The Editorial Team |

Egypt Remains Top African Investment Pick for RenCap’s Robertson

CAIRO (Capital Markets in Africa) – Egypt retains its mantle as Africa’s most appealing investment destination, thanks to its expanding economy, high literacy rates, adequate electricity and ready supply of inexpensive labor, according to Charles Robertson, Renaissance Capital’s chief economist. While Egyptian markets have boomed since the country devalued its pound in November 2016 and secured an International Monetary Fund loan, Moscow-based RenCap sees the rally as having some way to run, with a real effective…

IFC Venture Capital Leads US$8.6mn Series A Investment in Africa’s Talking

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NAIROBI (Capital Markets in Africa ) – IFC, a member of the World Bank Group, today announced that it led the US$8.6mn Series A equity investment in Africa’s Talking, a Kenyan based communication-platform-as-a-service (“cPAAS”) API startup, to enable the startup to expand its footprint across the continent. As part of the deal, Wale Ayeni, who leads IFC’s venture capital activities in Africa, will join the boards other investors in the round including global venture capital…

State Firms Debt May Threaten Financial Stability, SARB Says

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JOHANNESBURG (Capital Markets in Africa) – The inability of South African state-owned companies to roll over debt could threaten the nation’s financial stability and ultimately result in more credit-rating downgrades, according to the central bank. Governance issues at state companies, rising contingent liabilities and inadequate liquidity could add pressure to government finances through the increased use of guarantees, the Reserve Bank said in its six-monthly Financial Stability Review released in Pretoria on Wednesday. “Financial stability centers around…

Billionaire Bollore Is Charged in French Bribery Investigation

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JOHANNESBURG (Capital Markets in Africa) – Billionaire Vincent Bollore and two other men were charged by French investigators late Wednesday as part of a probe into the possible use of bribes in two African countries to obtain port contracts from public officials. The case stems from a case focusing on suspicions of foul play when Bollore SA was awarded contracts to operate container terminals in Lome, Togo, and Conakry, Guinea, according to a statement from his company….

Money Manager Upbeat on Growth in Ramaphosa’s South Africa

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy is under new management, and Investec’s Chris Freund is among equities investors who are expecting growth to surprise to the upside. President Cyril Ramaphosa, in office since February, is spurring optimism among stock traders who are already noting changes in Africa’s most industrialized market. The new leader has set a goal of attracting $100 billion in investment, overhauled his cabinet and installed new boards at troubled state-owned companies. “People…

South Africa Halts Social Security Payments Tender Process

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JOHANNESBURG (Capital Markets in Africa) – South African Social Development Minister Susan Shabangu has suspended the tender process aimed at securing a new distributor for the country’s social security cash payments for millions of people, afterG4S Plc lodged a complaint about discrepancies in the bid procedures. “I have resolved to have the bid for the provision of the cash payment services for social assistance suspended,” Shabangu said in an affidavit filed at the Constitutional Court on Wednesday….

Steinhoff Sells Out of Hungary Retailer in Latest Disposal

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV sold out of Hungarian electronics retailer Extreme Digital after its partners moved to cut ties with the South African company embroiled in an accounting scandal. Hungary’s Competition Authority approved the disposal of a 50.4 percent shareholding to the company’s two founders for an undisclosed sum, Extreme Digital said in a statement Wednesday. Steinhoff bought the controlling stake in 2015 as part of an aggressive expansion through…

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