The Editorial Team |

IFC and banks close $653 mln in funding for Egypt solar plants

CAIRO (Capital Markets in Africa) – International Finance Corporation (IFC), a member of the World Bank Group, on Sunday said it had completed a $653 million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world. Generating up to 752 megawatts of solar power, the Nubian Suns Feed-in-Tariff Financing Program is targeted to provide power to more than 350,000 residents…

Moody’s assigns B2 first-time issuer ratings to the Government of Swaziland, with a negative outlook

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LONDON (Capital Markets in Africa)– Moody’s Investors Service (“Moody’s”) has today assigned first-time issuer ratings of B2 to the Government of Swaziland. The outlook is negative. The rating assignment is based on the following key drivers: 1. Economic strength assessed at ‘Low (+), reflecting the country’s relatively small and slow-growing economy, but well integrated and resilient on top of its middle-income status. 2. Institutional strength constrained by governance challenges that have been hampering fiscal policy-making…

RMB Ventures and Investec Asset Management complete largest-ever Botswana private equity transaction

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JOHANNESBURG (Capital Markets in Africa) – Kamoso, a Botswana-based retailer, and consumer goods company, was acquired by a consortium that includes Investec Asset Management Private Equity, RMB Ventures, local partners, and Kamoso’s senior management team. The transaction is believed to be Botswana’s largest ever private-equity investment. Kamoso is a leading manufacturer and supplier of consumer goods and healthcare products to retailers in Botswana, South Africa, Zimbabwe, and Zambia. The Company operates from facilities in Botswana…

Moody’s downgrades Angola’s ratings to B2, outlook stable

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LUANDA (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured ratings of the Government of Angola to B2 from B1 and changed the outlook to stable from negative. It also affirmed Angola’s short-term issuer ratings at Not Prime. The key drivers supporting the downgrade are: 1) Lower economic strength in light of the diminished medium-term growth outlook, constrained by foreign currency shortages, high inflation, lower public sector…

Spinoffs Drive South Africa Listings as Valuations Spur Sellers

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s main stock exchange may witness the most new listings for at least two years in 2017, helped by a spate of spinoffs as owners look to tap a market trading near record highs. Of the 18 debuts this year, six are carved out of other companies, most of which are publicly traded. A further four new arrivals are backed by collections of investment holdings, rather than providing…

Rwanda Asks UN for Details After Anti-Torture Panel Halts Visit

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KIGALI (Capital Markets in Africa) – Rwanda’s government called on the United Nations to publicly describe the impediments the global body said prompted its torture prevention panel to cut short a fact-finding visit to the East African country last week. The UN Subcommittee on Prevention of Torture, which was on the fifth day of its one-week visit, said Oct. 20 it couldn’t continue because of “a series of obstructions” from authorities and fears of reprisals among those…

Seplat Sees Oil Drilling Ramp Up as Nigerian Security Stabilizes

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LAGOS (Capital Markets in Africa) – Seplat Petroleum Development Co. expects to ramp up drilling operations in Nigeria next year after oil output recovered from militant attacks, according to Chief Executive Officer Austin Avuru. Production returned to a normal rate of around 70,000 barrels per day in 2017 as the company has been “catching our breath,” Avuru said Monday in an interview on the side-lines of the Africa Oil Week conference in Cape Town. “We should now…

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