Intel Capital, the corporate venturing unit of US-listed chip maker Intel, has made its first investment in South Africa (SA) by providing $5m as a convertible loan to Johannesburg Stock Exchange-listed Allied Technologies (Altech), part of the Altron Group.
Intel Capital has now made investments in 50 countries and said its deal with Altech would be used to provide broadband services in Africa.
Intel has been trading in sub-Saharan Africa for more than 12 years, with offices in SA – called the Rainbow nation, Kenya and Nigeria, according to news provider ITWeb. However, Intel Capital appointed its first director for the region, Samuel Mensah, two years ago.