The Editorial Team |

Kenya Opposition Delays Plan to Swear-In Leader as President

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance postponed indefinitely plans to swear-in its leader as president of a so-called People’s Assembly, after the government warned such a step would amount to treason. A ceremony that was to be held in the port city of Mombasa Dec. 12 was called off after “extensive internal consultations and engagement with a wide range of national and international interlocutors,” the National Super Alliance said in an…

Steinhoff’s Wiese Said to Be in Talks for Standstill on Loan

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV Chairman Christo Wiese, seeking to stabilize the embattled retailer, is negotiating a standstill agreement on a 1.5 billion-euro ($1.8 billion) margin loan under which banks would suspend the sale of stock until next year, according to people with knowledge of the discussions. The owner of Mattress Firm in the U.S. and Poundland in the U.K. needs a lifeline after its stock plunged last week when it delayed publication of…

Heineken Starts $100 Million Mozambique Brewery in Africa Push

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MAPUTO (Capital Markets in Africa) – Heineken NV, the world’s second-largest brewer, started building a $100 million plant in Mozambique as it seeks to compete with its larger competitor, Anheuser-Busch InBev SA/NV, in the southeast African country. The brewery, to be located in Maputo province, will have a capacity of 800,000 hectoliters and will start production in the first half of 2019, Heineken said in an emailed statement Monday. The world’s two beer-making giants are expanding…

Ghana Seeks Investors for $2.4 Billion Railway and Inland Port

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ACCRA (Capital Markets in Africa) – Ghana is looking for private investors to build a $2.4 billion railway line and inland port project that will ease the transportation of goods to and from the West African nation’s northern neighbors. The railway line from Tema, Ghana’s biggest harbor, to the second-biggest city of Kumasi will cost $1.8 billion, while the stalled Boankra inland port will need $600 million to be revived, Transport Minister Kweku Ofori Asiamah said…

South African Regulator Probes Trades in Gupta-Linked Oakbay

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JOHANNESBURG (Capital Markets in Africa) – A South African financial regulator is investigating trades in Oakbay Resources and Energy Ltd., a company linked to the politically connected Gupta family, to determine whether share prices were manipulated over a five-month period. The Financial Services Board will probe share moves from when Oakbay listed in November 2014 through April 2015, the Pretoria-based institution said in an emailed statement on Tuesday. The stock rose almost 11 percent over that…

Nigeria Refining Push Prompts $3.6 Billion Petrolex Plan

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LAGOS (Capital Markets in Africa) – Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry. Petrolex Oil & Gas Ltd. plans to build a $3.6 billion plant with a capacity of 250,000 barrels a day, Chief Executive Officer Segun Adebutu said in an interview in Lagos. The closely held company is working on the “front-end engineering design” and will complete construction in 2021, he said….

Steinhoff Rocked as Accounting Probe Claims Retailer’s CEO

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV plunged after its chief executive officer resigned amid accounting irregularities, rocking a company that rapidly expanded from its roots in South Africa into a retail empire spanning Australia, Europe and the U.S. The owner of the France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K. said late Tuesday that CEO Markus Jooste quit as it appointed auditor PwC to probe the matter. The stock…

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