The Editorial Team |

Egypt’s Ibnsina Pharma Plans Expansion After $90 Million IPO

CAIRO (Capital Markets in Africa) – Ibnsina Pharma, Egypt’s second-biggest pharmaceuticals distributor, plans to invest 700 million Egyptian pounds ($39 million) over the next five years to expand its storage hubs using the proceeds from its ongoinginitial public offering. The company, which is offering 40 percent of its shares in the local market for about $90 million, plans to add 20 new distribution centers over the next five years to boost growth, co-Chief Executive Officer Omar…

Mediterrania Capital Partners announces the first closing of Mediterrania Capital III LP at €103 million

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Barcelona/Malta. Mediterrania Capital Partners, the private equity firm focused on growth investments for SMEs in North African and Sub-Saharan countries, announces the first closing of its third capital growth fund, Mediterrania Capital III LP, at €103 million. Mediterrania Capital III (MC III) provides growth capital to generalist small- and medium-cap companies based in North African and Sub-Sahara African countries including Morocco, Algeria, Tunisia, Egypt, Senegal, Côte d’Ivoire and Cameroon. The fund will be investing €10-30…

Glencore, Chad Are Said to Deadlock on $1 Billion Debt Deal

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JOHANNESBURG (Capital Markets in Africa) – Talks between Chad, Glencore Plc and a group of banks to restructure more than $1 billion in debt have stalled after the African nation rejected the commodities trader’s latest proposal to delay repayment of an oil-for-cash loan, according to people familiar with the negotiations. The negotiations reached a stalemate after five months of on-and-off talks, with both sides rejecting the other’s offers and counter offers, said the people, who asked not…

Novogratz Says Crypto Will Be Biggest Bubble of Our Lifetime

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LAGOS (Capital Markets in Africa) – One of the biggest bitcoin bulls on Wall Street says cryptocurrencies are in a massive bubble. He’s still starting a $500 million fund to invest in them. “This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes,” hedge fund manager Mike Novogratz said at a cryptocurrency conference Tuesday in New York. Novogratz, who’s says he began investing in…

Zimbabwe Leader Sets 90-Day Deadline to Return Stolen Cash

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HARARE (Capital Markets in Africa) – Zimbabwean President Emmerson Mnangagwa ordered anyone who had illegally moved cash and assets out of the southern African nation to return them within three months or face arrest. “Huge sums of money and other assets” have been taken by “certain individuals and corporates,” Mnangagwa said in a statement Tuesday without naming them. He urged those responsible for “a very serious economic crime against the people of Zimbabwe” to act before the end…

Egypt Lifts Remaining Currency Restrictions as Crunch Abates

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CAIRO (Capital Markets in Africa) – Egypt’s central bank lifted its last remaining official foreign-currency controls, as a dollar shortage that stymied the economy receded since authorities floated the pound and introduced wide-ranging reforms. The regulator removed limits imposed in 2015 for deposits and withdrawals by importers of non-essential goods, the bank said in a statement Tuesday. Deposits had been restricted to $10,000 per day and $50,000 monthly, while withdrawals were capped at $30,000. Caps…

Emerging-Market Bulls Hold Firm After Best Rally Since 2009

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LAGOS (Capital Markets in Africa) – Emerging-market investors who made bullish calls on equities amid this year’s monster rally are sticking to their guns, wagering that economic growth will propel gains in 2018. Money managers and strategists including Goldman Sachs Group Inc., Ashmore Group Plc and T. Rowe Price Group Inc. say this year’s 33 percent surge for the benchmark index of developing-nation stocks is justified by rising profits. Along with analysts at JPMorgan Chase & Co….

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