinery manufacturing company with a history of 75 years. It currently ranks eighth in the world’s construction machinery industry.

XCMG has 120 primary dealers, 134 overseas service and spare parts centers and 58 overseas subsidiaries and offices. The company’s products are exporting to 178 countries and regions worldwide, achieving an export sale of one billion USD in 2017, marking a 90 percent year-on-year increase.

For more information visit:
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Public Enterprises Committee Encouraged by New Eskom Board and Acting Group Chief Executive Officer’s Swift Actions

Parliament� The Portfolio Committee on Public Enterprises is encouraged by decisions already taken by the new board and the Acting Group Chief Executive Officer (GCEO) in dealing with governance challenges at the utility company.

The basis of the challenges at the company has been the decline in governance systems and the Acting GCEO and the board has assured the Committee that they are well on track to deal with this challenge. The resignations and suspensions of senior managers that oversaw the decline at the company attest to the urgency that the board and the Acting GCEO have placed in dealing with these challenges.

The Committee remains concerned about the liquidity challenges at the company but is hopeful that potential investors will recognise the work already done by the new board and the new senior management as reassurance for a brighter future for the company.

The Committee is convinced that the new leadership at the institution is steering the company in the right direction that will ensure the future viability of the company. This is important for the growth and sustainability of South Africa’s economy.

The Committee has for its part assured the board and the Acting GCEO of its support in turning around the institution. This support is based purely on the basis of ensuring the sustainability of the company, which is of strategic importance to the economy.

One of the issues that need urgent attention is about R20bn in arrears owed to Eskom by municipalities. The Committee will engage the Portfolio Committee on Cooperative Governance and Traditional Affairs to find solutions to this challenge.

The engagement with the board and senior management will always be robust to ensure that the company is turned around.

Source: Parliament of the Republic of South Africa

Basic Education Committee Wraps up Schools Visit to Bohlabela District in Mpumalanga

Parliament� Parliament’s Portfolio Committee on Basic Education yesterday concluded its visit to the Bohlabela Education District in Mpumalanga Province where it visited several schools over three days.

The Committee Chairperson, Ms Nomalungelo Gina, said the Committee is highly impressed by the resilient schools that continue to perform and in some cases outperform beyond expectations.

Ms Gina highlighted the case of Magigwana Secondary School which in last year’s (2017) National Senior Certificate (NSC) obtained 100% pass rate in Mathematics, Physical Sciences and Business studies despite having a large enrolment. This is highly commendable. It is a best practice model that should be replicated by other schools said Ms Gina

Ms Gina also sang the praises of the educators and learners of Moses Mnisi Secondary school where four of the five grades obtained 100% pass rates and Grade 12 just missing out with 99.3% for 2017 NSC examinations with sizeable number of matriculants. In both cases strong leadership was demonstrated. This was coupled with good support from the Senior Management Teams at the schools, other teachers, the School Governing Bodies and involvement of parents. Learner discipline have also been found to be of a high standard at good performing school, emphasised Ms Gina.

The Committee also visited several schools that were not performing at the level that it is expected or have been having declining pass rates. Ms Gina said the Committee had stern messages for those schools and appealed to those schools’s educators to put the future of learners first. It is important that teaching and learning should take place. All other issues are secondary but should be ironed out to ensure the existence of conducive environment for teaching and learning at schools.

These young learners are our future, the future of the country. We have to ensure that they are properly educated, said Ms Gina.

The Committee appealed to education authorities to assist and monitor those schools to ensure they are raised to a level of acceptable education. The oversight visit today moves to the Nkangala Education District.

Source: Parliament of the Republic of South Africa

SAPS Turnaround Strategy Should Be Measurable – Police Committee

Parliament� The Portfolio Committee on Police has today told senior management of the South African Police Service (SAPS) that their turnaround strategy that was tabled before the Committee today ought to be measurable.

Efforts aimed at improving our policing and combating crime are always welcomed. However, the Committee and indeed the public must be able to assess the implementation of such a plan, said Committee Chairperson, Mr Francois Beukman.

Mr Beukman said the turnaround strategy as it is now, is not linked with the Annual Performance Plan (APP), adding that the Committee has asked SAPS to incorporate this plan in the APP. SAPS was also told to ensure its strategy is aligned to the budget.

Among the initiatives contained in the SAPS turnaround strategy, are programmes intended at asserting the authority of the state, ensuring a thorough and responsive investigation of every crime as well as an effective crime intelligence to support proactive and reactive policing. The strategy also makes provision for a collaborative and consultative approach to policing.

The Committee also emphasised that this strategy should also address basic policing issues such as ensuring that frontline police officers have tools of trade like pocket books and are trained to be able to take proper statements.

The Committee also received an update on the outcomes of the festive season strategy which recorded challenges and successes in some crime categories. A full report is still being consolidated and will be tabled in the coming weeks.

SAPS recorded a 12% increase in the crimes detected as a result of police action. SAPS also reported a decrease in crimes reported by community members such as contact crimes, property-related crimes, aggravated robberies, but saw a 0.8% increase in sexual offences.

The Committee commended SAPS where it has improved and said some of the successes are as a result of the heightened numbers of police that were deployed during the festive season. Where there has been increases, the Committee said more has to be done to address those.

Source: Parliament of the Republic of South Africa