The Editorial Team |

Mastercard to Join Investors in Africa Online Retailer Jumia

JOHANNESBURG (Capital Markets in Africa) – Jumia Technologies AG said Mastercard Inc. has agreed to invest 50 million euros ($56 million) in a private placement ahead of the Africa-focused online retailer’s planned initial public offering in New York. The U.S. credit-card giant joins shareholders such as French drinks maker Pernod Ricard SA, which bought a 5.1 percent stake for 75 million euros in December, and largest investors MTN Group Ltd. and Rocket Internet SE. The Pernod deal valued Jumia at…

BRICS Bank to Raise $310 Million Selling South African Bonds

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JOHANNESBURG (Capital Markets in Africa) – The New Development Bank plans to issue South African bonds in the third quarter to raise 4.4 billion rand ($310 million) for two infrastructure projects in the continent’s most-industrialized economy. Standard Bank Group Ltd. and Absa Group Ltd. have been picked to arrange the debt sale, Leslie Maasdorp, the NDB’s chief financial officer, told reporters in Cape Town on Monday. The funding is earmarked for Trans-Caledon Tunnel Authority, the state-owned firm responsible…

Ghana Works to Show It Can Stick to Budget as IMF Deal Ends

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ACCRA (Capital Markets in Africa) – For the 16th time since the 1960s, Ghana is wrapping up a financial bailout from the International Monetary Fund and stepping away from the lender’s oversight. Now, it’s up to one of Africa’s perennial overspenders to show that it can stick to a budget. The previous time Ghana was in this position was in July 2012, five months before general elections, the country recorded the first of three consecutive…

South Africa Yields Fall to 10-Month Low as Moody’s Forgoes Action

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JOHANNESBURGH (Capital Markets in Africa) – South African benchmark bond yields fell to the lowest in 10 months and the rand extended gains after Moody’s Investors Service chose not to update its investment grade rating on the country’s sovereign debt or the outlook. Yields on rand-denominated securities due December 2026 fell five basis points to 8.55 percent by 8:09 a.m. in Johannesburg, the lowest since May 30. The rand led gains in emerging-market currencies, advancing for a second…

South Africa Extends Probe Into Africa’s Biggest Money Manager

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JOHANNESBURGH (Capital Markets in Africa) – South African President Cyril Ramaphosa granted a judicial commission an extra three months to finish its investigation into allegations of wrongdoing at the government workers’ pension-fund manager. The date by which the commission of inquiry into Public Investment Corp. must submit its final report was moved to July 31 from April 15, the commission said in a statement posted on its Twitter account on Saturday. The commission, whose mandate was also…

Europe’s Brand New Tech Giant Doesn’t Even Have a Name Yet

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LAGOS (Capital Markets in Africa) – European-listed tech giants are so scarce they are set to be trumped in size by a newcomer that hasn’t decided what to call itself yet. African conglomerate Naspers Ltd. revealed this week that it plans to list a portfolio that includes a range of tech investments, from food delivery to online platforms for second-hand goods. The new Amsterdam-based company will also hold a massive $133 billion stake in Chinese game-maker Tencent Holdings…

Gold Fields Seeks Options for Unprofitable South African Mine

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JOHANNESBURG (Capital Markets in Africa) – Gold Fields Ltd.’s board has asked Chief Executive Officer Nick Holland and his managers to consider other options for its unprofitable South African mine should the latest turnaround plan fail. After investing more than $800 million in South Deep, Gold Fields hopes that a fifth restructuring in 13 years will see the mine break even by the middle of the year. The company cut more than 1,500 jobs to reduce costs and lowered its…

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