The Editorial Team |

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

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…

Telkom Suspends New Work With KPMG South Africa Pending Probe

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JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd., South Africa’s largest landline operator, won’t award any new business to KPMG LLP’s local unit pending the outcome of an investigation into the firm by the country’s accountancy body. Any contracts underway with the auditor and consulting firm will be completed and their expiration dates will stand, the Pretoria-based company said in an email to all staff seen by Bloomberg. A further decision will be…

SBM of Mauritius Bids for Second Kenyan Bank in Expansion Drive

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PORT LOUIS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-biggest lender, offered to buy its second Kenyan bank in less than six months in a deal that will enable it to compete for a place among the nation’s top 10 financial institutions. The Port Louis-based bank submitted a non-binding offer for some of Chase Bank Kenya Ltd.’s assets and liabilities, the Central Bank of Kenya said in an emailed statement on Monday. Once acquired, SBM said…

Zambia Favors Kwacha Debt Over Eurobonds for 2018 Financing

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LUSAKA (Capital Markets in Africa) – Zambia won’t sell dollar debt in 2018 as it focuses on raising kwacha loans and increasing tax collection, Finance Minister Felix Mutati said. The government plans to borrow 11.2 billion kwacha ($1.2 billion) from the domestic market next year, more than triple the amount in the 2017 budget. This is part of its strategy to tilt funding in favor of the local market, after external debt bulged to $7.5 billion by mid-year…

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