Teetering Steinhoff Prepares to Shop Around Its Retail Assets

Teetering Steinhoff Prepares to Shop Around Its Retail Assets

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV, which sells $89 mattresses to Americans and two-for-a-pound cans of tomato soup to the British, faces a potential fire sale of its global retail holdings as it battles for survival. After a week in which its shares collapsed and its bonds were downgraded to junk amid an accounting scandal that prompted Chief Executive Officer Markus Jooste to quit, the owner of U.S. furniture chain Mattress Firm…

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The Cobalt Crunch for Electric Cars Could Be Solved in Suburbia

The Cobalt Crunch for Electric Cars Could Be Solved in Suburbia

KINSHASA (Capital Markets in Africa) – Almost 9,000 miles from the dusty Congo savanna, miners have hit on an entirely new source of cobalt — the rare mineral at the heart of the electric-car boom. And not only can they take coffee breaks, when they take a break, they can grab a donut at Tim Hortons. Scientists working for American Manganese Inc., located in the suburbs of Vancouver, have developed a way to produce enough…

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Kenya’s ARM Is Said to Become Next Target in Africa Cement Wars

Kenya’s ARM Is Said to Become Next Target in Africa Cement Wars

NAIROBI (Capital Markets in Africa) – ARM Cement Ltd., the Kenyan building-materials supplier, is the newest takeover target in the battle among the world’s biggest cement makers to expand in Africa, according to people familiar with the matter. ARM’s owners are exploring a sale, said the people, who asked not to be identified because the talks are private. The Nairobi-based company is currently valued at about $133 million on the Nairobi stock exchange, though the…

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African Lender Mulls U.S. Bond Sale to Fund Trade Financing

African Lender Mulls U.S. Bond Sale to Fund Trade Financing

DAR ES SALAAM (Capital Markets in Africa) – Trade & Development Bank, a trade financier with operations in 21 African countries, will hold an investor roadshow in the U.S. next year to prepare for a possible Eurobond sale, Chief Executive Officer Admassu Tadesse said. TDB completed a promotional campaign in Gulf states last month, where it’s in the process of finalizing $200 million of funding, Tadesse said in an interview Thursday at his office in the…

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Mining Lobby in Court Over South African Black-Ownership Rules

Mining Lobby in Court Over South African Black-Ownership Rules

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines starts the first of its two-pronged legal fight over the country’s black-empowerment rules Thursday. The case will be heard in Pretoria over two days and pits the chamber, which represents producers including Anglo American Plc and AngloGold Ashanti Ltd., against the Department of Mineral Resources. At stake is whether mining companies can claim to have met black-ownership requirements even after beneficiaries have sold their stakes in…

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India Exim Bank’s $100 Million Funds Nigeria Power Projects

India Exim Bank’s $100 Million Funds Nigeria Power Projects

LAGOS (Capital Markets in Africa) – India’s Export-Import Bank will provide Nigeria with $100 million in concessionary loans to fund power projects. They include a solar-power plant to supply the northern city of Kaduna and two gas-fired facilities to be built in the south-eastern states of Enugu and Cross River, Indian High Commissioner to Nigeria B.N. Reddy said in a Nov. 7 interview in the commercial capital, Lagos. “The power sector has been identified as…

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Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

NAIROBI (Capital Markets in Africa) – Creditors owed more than 30 billion shillings ($289 million) by Nakumatt Holdings Ltd. will take a haircut if a plan by East Africa’s biggest retailer to enter administration goes ahead, said Kenya’s Industry & Trade Secretary Adan Mohamed. Nakumatt directors will next week seek the High Court’s approval to appoint an administrator and protection from insolvency in order to buy time from creditors including tax agencies, banks, landlords and suppliers. Approval by…

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