The Editorial Team |

Days into His New Job, Egypt Finance Chief Eyes Sukuk for Funds

CAIRO (Capital Markets in Africa) – Egypt is considering tapping the international sukuk market in the coming fiscal year, as it looks to diversify funding sources to drive forward its economic revival efforts. The Sharia-compliant issuance, either in dollar or euro-denominated sukuk, which Finance Minister Mohamed Maait hopes will happen in fiscal 2018-19, would mark a revival of a plan shelved since 2013 when the government under then-Islamist President Mohamed Mursi issued the law to pave the way for…

Old Mutual Sheds Acquisitive Past to Grow African Businesses

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LAGOS (Capital Markets in Africa) – Old Mutual Ltd. plans to grow its existing insurance, asset-management and lending business in Africa, spurning the acquisitive approach taken by its parent. “We’re definitely not shopping,” Chief Executive Officer Peter Moyo said in an interview. “Don’t expect any acquisitions from us.” The 173-year-old insurer is refocusing its efforts on Africa after being spun out of Old Mutual Plc and listing its shares on the Johannesburg Stock Exchange on Tuesday. Its London-based…

Sibanye Tumbles as 2018 Deaths Reach 21 With Latest Accident

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JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Ltd. shares fell after another worker was killed at its Driefontein operation in South Africa, bringing the total deaths at the company’s mines this year to 21. Sibanye accounts for nearly half of the 46 people reported killed at South African mines in 2018 and is already the subject of an investigation by the chief inspector of mines. The company said last week it named a new head of…

Nigeria Manufacturing Body Opposes African Free Trade Area

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LAGOS (Capital Markets in Africa) – Nigeria’s main manufacturing body said it will oppose plans for an African free trade area until the government has done more studies on its impact. “When they open our borders for all manner of products to come into this country, most of our industries will be out of business,” Frank Jacobs, president of the Manufacturers Association of Nigeria, told reporters in Lagos, the commercial capital, on Tuesday. “We will continue…

Glencore Bets Big on South Africa as Ramaphosa Promises Revival

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JOHANNESBURG (Capital Markets in Africa) – Glencore Plc has set its ambitions on expanding in South Africa, the homeland of its chief Ivan Glasenberg. As the company’s former business partner and new President Cyril Ramaphosa promises an economic recovery, Glencore is reaping profits from coal and chrome assets as prices rise. The company announced in October a $1 billion deal to buy Chevron Corp.’s oil refining and fuel service stations in South Africa and considered a bid for the Optimum coal…

Old Mutual Returns to Africa as Breakup Ends London Listing

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s prodigal insurer returned home to a lukewarm welcome on Tuesday. Old Mutual Ltd. started trading its stock in Johannesburg at 28.50 rand before swinging between 28.20 rand and 29.39 rand. The listing — done in conjunction with others in Namibia, Malawi and Zimbabwe — brings an end to a global acquisition spree that took its former parent Old Mutual Plc from its Cape Town roots to London, New…

Quantum Must Explain Angolan Wealth Fund Payments to U.K. Judge

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LAGOS (Capital Markets in Africa) – A U.K. judge told a Swiss asset management firm that it has until next week to explain hundreds of payments as U.K., Swiss and Angolan authorities probe what happened to billions of dollars of assets intended for an Angolan economic development fund. Quantum Global, which had a mandate to manage assets for the Fundo Soberano de Angola and the National Bank of Angola, must turn over details of every…

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