The Editorial Team |

PPC Extends Slump Amid Ongoing Weak Demand for Cement in Congo

KINSHASA (Capital Markets in Africa) – PPC Ltd. suffered its biggest two-day decline this year after reporting earnings that missed some expectations and as difficulties continue to plague the cement maker’s operations in the Democratic Republic of Congo. South Africa’s biggest producer of the building material is seeking a fresh start under Chief Executive Officer Johan Claassen after fending off a series of takeover approaches last year. The Johannesburg-based company is counting on an upturn in demand in…

Winter Downpours Help Ease Risk of Cape Town Running Dry

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JOHANNESBURG (Capital Markets in Africa) – Fears that Cape Town, South Africa’s second-biggest city and most popular tourist attraction, would run out of water have abated as good winter rains help top up dam levels and ease the worst drought on record. The six main dams supplying the city are at 38.1 percent of capacity, compared with 31.8 percent a week earlier and just 23 percent a year ago, the city said on its website on Monday. Cape…

Buyout Said to Value Largest African Feedlot at $450 Million

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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

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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

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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

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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

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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…

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