The Editorial Team |

PPC’s Biggest Shareholder Is Said to Back Fairfax-AfriSam Offer

JOHANNESBURG (Capital Markets in Africa) – PPC Ltd.’s largest shareholder is supporting a joint offer for South Africa’s biggest cement maker from domestic rival AfriSam Group Pty Ltd. and Canadian insurer Fairfax Financial Holdings Ltd. as the tie-up would create a national champion, according to people familiar with the matter. The Public Investment Corp., Africa’s biggest money manager, sees the three-way deal as a way for an enlarged cement maker to expand more effectively on the continent,…

South Africa’s High Court Annuls Election of Zuma’s Allies

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s High Court overturned the election of African National Congress leaders allied to President Jacob Zuma in the eastern KwaZulu-Natal province, a decision that could sway the outcome of the race to become leader of the party and the nation. The decisions taken at the ANC provincial elective conference in 2015 “are declared null and void,” Judge Jerome Mnguni said Tuesday at a hearing in Pietermaritzburg, KwaZulu-Natal’s capital. The conference…

Kenyan Opposition Threatens Protests Over Electoral Body CEO

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NAIROBI (Capital Markets in Africa) – Kenya’s opposition National Super Alliance threatened to stage street protests and prevent a rerun of last month’s annulled presidential election if the head of the country’s electoral authority refuses to step down. Independent Electoral & Boundaries Commission Chief Executive Officer Ezra Chiloba should be removed or the opposition will hold “mass demonstrations,” Norman Magaya, the CEO of the five-party alliance, said by phone Tuesday from the capital, Nairobi. “There…

Clock Ticks for Kenya as Squabbles Overshadow Election Rerun

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NAIROBI (Capital Markets in Africa) – Kenya is running out of time to ensure a credible rerun of presidential elections that were annulled by the nation’s top court after the main opposition party alleged that they were rigged. With the next vote due in just five weeks, the electoral commission is mired in infighting over who should take the fall for last month’s botched contest. Demands by ex-Prime Minister Raila Odinga, 72, and his National Super…

Standard Bank Group Names Tshabalala First Sole Black CEO

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Limited appointed Sim Tshabalala as sole chief executive officer, ending a dual role he shared with Ben Kruger, and making him the first black person to lead Africa’s largest lender independently. Kruger, 58, will step down as joint-CEO immediately and continue as an executive director, reporting to Tshabalala, 49, Johannesburg-based Standard Bank said in a statement on Tuesday. The joint leadership structure was necessary as part of the company’s management succession…

Zambia’s economy to grow 4.3 percent, copper output easing slightly in 2017

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LUSAKA (Capital Markets in Africa) – Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank reported. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government securities markets,” the Bank of Zambia hinted in a report surveying the first half of 2017….

Moody’s: South African gold and platinum miners’ restructuring supports their credit profiles

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JOHANNESBURG (Capital Markets in Africa) – The credit profiles of South African gold and platinum group metals (PGM) miners are benefitting from restructuring programmes that aim to protect the sustainability and profitability of their South African mines, Moody’s Investors Service said in a report today. The report, “Metals & Mining — South Africa, Restructuring of South African operations is credit positive for gold, PGM miners”, is now available on www.moodys.com. Moody’s subscribers can access this…

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