The Editorial Team |

MOPCO in talks to hire financial advisor for IPO

State-owned Misr Fertilizers Production Company (MOPCO) is in talks to appoint an independent financial advisor to set the stock’s fair value in preparation for listing on the local stock market, said Chairman Hassan Abdel Alim. The Egyptian Exchange said it received a request on Thursday from the state-owned fertiliser producer to list on the stock market with EGP 2.3 billion capital. The portion of shares to be floated has not been defined yet, the top…

African Market Watch: Wed, 18th March 2015

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BRVM [he Regional Stock Exchange, Cote d’Ivoire]: BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, higher than the previous day. BRVM 10 index gained 0.27% to close at 268.47pts and BRVM Composite index gained 0.04% to 264.32pts against 264.21pts previously. The equity market capitalization was recorded at XOF 6 522.15 billion, Likewise, the traded value was recorded at XOF 812.95 million and total volumes recorded at 150 410 shares in 157…

Senegal to issue $500 mln to $1 bln in international bonds

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DAKAR, March 18 (Reuters) – Senegal plans to issue between $500 million and $1 billion in debt in international markets this year starting from June to cover its budget needs, an economic adviser to President Macky Sall said on Wednesday. Mamadou Fall Kane said the West African country’s government was concerned by the strength of the dollar and would use currency swaps to hedge its exposure on dollar-denominated debt. Senegal, a member of the eight-nation…

Tanzania to get $380 mln loans from India for water projects

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DAR ES SALAAM (Reuters) – Tanzania will receive a total of $380 million in loans from India to finance two major water projects in the east African nation, the president’s office said on Tuesday. India’s government has offered $100 million to improve water supply in the commercial capital Dar es Salaam and $280 million to help supply water from Lake Victoria to Tabora, Nzega and Igunga towns, the presidency said in a statement. Earlier this…

African Market Watch: Tuesday, 17th March 2015

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BRVM [he Regional Stock Exchange, Cote d’Ivoire] BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session this Tuesday, lower than the previous day. BRVM 10 index decreased from 268.67 to 267.74 points, a drop of 0.35% and BRVM Composite index lost 0.25% to 264.21 against 264.86 points previously. The traded value is XOF 714.02 million against XOF 1.21 billion last Monday. Equity Market capitalization is XOF 6,519.64 billion and the top security…

Egypt, Arabtec near agreement on $40 bln housing project: govt

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Egypt’s housing ministry and Dubai’s Arabtec have agreed some of the terms for a $40 billion project to build one million homes across the country, and they will sign a final contract within 10 days, a ministry spokeswoman said on Tuesday. Earlier this month, the housing minister said he hoped to conclude a deal for the mega development – seen as part of economic and political support to the country by the United Arab Emirates…

Africa builds an appetite for Islamic finance, says IDB unit

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GENEVA (Reuters) – Nigeria and Ivory Coast are looking to emulate Senegal’s successful move into the market for Islamic bonds, the head of the Islamic Corporation for the Development of the Private Sector (ICD) told Reuters. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa, home to a quarter of the world’s Muslims, presenting an opportunity for ICD, the private sector arm of the Jeddah-based Islamic Development Bank….

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