H&S Invest Holding announced, on Monday, the takeover of WB Africa Group, a Lebanese company, by becoming the majority shareholder with 52% of the Communication, Media and Press group which operates in several African countries.
“Our increase in the capital of WB Africa Group allows us to consolidate the group’s financial results but also to create synergies in the marketing, media and digital value chain beyond our expertise as manufacturers and distributors of major brands of consumer products,” H&S Invest Holding CEO Moncef Belkhayat said.
“We will also continue to consolidate our partnership with Starcom, Zénith and Spark of the Publicis Media group as well as our association with the Amethis investment fund, which owns 28% of the Group,” he said.
For his part, Bassel Mneinmeh, CEO of the selling company MMindz said “we are happy to carry out this sale of all of our shares in WB Africa Group to H&S Invest Holding. We will remain in close collaboration with all of the group’s top management while providing managerial transition support until the end of 2022.”
WB Africa Group was created in 2016.