The Editorial Team |

Zuma’s Graft Case Adjourned Until June by S. African Court

JOHANNESBURG (Capital Markets in Africa) – Former South African President Jacob Zuma’s corruption case was adjourned until June 8, signalling that a criminal trial may be delayed until at least the end of the year. Zuma, 75, is facing 16 charges brought by the National Prosecuting Authority that range from corruption to racketeering related to bribes he allegedly took in the 1990s from weapons dealers including French arms maker Thales SA, which is also a defendant….

Nissan Eyes Bigger East African Market With Kenya Auto Plant

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NAIROBI (Capital Markets in Africa) – Nissan Motor Co. Ltd. plans to start assembling vehicles in Kenya, bolstering government plans to develop a regional auto-manufacturing hub in East Africa’s biggest economy. The Japanese automaker is the latest to target Kenya after Volkswagen AG, PSA Peugeot and CNH Industrial NV announced plans for assembly lines in the past 18 months. The facilities could cut new-vehicle costs to customers in some of the continent’s fastest-growing economies, where vehicle ownership…

Uganda Taps Oil Fund for Budget Before Output Even Begins

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KAMPALA (Capital Markets in Africa) – Uganda dipped into its Petroleum Fund for the first time by drawing 125.3 billion shillings ($33.9 million) to bridge its 2017-18 budget deficit, Finance Minister Matia Kasaija said. East Africa’s third-biggest economy will spend the money in the 12 months through June, Kasaija said in a report on the ministry website, leaving the fund at 422.9 billion shillings. Uganda, which is yet to start oil production, raised the money…

Steinhoff Bows to Pressure Over Bonus Payments After Outrage

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV shelved a plan to pay director bonuses after lawmakers questioned whether it was appropriate to release extra funds given the retailer has lost more than 90 percent of its market value amid an accounting scandal. The owner of Conforama in France and Mattress Firm in the U.S. was planning to ask shareholders to approve payouts to board members including Chairman Heather Sonn as a reward for their work…

Murray & Roberts Sets Price Tag After Rejecting Helmig Bid

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JOHANNESBURG (Capital Markets in Africa) – Murray & Roberts Holdings Ltd. sees a fair value for the South African engineering and construction company at as much 9.8 billion rand ($821 million), setting a price tag for Germany’s Helmig family after rejecting an offer last week. After reviewing an independent report by BDO Corporate Finance Proprietary Ltd., Johannesburg-based Murray & Roberts values the company at between 20 rand and 22 rand a share, it said in…

Consol Seeks to Raise $227 Million With Johannesburg Listing

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JOHANNESBURG (Capital Markets in Africa) – Consol Holdings Ltd., the glass-packaging maker that last traded on Johannesburg’s bourse more than a decade ago, said it’s plotting a return and is seeking to raise 2.7 billion rand ($227 million). Consol delisted in 2007 after a group of private-equity investors led byBrait SE took it private. Consol’s return, mooted for at least three years, previously faced uncertainty amid South African political turmoil and slowing economy. Under new President Cyril…

South African Miners Win Court Fight on Black Ownership Rule

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JOHANNESBURG (Capital Markets in Africa) – South African mining companies won court backing on a crucial black-ownership principle that’s likely to have implications for ongoing negotiations with President Cyril Ramaphosa’s government. Producers don’t need to top up black-shareholding levels in perpetuity if they previously met the minimum 26 percent requirement, the High Court in Pretoria said on Wednesday. The judgment boosts certainty for investors in the world’s top platinum producer and gives mining companies extra muscle…

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