The Editorial Team |

South African Consumer Firm Libstar Plans $124 Million IPO

JOHANNESBURG (Capital Markets in Africa) – Libstar Holdings Pty Ltd., the South African food and household products maker, plans to raise about 1.5 billion rand ($124 million) to repay debt and fund expansion by selling new shares on the Johannesburg Stock Exchange. Existing shareholders in the Johannesburg-based company, including Abraaj Group Ltd., which holds about 71 percent, will also sell undisclosed stakes, the company said in a statement Monday. “The capital that we raise from the listing…

Exxon Sparks IMF Concern With Weighty Returns in Tiny Guyana

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LAGOS (Capital Markets in Africa) – Exxon Mobil Corp. got such a “favourable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honour the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in a report seen by Bloomberg News. The country, South America’s third poorest with an…

Oil Rises Most in Two Weeks as Dollar Weakens and Equities Rise

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LAGOS (Capital Markets in Africa) – Crude climbed by the most in more than two weeks amid a weaker dollar and easing concern that a trade war will break out between the U.S. and China. Futures jumped as much as 1.6 percent in New York as the dollar dipped, boosting oil’s appeal as a store of value. As investors evaluate the ongoing tensions between U.S. and China, President Donald Trump predicted the Asian nation will be first to…

Nigerian President Buhari Will Seek Second Term in 2019

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari has decided to run for re-election in February, ending months of speculation about whether the former military ruler would seek a second term. The announcement of the decision by Buhari, 75, on Monday came at a time of growing criticism of his performance and uncertainty in his ruling All Progressives Congress about his plans. He was in the U.K. for a total of five months last year…

Uganda Central Bank Keeps Interest Rate at Record Low of 9%

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KAMPALA (Capital Markets in Africa) – Uganda’s central bank maintained the benchmark interest rate at a record low as risks to the east African nation’s inflation outlook remain balanced. The key rate was kept at 9 percent, Governor Emmanuel Tumusiime-Mutebile told reporters Monday in the capital, Kampala. Inflation slowed to 2 percent in March, the weakest level since 2014, and the risks to the outlook for price growth in Africa’s biggest coffee exporter are balanced,…

Angola Gets $500 Million From HSBC Account Frozen Due to Fraud

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LUANDA (Capital Markets in Africa) – Angola has recouped $500 million that was frozen in an HSBC Holdings Plc account in London linked to an alleged fraud, the Finance Ministry said. The funds were part of $1.5 billion that the Angolan government was to pay Mais Financial Services, a company managed by a person close to Jose Filomeno dos Santos, the son of Angola’s former president, for the start-up of a $35 billion strategic investment…

IMF Denies Asking Zambia for Independent Audit of Its Debt

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LUSAKA (Capital Markets in Africa) – The International Monetary Fund denied asking the Zambian government to undertake an independent audit of its foreign debt. The Washington-based lender also didn’t release any estimate of Zambia’s debt to donors, resident representative Alfredo Baldini said Monday in an emailed response to questions. Nomura International Plc economist Peter Attard Montalto said in a March 27 note the IMF had requested that Zambia’s government undertakes an independent audit of its foreign debt….

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