They have a German holding company. The shareholders could move it to Luxembourg tomorrow if they wanted, or Belgium / Cyprus / Malta / Singapore / Dubai / etc.

They have a German holding company. The shareholders could move it to Luxembourg tomorrow if they wanted, or Belgium / Cyprus / Malta / Singapore / Dubai / etc. This doesn't really matter, because holding companies are in their simplest form empty shells that merely hold shares of other operating entities. They group equity participations. You want a holding company to be based in a country with an established and stable legal system, of which the African continent has exactly none. Jumia is for all intents and purposes, an Africa focused group.