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Fairfax Financial to launch African subsidiary


Canada-based Fairfax Financial Holdings Ltd. plans to launch a public company in Africa, The Global and Mail reports citing sources. A prospectus for an initial public offering for Fairfax Africa Holdings Corp. will be filed on Dec. 23. The company seeks to raise as much as $1 billion from the IPO. Fairfax has already secured about $500 million from cornerstone investors and its own funds, the sources said.

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