The Editorial Team |

Land Bank Warns South African Expropriation May Trigger Default

JOHANNESBURG (Capital Markets in Africa)- South Africa’s Land and Agricultural Development Bank has warned expropriating farm land without compensation could cost the government 41 billion rand ($2.8 billion) if it’s forced to repay the state company’s debt immediately. The lender has approximately 9 billion rand of debt that includes a standard market clause on expropriation as an event of default, the Land Bank’s Chairman Arthur Moloto said in the company’s annual report on Monday. If expropriation without…

The 2nd Edition of The Real Estate Development Summit – West Africa

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The 2nd Edition of The Real Estate Development Summit – West Africa is all set to take place in Accra, Ghana in October. With a vibrant growth trajectory across the Real Estate industry of all regions of West Africa, the summit comes with a dynamic and investment intensive backdrop. Commercial activity is relocating its preferred destinations across African destinations and with tourism on the rise, Africa is seeing a rapid increase in demand for new…

MTN Pressured to List in Uganda in Latest Africa Regulator Spat

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KAMPALA (Capital Markets in Africa) – MTN Group Ltd. is facing pressure to list its unit in Uganda as Africa’s largest mobile-phone company seeks to renew a license in the country. While selling shares on the local bourse isn’t a pre-condition for the granting of a new 10-year contract, the East African nation wants “Ugandans to be part of the company,” according to Godfrey Mutabazi, the executive director of the country’s telecommunications regulator. MTN’s current license expires…

South African Yields High Enough for Risks, Some Investors Say

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JOHANNESBURG (Capital Markets in Africa) – A sell-off in emerging-market assets sparked by Turkey’s currency woes have pushed yields on South African rand bonds to levels where some investors see value. The yield on benchmark government rand bonds due December 2026 has snaked above 9 percent twice since Monday as markets also digested downbeat assessments of South Africa’s economy from Moody’s Investors Service and the South African Reserve Bank. By Friday they were higher than before Tuesday’s government bond…

Ghana’s Growing Debt Pile Seen as Only Cure for Bad Banks

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ACCRA (Capital Markets in Africa) – The government of West Africa’s second-biggest economy — its budget already stretched by interest costs that consume about a third of its revenue — is piling on debt to cover the liabilities of failed lenders and settle arrears dating back 20 years. It was left with little choice but to issue bonds to save an industry the International Monetary Fund sees as a financial-stability threat. “If you don’t intervene then you…

Angola Wealth Fund Case Against Dos Santos Unfair, Judge Says

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LUANDA (Capital Markets in Africa) – Angola’s sovereign wealth fund made an unfair case when it accused the son of the country’s former president of involvement in a “dishonest conspiracy” over the management of assets, a London judge ruled on Thursday. The fund breached a duty to make a fair presentation, judge Andrew Popplewell said in a ruling, which re-stated a decision to overturn a $3 billion freeze order on assets linked to the sovereign wealth fund….

MTN Is Said to Mull Sale of Shares in $1 Billion-Rated Jumia

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is exploring a sale of shares in African online retailer Jumia and values the company at as much as $1 billion, according to people familiar with the matter. Africa’s largest wireless carrier is considering an initial public offering of the Amazon.com Inc.-style business on the Nasdaq or New York Stock Exchange, said the people, who asked not to be named as the information isn’t public. Johannesburg-based MTN is…

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