The Editorial Team |

SBM of Mauritius Eyes Kenyan Banks, Plans Nigerian Expansion

PORT LOIUS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-largest lender, plans more acquisitions in Kenya as it seeks to become one of the country’s top 10 banks within the next three years before expanding into West Africa. The bank, which obtained a license to begin operating SBM Kenya Ltd. in May, expects to have its systems and staff in place by December, Advisor to the Board of Directors & Group Lead Executive Moses Harding…

Biggest Expat Salary Increases Found in Alps, Arabian Desert

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LAGOS (Capital Markets in Africa) – Expatriates moving to Switzerland — home to some of the biggest private banks, commodity traders and pharmaceuticals companies — earn an average of more than $193,000. That’s the highest in the world and 54 percent more than if they’d stayed at home, a study published Wednesday by HSBC Holdings Plc shows. That boost in remuneration is only surpassed by the 58 percent increase enjoyed by expats relocating to Saudi Arabia’s petrodollar economy. Switzerland leads…

Polish Malls a Big Attraction for South African Property Fund

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JOHANNESBURG (Capital Markets in Africa) – The first South African property fund to bet on the Polish market says it’s just the beginning. Redefine Properties Ltd., a Johannesburg-listed real estate investment trust, wants its Echo Polska Properties NV unit to double its Polish shopping-center portfolio in the next three years, Chief Executive Officer Andrew Konig said in an interview in Warsaw. The fund will seek to expand via opportunistic purchases of established malls to avoid the risk of…

Botswana to Name Developer of $4 Billion Plant by December

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GABONORE (Capital Markets in Africa) – Botswana Oil Limited will decide by December on a company to build and operate a $4 billion coal-to-liquids plant, a facility it said may meet as much as 80 percent of the southern African country’s fuel demand. The state-owned oil firm received 11 bids by its August deadline and is subjecting them to “highly technical assessments,” spokeswoman Matida Mmipi said Monday by phone from the capital, Gaborone. She declined to…

Algeria to Focus on Gas Output as OPEC Cuts Oil, Sonatrach Says

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ALGIERS (Capital Markets in Africa) – Algeria will focus on boosting natural gas production as the Organization of Petroleum Exporting Countries seeks to trim oil supplies to counter a global glut, according to the chief executive officer of the nation’s state-owned energy company Sonatrach Group. “As we are restricted by the OPEC quotas, our strategy today is to increase our gas production capacity,” CEO Abdelmoumen Ould Kaddour told reporters Tuesday visiting the Medgaz pipeline in Beni Saf…

Development Agencies Investing $1.6 Billion in Nigeria Power

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LAGOS (Capital Markets in Africa) – International development agencies are investing $1.6 billion in Nigeria’s plan to expand its power-grid capacity threefold in four years, the head of the country’s transmission company said. The World Bank, the French Development Agency, the European Union and the Islamic Development Bank are among agencies committing funds to projects in Nigeria to boost transmission capacity to 20,000 megawatts from the current 7,000 megawatts, Usman Mohammed, managing director of state-owned Transmission Company…

Opposition Starts Protests in Kenya as Election Standoff Deepens

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NAIROBI (Capital Markets in Africa) – Kenya’s main opposition group began protests in the capital to press its demand for changes to the electoral commission before next month’s presidential election rerun, as it accused the body of working with the ruling Jubilee Party to prepare another fraudulent vote. Police fired teargas to disperse hundreds of National Super Alliance supporters who gathered outside the Independent Electoral & Boundaries Commission’s offices in the Nairobi city center on…

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