The Editorial Team |

Money Manager Upbeat on Growth in Ramaphosa’s South Africa

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…

Anadarko Lines Up Enough LNG Buyers for Mozambique Project

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MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corp. said that “in principle” it has enough customers to proceed with its liquefied natural gas project in Mozambique, eight years after making a major Deepwater discovery there. The development of Mozambique’s LNG potential by Anadarko, Eni SpA and Exxon Mobil Corp. is key to stimulating growth in one of the world’s poorest countries. Anadarko signed a 15-year supply deal with Electricite de France SA in February and now needs…

Mozambique Gas Company ENH Hires Lazard to Raise $2 Billion

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MAPUTO (Capital Markets in Africa) – Mozambique’s national oil company appointed Lazard Frères SAS and Lion’s Head Global Partners as advisers to help raise as much as $2 billion to refinance its portions of two gas-development projects. Empresa Nacional de Hidrocarbonetos EP will begin a roadshow next month to regions including Asia, the Middle East and South Africa, Chairman Omar Mitha said in an interview. Lazard will advise ENH on refinancing its portion of the project…

Hacked Crypto Exchange Earned $490 Million Before Epic Heist

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LAGOS (Capital Markets in Africa) – Running a cryptocurrency exchange can be enormously profitable — so long as you don’t lose your clients’ assets to hackers. Japan-based Coincheck Inc., which suffered one of the biggest heists in history, earned 53.2 billion yen ($490 million) from April 2017 through January, when the theft occurred, according to its new owner Monex Group Inc. By comparison, Japan Exchange Group, which owns the Tokyo Stock Exchange and Osaka Exchange, earned 66.1…

Falling Rates Prompt Egypt Debt Shift With Bond Issues to Jump

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CAIRO (Capital Markets in Africa) – Egypt is considering shifting away from costly short-term domestic debt towards longer-term borrowing, as falling interest rates provide cheaper options to finance its fiscal deficit, according to the nation’s finance minister. It will increasingly rely on five- to seven-year bonds instead of Treasury bills that have shorter maturities and currently make up the bulk of local-currency borrowing, Amr El-Garhy said in an interview in Washington, where was attending spring…

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