The Editorial Team |

Buyout Said to Value Largest African Feedlot at $450 Million

JOHANNESBURG (Capital Markets in Africa) – Africa’s largest cattle feedlot is considering a management buyout that will value the company based south of Johannesburg at about 6 billion rand ($450 million), according to two people familiar with the matter. The management of Karan Beef (Pty) Ltd. may approach the Public Investment Corp. — which manages pension funds of South African government workers — to assist it with funding, said the people, who asked not to be identified because the information…

African Telecom Firm Eaton Towers Is Said to Postpone IPO

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – African telecommunications company Eaton Towers Ltd. has decided to postpone an initial public offering on concern that conditions are hurting valuations, according to people familiar with the matter. Eaton Towers, partly owned by Ethos Private Equity Pty Ltd., was seeking a valuation of about $2 billion in a sale in London and Johannesburg, the people said, asking not to be named as the details aren’t public. The firm was initially planning…

Liberty Refused to Pay Ransom After Computer Systems Hacked

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Liberty Holdings Ltd., the South African insurer midway through an overhaul to improve profit, said it refused a ransom demand after hackers breached its information-technology infrastructure and accessed some emails. The stock fell the most since April 4. “We did engage with the external parties involved to determine their intentions, but we made no concession in the face of this attempted extortion,” Liberty Chief Executive Officer David Munro said Sunday in…

Zimbabwe Opposition Party Denied Access to Voters Roll

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) Zimbabwean opposition party Movement for Democratic Change hasn’t been given an electronic copy of the voters roll despite repeated requests, a party official said. The MDC has been trying to obtain an electronic copy for two weeks, but has been rebuffed on a daily basis, Senator David Coltart told Bloomberg News in a telephone interview from Zimbabwe’s second city, Bulawayo, on Monday. “I’m apoplectic. How come the Zimbabwe Electoral Commission…

Mozambique Cuts Key Rate as Inflation Lingers Near 2015 Low

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambique’s central bank reduced its benchmark lending rate for the sixth consecutive meeting as inflation lingered near a 2015 low and the regulator tries to spur an economy that’s forecast to expand at the slowest pace in 18 years. The Monetary Policy Committee cut the benchmark interbank rate, known by its Portuguese acronym MIMO and introduced in April 2017, by 75 basis points to 15.75 percent, Banco de Mocambique Governor Rogerio Zandamela told…

South African Miners Say Free Carry Will Kill New Projects

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The biggest threat posed by South Africa’s new Mining Charter may be to mines that haven’t been dug yet. The draft rules, published Friday by Mineral Resources Minister Gwede Mantashe, lay out several requirements for new mining rights, including that nearby communities and employees each get a 5 percent free-carried interest in either the asset or the company that owns it. The charter is aimed at distributing the industry’s wealth…

Capitec Bids for Business Bank to Veer From Consumer Lending

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Capitec Bank Holdings Ltd. is switching gears from the focus on consumer lending that made it South Africa’s fastest-growing financial institution by bidding for the domestic business-banking unit of Caixa Geral de Depositos SA. The lender is among four acquirers short-listed for CGD’s Mercantile Bank. Nedbank Group Ltd., a group of investors consisting of Bayport Financial Services Pty Ltd. and Public Investment Corp., as well as a rival consortium comprising…

« 1 … 489 490 491 492 493 … 1,073 »