The Editorial Team |

Base of Australia Sees Madagascar Ilmenite Output Starting 2021

MADAGASCAR (Capital Markets in Africa) – Base Resources Ltd. said it expects to start output at a mineral-sands project in Madagascar on schedule in three years, and sees no threat of delay from protests by residents. The West Perth, Australia-based company expects to start production of ilmenite, which is used to manufacture pigments used in paint, at Toliara Sands on the Indian Ocean island in late 2021, it said in an emailed response to questions on…

Steinhoff ex-CEO’s Ally Joins Roll Call of Corporate Pariahs

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JOHANNESBURG (Capital Markets in Africa) – After three decades behind the scenes, Stehan Grobler is now in the spotlight. Having met former Steinhoff International Holdings NV Chief Executive Officer Markus Jooste three decades ago, 59-year-old Grobler went on to serve as a long-standing executive while the retailer expanded across the world. But when an accounting scandal erupted at the South African company in December, the lawyer was left exposed. Last week, Grobler became one of just three people to have been…

South African Banks Weigh Fund to Boost Black-Land Ownership

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JOHANNESBURG (Capital Markets in Africa) – South African banks are in talks to start a joint fund that could be used to accelerate the transfer of land to black people as they seek to protect billions of rand in assets tied up in farm loans. Lenders are wading into the racially charged land-reform debate as the ruling party embraces calls to change the constitution to allow expropriation without compensation. While the African National Congress sees the…

MTN Plunges After Nigeria Orders Refund of $8.1 Billion Dividend

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JOHANNESBURG (Capital Markets in Africa) – Almost a year after MTN Group Limited thought it had been cleared over accusations of illegally taking money out of Nigeria, the issue has resurfaced with a vengeance. Late Wednesday, the country’s central bank ordered Africa’s largest wireless carrier to return $8.1 billion it says was repatriated improperly over eight years through 2015. The decision caught the company and its shareholders off guard and the shares plunged the most in 20…

Tanzania Power Firm Asked to Pay Standard Chartered $148 Million

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DAR ES SALAM (Capital Markets in Africa) – The International Centre for Settlement of Investment Disputes ordered the Tanzania Electric Supply Co. to pay Standard Chartered Plc $148.4 million after breaching a power contract, the arbitrator said. The case that began in 2001 concerns a purchase agreement in May 1995 between Tanesco and Independent Power Tanzania Ltd., whose rights were later taken over by Standard Chartered in 2014. The agreement required IPTL to supply Tanesco…

Bearish Signals Stalk South Africa Stocks After August Gains

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JOHANNESBURG (Capital Markets in Africa) – It’s been a great month, but things may be about to turn a lot grimmer for South African stocks, if technical signals are any guide. The benchmark is coming off its longest winning streak since October, rising for nine consecutive days through Tuesday. The FTSE/JSE Africa All Share Index this week revisited levels above 60,000, last seen in February, taking its August advance to 4.5 percent, set for the…

U.K.’s May Pledges Closer Ties Between Nigeria, City of London

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LAGOS (Capital Markets in Africa) – Prime Minister Theresa May banked pledges for London Stock Exchange listings from Nigerian billionaire Aliko Dangote and Seplat Petroleum Development Co. as she announced plans to bolster ties between the City of London and Nigeria. Seplat on Wednesday committed to list $350 million of Eurobonds issued earlier this year on the LSE, May’s office said in a statement. That comes on top of Dangote’s commitment to list Dangote Cement Plc, valued at $10.8 billion, on the…

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