The Editorial Team |

Cairn Energy Signals Possible Sale of Senegal Oil-Field Stake

DAKAR (Capital Markets in Africa) – Cairn Energy Plc signalled it may sell a stake in a Senegalese oil field, cashing in on one of the largest recent discoveries off West Africa. Once the project development plan is approved this year and an investment decision made, Cairn will have “options in respect to potential farm-downs,” Chief Executive Officer Simon Thomson said Tuesday. Selling an interest in the field — called SNE — would allow the U.K. exploration company…

Desert Sun to Power Upper Egypt With $2.8 Billion Solar Park

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CAIRO (Capital Markets in Africa) – Egypt on Tuesday inaugurated the first solar power plant at a remote desert complex where the government plans to generate as much as 1.8 giga watts from the sun, cutting the most populous Arab nation’s reliance on dirty and expensive fossil fuels. The plant, developed by Germany-based Ib Vogt GmbH and a local company called Infinity Solar Systems, began supplying the national grid in December, Ib Vogt Chief Executive Officer Anton Milner…

South Africa Sees Receptive Market for $3 Billion Bond Sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa plans to tap international markets for as much as $3 billion as the country seeks to take advantage of relatively low rates and strong demand from yield-hungry investors. “We will be coming shortly and taking advantage of the favourable market conditions,” Tshepiso Moahloli, chief director of liability management at the National Treasury, told reporters in London after meetings with investors. “The market is conducive and we’re keen to…

South African Airways Suspends CFO, ex-CEO on Probe Allegations

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JOHANNESBURG (Capital Markets in Africa) – South African Airways suspended two executives including Chief Financial Officer Phumeza Nhantsi following unspecified allegations made against them in a forensic probe of the state-owned airline. Musa Zwane, who was acting chief executive officer for two years until November, has also been placed on leave pending a disciplinary hearing, SAA spokesman Tlali Tlali said Tuesday. The airline won’t comment further while the probe is ongoing and both executives are presumed innocent, he said….

Asia’s Highest Yielder Is Losing Appeal Relative to South Africa

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LAGOS (Capital Markets in Africa) – Having the highest inflation-adjusted yield in Asia isn’t enough for emerging-market bond investors any more. That’s the message from Saxo Bank A/S, which says Indonesia is losing its appeal over countries such as South Africa because of better prospects for political stability and reforms. The rupiah slumped to a two-year low this month despite offering the highest inflation-adjusted yield in Asia and after having been upgraded in recent months by ratings…

Samsung Is Said in Talks for Multi-Year Cobalt Deal From Congo

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LAGOS (Capital Markets in Africa)- Samsung C&T Corp., an affiliate of the world’s biggest smartphone maker, is in talks for a multi-year deal to buy cobalt from a Congolese miner, joining Apple Inc. in the global rush to secure supplies of the metal at the heart of the electric-car boom. Samsung C&T has approached Somika SPRL to buy cobalt produced at its Kisanfu mine in the Democratic Republic of Congo after only buying copper from the company for the past four…

South African Airways to Scale Back in 3-Year Break-Even Bid

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JOHANNESBURG (Capital Markets in Africa) – South African Airways is striving to return to profit in three years by reducing the size of the network and transferring planes to its low-cost carrier as Chief Executive Officer Vuyani Jarana embarks on a recovery plan. A turnaround of the state-owned airline is among the more urgent priorities of newly appointed Finance Minister Nhlanhla Nene, who is seeking to avoid a repeat of the government bailout approved by his predecessor Malusi Gigabalast…

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