Fair­fax seeks $1b for Africa fund

China Daily (Hong Kong) - - BUSINESS -

Fair­fax Fi­nan­cial Hold­ings Ltd, the Cana­dian in­surer, said it is sell­ing shares in an ini­tial pub­lic of­fer­ing for a fund that will make in­vest­ments in Africa. The com­pany is seek­ing to raise as much as $1 bil­lion from the sale, sources said. Fair­fax, run by value in­vestor Prem Watsa, is hunt­ing for coun­tries on the con­ti­nent with fast-paced eco­nomic growth, ac­cord­ing to a prospec­tus filed on Fri­day. The Toronto-based firm has $416 mil­lion al­ready com­mit­ted from its own funds and part­ners in­clud­ing On­tario Mu­nic­i­pal Em­ploy­ees Re­tire­ment Sys­tem and CI In­vest­ments Inc. for the ven­ture, called Fair­fax Africa Hold­ings Corp. A $1 bil­lion IPO would be the largest in Canada since Hy­dro One Ltd. raised C$1.8 bil­lion ($1.33 bil­lion) last year.

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