‘Why Zinox group acquired 99% shares of Konga’

After months of strategic negotiations with foreign investors Naspers and AB Kinnevik, the Zinox Group, Nigeria’s integrated ICT solutions conglomerate and Original Equipment Manufacturer (OEM), is now the majority shareholder in e-commerce giant, Konga.
   
The move is expected to raise the profile of e-commerce in the country.
   
A top official of Zinox Group told The Guardian, yesterday, that the firm acquired 99 per cent shares of Konga, stressing that one per cent was left for a minority shareholder.
 
Naspers is a South Africa-based multinational Internet and media group, offering services in more than 130 countries, while AB Kinnevik, founded in 1936, is a Swedish investment company investing primarily in digital consumer brands.
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