The Editorial Team |

OPEC’s Newest Member May Boost Output as Much as 65% This Year

LAGOS (Capital Markets in Africa) – The Republic of Congo expects to raise oil production by as much 65 percent this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said. Congo joined OPEC last week and plans to open up its oil industry, which the government says is dominated by Total SA and Eni SpA, to new investors. Sub-Saharan Africa’s third-biggest oil producer pumped 291,000 barrels per day last year, according to the BP…

Quilter Gains on Debut After Being Spun Out of Old Mutual

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JOHANNESBURG (Capital Markets in Africa) – Quilter Plc’s rose in its first day of trading in London and Johannesburg as the U.K. wealth manager set its own path after being spun out of Old Mutual Plc. The breakup of 173-year-old Old Mutual will be largely complete this week as the London-based insurer hives off its businesses after determining that they would be worth more on their own. The initial public offering of Quilter on Monday will be followed…

Barrick’s Acacia Faces Further Setback as Tanzania Deal Delayed

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JOHANNESBURG (Capital Markets in Africa) – Gold producer Acacia Mining Plc slumped in London trading after majority shareholder Barrick Gold Corp. withdrew a timetable for resolving a dispute with Tanzania’s government. Barrick had previously said it would provide Acacia with a detailed proposal by the end of June, after taking control of negotiations aimed at settling a number of issues, including lifting Tanzania’s ban on the export of mineral concentrates. Nine months since announcing a preliminary deal, the Toronto-based…

Steinhoff Africa, Brait Charge Investors for Manager Loans

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JOHANNESBURG (Capital Markets in Africa) – In 2011, two companies linked to South African billionaire Christo Wieseoffered top managers an option to buy shares in the businesses they were running. Plenty of companies do that, but not necessarily with this additional sweetener: The executives in question received bank loans to buy the stock — loans that were guaranteed by the company in the event they couldn’t be repaid. Clothing retailer Pepkor Holdings Pty Ltd., now part…

Congo’s Bemba to Return Home After Acquittal as Vote Looms

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KINSHASA (Capital Markets in Africa) – Former Democratic Republic of Congo Vice President Jean-Pierre Bemba will go home next month, a party official said, after the political heavyweight’s acquittal of war crimes convictions delivered an unexpected twist to this year’s elections. The 55-year-old politician’s return presents President Joseph Kabila and his ruling coalition with a rival they expected to still be behind bars at the International Criminal Court in The Hague. And if Bemba fails to agree partnerships with…

Nigeria Projects Smaller Budget Shortfall Even as Spending Rises

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LAGOS (Capital Markets in Africa) – Nigeria said its budget deficit will narrow this year even as the government ramps up spending to spur a stuttering economy. The fiscal shortfall will close to 1.74 percent of gross domestic product from 2.18 percent in 2017, according to a presentation delivered Thursday by Budget Minister Udo Udoma in Abuja, the capital, a copy of which was emailed to reporters by his ministry. Of the 2 trillion naira ($5.5 billion)…

Tiger Brands Considers North Africa for Continental Expansion

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JOHANNESBURG (Capital Markets in Africa) – Tiger Brands Ltd. is considering North African nations among expansion targets as the continent’s biggest listed packaged-food maker looks for growth outside its home market of South Africa. The company is still developing its ‘rest-of-Africa’ strategy, which has been delayed by about six months as management dealt with one of its plants having been linked to South Africa’s listeriosis infection crisis, said Chief Executive Officer Lawrence Mac Dougall. Tiger Brands,…

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