The Editorial Team |

MTN Focused on Preparing for Nigerian Unit IPO in Six Months

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said. “We have a lot of advisers running around getting everything ready,” he said in an interview with Bloomberg TV on Wednesday. “It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are…

Old Mutual to Retain 19.9% Nedbank Stake After Splitting Units

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JOHANNESBUG (Capital Markets in Africa) – Old Mutual Plc, the London insurer splitting into four separate units, said a South African holding company it is setting up will retain a 19.9 percent stake in Nedbank Group Ltd. Old Mutual Ltd. will remain a minority shareholder in South Africa’s fourth-largest lender “as a foundation for the continued strategic relationship between the two entities,” Old Mutual said in a statement on Wednesday. OML will have a primary…

Liberia Court Halts Run-Off Election to Hear Fraud Charges

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MONROVIA (Capital Markets in Africa) – Liberia’s Supreme Court halted next week’s presidential run-off vote to hear a challenge brought by a first-round losing candidate that the election was marred by fraud. The court issued a stay order for the Nov. 7 poll and will consider the complaint filed by the Liberty Party on Thursday, according to a writ issued on Wednesday. The Liberty Party lodged the objection and called for a rerun after its candidate,…

Nigeria Plans $1 Billion Processing Zone to Boost Exports

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LAGOS (Capital Markets in Africa) Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency. The Badeggi Crop Processing Zone in Niger state is expected to start in June next year, with an initial investment of $250 million by a Turkish investor, deputy director at Abuja-based Nigerian Investment Promotion Council, Aminu Takuma, said in…

Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

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NAIROBI (Capital Markets in Africa) – Creditors owed more than 30 billion shillings ($289 million) by Nakumatt Holdings Ltd. will take a haircut if a plan by East Africa’s biggest retailer to enter administration goes ahead, said Kenya’s Industry & Trade Secretary Adan Mohamed. Nakumatt directors will next week seek the High Court’s approval to appoint an administrator and protection from insolvency in order to buy time from creditors including tax agencies, banks, landlords and suppliers. Approval by…

Congo Ruling Party Rebuffs U.S. Elections Call, Backs 2019 Vote

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KINSHASA (Capital Markets in Africa) – The head of the Democratic Republic of Congo’s ruling party said he supports a program under which elections will be held in April 2019 at the earliest, in an apparent rejection of a U.S. government demand that the delayed vote take place next year. The secretary-general of the People’s Party for Reconstruction and Democracy, Henri Mova Sakanyi, told members he backs the timeline given by the electoral commission, according to…

Shining Star of Initial Coin Offerings Crashing Back to Earth

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LAGOS (Capital Markets in Africa) – Bancor, one of the most successful initial coin offerings in the short history of digital tokens, is proving to be a dud for investors. After raising $153 million in a matter of hours in June, the Tel Aviv, Israel-based startup — whose market maker-like application aims to facilitate trading in other digital coins — has seen the price of its token decline 56 percent, one of the worst performances among…

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