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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HelloFresh Targets $1.8 Billion IPO Valuation Amid Food Wars

HelloFresh Targets $1.8 Billion IPO Valuation Amid Food Wars

LAGOS (Capital Markets in Africa) – HelloFresh, the meal-kit start-up backed by Rocket Internet SE, is targeting a market valuation of as much as 1.5 billion euros ($1.8 billion) in an initial public offering this week, the company said in a statement Sunday. The company, which sells meal kits in 10 markets and remains unprofitable, set a price range of 9 to 11.50 euros a share. It’s looking to raise 243 million to 311 million euros to…

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Heineken Congo Cuts Jobs as It Blames High Taxes, Economic Slump

Heineken Congo Cuts Jobs as It Blames High Taxes, Economic Slump

KINSHASA (Capital Markets in Africa) – Bralima SA, Heineken NV’s subsidiary in the Democratic Republic of Congo, said it’s carrying out a reorganization to cut costs because of the country’s high taxes and continuing economic slump. The restructuring, which will include dismissals, was announced in a letter Bralima Director-General Marinus Maria Kruijt sent to employees on Oct. 11 that was seen by Bloomberg and verified by the company. The cost-cutting follows the closure of two of its…

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