The Editorial Team |

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

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…

Ivory Coast Targets First Direct Flight to U.S. by Early 2018

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ABIDJAN (Capital Markets in Africa) – Ivory Coast is in talks with three African airlines to operate the first direct route to the U.S. by early 2018 as the West African nation seeks to attract more investors to its fast-growing economy. The most advanced discussions are with Ethiopian Airlines Enterprise, which is due to send a delegation to Ivory Coast before the end of the month, Transport Minister Amadou Kone said in an interview. Africa’s largest…

Congo Halts Sicomines Copper Exports, Orders Local Refining

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo ordered Sinohydro Corporation and China Railway Construction Corp.’s local mining venture to stop exporting unprocessed copper and cobalt and refine all its metals within the country. Sicomines must ship “only high-value products” as the government looks to “ensure the prompt repayment” of the country’s continuing $6 billion minerals-for-infrastructure deal with China, Mines Minister Martin Kabwelulu said October 2 in response to questions sent by text message….

Congo Opposition Leader Katumbi Will Return to Congo in December

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KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo opposition leader and presidential hopeful Moise Katumbi said he will return to his homeland in December after more than a year abroad to participate in the country’s delayed elections. The 52-year-old former governor of Congo’s copper-rich Katanga province plans to challenge President Joseph Kabila’s rule of the Central African country on his return, he said at a conference Monday in London. Katumbi has previously pledged to return to…

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