The Editorial Team |

Allianz Maroc announces management change

Casablanca, December 11, 2017 – Dirk De Nil, CEO of Allianz Morocco has decided to step down from his current role for personal reasons on 7 December 2017. Coenraad Vrolijk, will assume the role of Interim CEO of Allianz Morocco, in addition to his current responsibilities as Regional CEO Africa of Allianz. With over 25 years of insurance experience, Dirk De Nil came to Morocco in 2014 to lead Zurich Assurances Maroc until the company was…

Zinc, Copper Outlook Key When Glencore Speaks to Investors

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LAGOS (Capital Markets in Africa) The commodities world will be scrutinizing Glencore Plc’s annual investor day on Tuesday for clues on when the top metals trader will restart shuttered zinc and copper production, as well as its plans to expand in agriculture. Here’s a few things to look out for: Zinc Zinc has rallied 86 percent since Glencore curtailed output at some mines two years ago to revive languishing prices. With the metal now near the highest…

Threat of Split Looms as South Africa’s ANC Picks New Leader

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JOHANNESBBURG (Capital Markets in Africa) – As delegates from South Africa’s ruling African National Congress gather this week to pick a new leader to succeed President Jacob Zuma, they face a challenge that’s threatening to overshadow the contest: to stop the party from splitting. The likelihood of a breakup is probably the biggest in the ANC’s 105-year-old history, especially if Nkosazana Dlamini-Zuma, the president’s ex-wife and favored contestant, beats his deputy, Cyril Ramaphosa, in the vote for party leader,…

EOH Says Directors’ Margin Calls Caused Stock-Price Plunge

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JOHANNESBURG (Capital Markets in Africa) – EOH Holdings Ltd. said forced stock sales due to margin calls involving two directors caused a 35 percent plunge in the stock on Dec. 7. The decline was “triggered by the forced sale of shares by financial institutions against equity-financed transactions to various individual shareholders including two EOH directors,” the Johannesburg-based technology services company said in a statement on Monday. Jehan Mackay, the chief executive officer of the public…

Kenya Opposition Delays Plan to Swear-In Leader as President

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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…

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