The Editorial Team |

Flour Mills of Nigeria Seeks $306 Million to Cut Funding Costs

LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, plans to raise 110 billion naira ($306 million) in equity and debt as it seeks to reduce costs and boost operations in the West African nation. The company plans to raise as much as 40 billion naira by rights issue and 70 billion naira through “medium-term notes,’’ according to a statement Monday on the website of the Nigerian…

Gunships Strike South Sudanese Rebels as Week-Long Battle Rages

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SOUTH SUDAN (Capital Markets in Africa) – South Sudan’s army used helicopter gunships to fend off rebels in a north-eastern state as fighting entered a second week, underscoring the challenge facing regional mediators trying to resuscitate a peace deal to end the almost four-year civil war. Rebels are attacking army garrisons in Waat town, Bieh state, prompting the government to use “all in its power” to fight them, Defence Minister Kuol Manyang Juuk said Tuesday by phone…

Burger Brexit Hit Sends Famous Brands Tumbling Most in 14 Years

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JOHANNESBURG (Capital Markets in Africa) – Famous Brands Limited slumped the most in 14 years after the South African fast-food chain owner said its U.K. Gourmet Burger Kitchen business, acquired months after Britain voted to leave the European Union, may only return to profit in the next financial year. The stock dropped as much as 17 percent in Johannesburg, the biggest intraday decline since June 11, 2003. First-half earnings per share fell as much as 60 percent in…

Moody’s: Côte d’Ivoire’s credit profile reflects economy’s increasing diversification and high growth prospects

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ABIDJAN (Capital Markets in Africa) — Côte d’Ivoire’s (Ba3 stable) credit profile is primarily supported by the economy’s growing diversification and high growth prospects, which are underpinned by structural reforms and public investment in infrastructure, Moody’s Investors Service said in a report today. The country’s low institutional strength is a key credit constraint. The annual update, ” Government of Côte d’Ivoire — Ba3 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can…

Soccer Star, Ex-Warlord Among Hopefuls for Liberia President

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MONROVIA (Capital Markets in Africa) – Disappointed by President Ellen Johnson Sirleaf’s failure to deliver on her pledge to make education free for all, Kumba Tamba is pinning her hopes on the almighty as Liberia votes for a new leader. The West African nation, founded for freed American slaves almost 200 years ago, is holding presidential and legislative elections on Tuesday that mark the end of the 12-year tenure of Johnson Sirleaf, who’s known as Ma Ellen…

Sasol Drops $950 Million Share Plan for Black-Investor Debt

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ABIDJAN (Capital Markets in Africa) – Sasol Limited, the world’s largest maker of fuel from coal, abandoned a plan to sell about 13 billion rand ($950 million ) of shares in order to repay debt owed by investors who participated in a transaction to boost black ownership of the company. Johannesburg-based Sasol transferred a stake to about 250,000 black investors in 2008 in a so-called black economic empowerment deal. The transaction was partly financed through…

PPC Investor Says Fairfax Offer Should Be More Than 43% Higher

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JOHANNESBURG (Capital Markets in Africa) – PPC Limited is worth at least 43 percent more than what Canada’s Fairfax Financial Holdings Ltd. has offered for the share component of its bid, according to the holder of about 5 percent of stock in South Africa’s biggest cement maker. Value Capital Partners is among PPC investors who oppose the Fairfax bid for 2 billion rand ($145 million) worth of shares at 5.75 rand each, the Johannesburg-based money manager said in…

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