The Editorial Team |

MTN Is Said to Raise Target for Ghana IPO to $787 Million

ACCRA (Capital Markets in Africa) – MTN Group Ltd.’s Ghanaian unit lifted its target for an upcoming initial public offering by more than a half to 3.48 billion cedis ($787 million), according to two people familiar with the matter. Africa’s biggest mobile-phone company by subscribers is preparing to list a 35 percent stake in its Ghanaian business on the local stock exchange, valuing the unit at about $2.2 billion. While the bourse estimated the value…

Steinhoff Says Directors Due Extra Pay for Working Harder

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV, the retailer that’s wiped out more than $12 billion of value since an accounting scandal exploded in December, plans to reward directors for having to do more work than usual. Steve Booysen, head of Steinhoff’s audit and risk committee and part of the supervisory board’s independent committee, is due a once-off payment of 200,000 euros ($247,000) “to cover the additional work undertaken during the period…

Naspers to Sell $10.6 Billion of Tencent to Fund Investments

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JOHANNESBURG (Capital Markets in Africa) – South African media company Naspers Ltd. is cashing in a tiny sliver of one of the greatest venture-capital investments ever. The company is selling $10.6 billion of shares in Tencent Holdings Ltd., equal to 2 percent of the stock in the Chinese operator of the WeChat messaging service, the Cape Town-based company said in a statement Thursday. The sale comes hours after Tencent, Asia’s most valuable company, warnedit will sacrifice short-term margins, spending…

Zimbabwe’s New President Chalks Up $4.2 Billion PGM Deal

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HARARE (Capital Markets in Africa) – Karo Resources, a company linked to mining entrepreneur Loucas Pouroulis, will spend $4.2 billion on a Zimbabwean platinum project in the first big investment since President Robert Mugabe’s ousting in November. The deal is the largest to date in Zimbabwe’s mining industry, Mines Minister Winston Chitando said. President Emmerson Mnangagwa has declared the “country open for business” as he seeks to revive the economy and attract investment. “It is not business as usual anymore,”…

South Sudan to Boost Oil Output With Resumption at Damaged Field

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SOUTH SUDAN (Capital Markets in Africa) – South Sudan will raise oil production by 30 percent when output resumes “soon” at a field damaged by conflict four years ago, Petroleum Minister Ezekiel Lul Gatkuoth said. Greater Pioneer Operating Co. will initially pump about 40,000 barrels per day, raising national output to about 175,000 barrels, Gatkuoth said in response to questions sent by Facebook Messenger on Thursday. GPOC’s owners include China National Petroleum Corp., Malaysia’s Petroliam National…

Kenya Plans to Rebase Economy, Reconstitute Inflation Basket

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NAIROBI (Capital Markets in Africa) – Kenya’s statistics agency plans to revise the size of the East African economy and reconstitute its inflation basket after a survey of household incomes showed poverty levels fell in the past decade. It’ll be the second rebasing of statistics used in calculating gross domestic product since 2014, when the nation increased the size of its economy by a quarter to $55.2 billion. Annual output is now estimated at about…

Deutsche Bank Sees Robust Year for South Africa IPOs, Bond Sales

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JOHANNESBURG (Capital Markets in Africa) – Deutsche Bank AG sees initial public offerings and bond sales driving South African deals this year after a record 2017. The country’s capital markets are “buoyant,” driven by global sentiment, and a “backlog” of IPOs that were due to happen late last year will now happen in 2018, Simon Denny, head of corporate finance for Deutsche Bank’s Johannesburg-based unit, said in an interview. “Sentiment has swung around and I am bullish around…

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