The Editorial Team |

ARM of Kenya to Convert Tanzanian Unit’s Debt Into Equity

DAR ES SALAAM (Capital Markets in Africa) – ARM Cement Ltd. will convert 21.6 billion shillings ($208 million) owed by its Tanzanian unit into equity, Chief Executive OfficerPradeep Paunrana said. The Nairobi-listed company guaranteed Maweni Limestone Ltd.’s debt, including facilities amounting to 5 billion shillings loaned by the Trade and Development Bank, Development Bank of Southern Africa Ltd. and the East African Development Bank. ARM’s auditors raised concerns over the loan because the company had not…

Buhari Faces United Opposition Challenge in Nigerian Vote

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari rode to power three years ago on the back of a broad coalition determined to oust the ruling party. Now the West African nation’s opposition parties are planning to use the same maneuver to defeat him in February’s general elections. The People’s Democratic Party, which held power for 16 years until its 2015 defeat, signed an agreement with 38 other opposition groups to form the Coalition of…

Stress Tests for Miners Show BHP, Rio Can Endure China Shock

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LAGOS (Capital Markets in Africa) – It’s the question commodity investors dread: what happens if China slows and prices crash? S&P Global Ratings crunched the numbers for just that scenario and found the world’s five top miners including Glencore Plcand BHP Billiton Ltd. would be able to get by without a ratings cut. As prices will “run out of steam” sooner or later, S&P modelled a one-year collapse caused by a sudden shock to Chinese demand “as that’s…

Once Bitter Foes, Ethiopia, Eritrea Promise `Bridge of Love’

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia and Eritrea signed a declaration of peace and agreed to re-establish key economic links after an unprecedented summit between the Horn of Africa nations’ leaders that marked the end of almost two decades of strife. The announcements by an Eritrean official and the Ethiopian state-owned broadcaster Fana followed Prime Minister Abiy Ahmed’s visit to the Eritrean capital, Asmara, on Sunday for talks with President Isaias Afwerki and their decision to…

Nigeria’s Lawmakers to Probe State Oil Company Over Remittances

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LAGOS (Capital Markets in Africa) – Nigeria’s House of Representatives will investigate the state-owned oil company for allegedly not sending enough funds to the government. The lower chamber voted to start a probe after a motion on Tuesday from Nicholas Ossai, a member of the main opposition People’s Democratic Party and the chairman of the House Committee on Ethics and Privileges. There’s an “urgent need” to investigate Nigerian National Petroleum Corp.’s “under-remittances” to the so-called Federation Account,…

Western Monitors’ Return Kindles Hope for Free Zimbabwe Vote

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HARARE (Capital Markets in Africa) – An influx of Western observers is giving Zimbabweans some hope that this month’s elections won’t be a repeat of the tainted contests held during former President Robert Mugabe’s 37-year rule. While Zimbabwe’s past three elections were marred by allegations of rigging, violence and intimidation, new President Emmerson Mnangagwa has welcomed the return of monitors from Western nations whose governments were more critical of Mugabe than teams from African countries. He’s vowed that the…

Nigerian Regulator Says MTN Hasn’t Yet Filed IPO Application

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LAGOS (Capital Markets in Africa) – MTN Group Ltd.’s Nigerian wireless unit hasn’t yet submitted an application for an initial share sale, the Securities and Exchange Commission said Sunday in a statement. MTN also has yet to announce how much it aims to raise from the listing, which MTN Group CEO Rob Shuter initially planned for the middle of this year, before pushing the deadline to the end of the year. Earlier this week, Lagos-based BusinessDay reported that the company plans…

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