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Heineken Starts $100 Million Mozambique Brewery in Africa Push

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…

Uganda’s Museveni Defends Plan to Remove Presidential Age Limit

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KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni said removing an age limit for the top job, a move that would allow him to seek a sixth term, could help ease what he called a leadership crisis in Africa. Maintaining the age limit of 75 would deny the East African nation the constitutional right to choose its leaders, Museveni told a parliamentary committee on Tuesday, according to a statement on his website. The committee is…

Nigerian Banks Extend Gains on Optimism for Dividends, Earnings

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LAGOS (Capital Markets in Africa) – Nigerian banking index rises 2.7% Wednesday in Lagos, highest since June 2009 on closing basis; Volume is more than twice the daily average for the past three months. “Market is reacting to a possible turnaround in performance in 4Q,” saysOluwasegun Akinwale, analyst at Codros Capital With full-year results due soon, investors are buying banking stocks to be positioned for attractive dividend yields, Kayode Omosebi of Asset & Resource Management says by phone…

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