The Editorial Team |

Angola’s Biggest Bank to Sell Bad Loans to Restore Profit

LUANDA (Capital Markets in Africa) – Angola’s biggest bank plans to sell non-performing loans as part of a reorganization to return to profit. Banco de Poupanca e Credito SARL, known as BPC, aims to dispose of 231 billion kwanzas ($1.38 billion) of its unpaid loans to a state-owned company created earlier this year to recover bad debt and free the nation’s banks to lend again, according to Chairman Ricardo Viegas D’Abreu. The lender has also been…

Cell C Seeking 73% Debt Reduction in Blue Label Buyout Deal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. is seeking to cut its debt by 73 percent as part of a deal that will help South Africa’s third-largest mobile-phone operator sell a stake to Blue Label Telecoms Ltd. while retaining its operating license, according to two people familiar with the matter. The proposed transaction will see Cell C split about 9 billion rand ($688 million) of borrowings into three special purpose vehicles, said the people, who…

Atlas Mara Sells Stake to Revive Nigerian Ambitions

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Atlas Mara Ltd., which has dropped almost 80 percent since an initial public offering led by co-founder Bob Diamond, plans to raise more than its market value by selling a 35 percent stake to Fairfax Africa Holdings Corp. The firm expects to get $200 million from selling new stock to existing shareholders and Fairfax Africa and will also issue a fresh convertible bond to the Toronto-based investment company, the company said in…

Ivory Coast, Ghana Said to Seek $1.2 Billion Loan for Cocoa

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – The cocoa regulators of the world’s two biggest producers are in talks with the African Development Bank about a $1.2 billion loan that will be used to increase output and mitigate against volatile prices, according to two people familiar with the matter. Ivory Coast and Ghana want to build storage facilities for local processing and for the storing and release of stocks based on market demand, said the people, who…

Protest-Hit Ethiopia Region Plans Oil Company to Calm Unrest

Posted on by The Editorial Team

ADDIS ABABA (Capital Markets in Africa) – A central Ethiopian region that’s seen almost two years of sporadic anti-government protests is planning a new private oil company and is in talks to import Middle Eastern crude, part of an economic initiative authorities say will address some of the roots of the unrest. Oromia Petroleum Share Co., the planned venture, will import the oil via Djibouti, process it at a new large-scale refinery and distribute it…

African Leader Son’s Multimillion-Euro Splurge on $80,000 a Year

Posted on by The Editorial Team

Equatorial Guinea (Capital Markets in Africa) – The son of Equatorial Guinea’s president bought real estate, a Bugatti Veyron, a Cartier watch and bottles of prestigious Romanee Conti wine on his $80,000-a-year position as a government minister. French prosecutors are demanding he account in court for these and other purchases, which total more than 100 million euros ($112 million). Teodoro Nguema Obiang Mangue, agriculture minister for more than a decade, is accused of amassing real…

Beware MSCI’s Inertia If You’re Tracking Its Indexes: Macro View

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MSCI’s decision to delay the return of Argentina to emerging-market status while extending a lifeline to Nigeria means investors may be shut off from the benefits of Mauricio Macri’s reforms, while remaining subject to the impact of policy inaction from Muhammadu Buhari. The Argentina decision could spark a selloff in the country’s stocks, ironically making it more difficult for authorities to maintain capital-market freedoms. Macri has ended a decade-long battle with creditors and embarked on…

« 1 … 680 681 682 683 684 … 1,077 »