The Editorial Team |

African Energy Plans JSE Listing to Fund $311 Million Deal Drive

JOHANNESBURG (Capital Markets in Africa) – African Energy Partners Ltd. plans to sell shares on the alternative board of the Johannesburg Stock Exchange later this month to help fund as much as 4 billion rand ($311 million) of planned acquisitions in the energy and power industries. An initial public offering on the JSE’s AltX index and separate stake sale to a selected group of investors could raise as much as 500 million rand, Chief Operating Officer…

Datatec Shares Soar by a Record After $830 Million Asset Sale

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JOHANNESBURG (Capital Markets in Africa) – Datatec Limited shares jumped by the most on record after the South African IT services company agreed to sell the North and Latin American operations of its Westcon-Comstor business for as much as $800 million. Synnex Corporation of the U.S. will take over the operations and buy a 10 percent stake in the rest of the Westcon-Comstor division for $30 million, Johannesburg-based Datatec said in a statement on Tuesday. The deal will…

Nigerian Naira Forward Contracts Jump as Nigeria Eases Interbank Rules

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LAGOS (Capital Markets in Africa) – Naira six-month non-deliverable forward contracts rise 1.3%, most on closing basis since April 27, to 360 per dollar. 1-month contracts +0.8% to 331/USD, 3-month contracts +1% to 342.

Nigeria’s Buhari Recovering in U.K., Will Return Soon, Wife Says

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari is recovering fast from an undisclosed ailment while on medical leave in the U.K. and preparing to return to the West African nation, according to his wife. Buhari, who has been abroad for almost a month, will be back “soon” in Nigeria, the office of Aisha Buhari said in an emailed statement Tuesday, without giving further details. Vice President Yemi Osinbajo serves as acting leader…

Kenya Electoral Body Fires Procurement Officer as Vote Nears

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NAIROBI (Capital Markets in Africa) – Kenya’s electoral body fired its head of procurement as it seeks to source ballot papers less than two months before the country’s presidential elections. The Independent Electoral & Boundaries Commission “has relieved the procurement director, Mr. Lawy Aura, of his duties,” the Nairobi-based body said on its Twitter account on Tuesday. “We are addressing the delayed sourcing of ballot papers.” The dismissal comes a week after the body placed…

Barclays Rejected Zimbabwe Management-Buyout Bid in Favor of FMB

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JOHANNESBURG (Capital Markets in Africa) – An offer for Barclays Plc’s Zimbabwe unit by its management and backed by funds from the country’s social security agency lost out to Malawi’s First Merchant Bank Ltd. It’s a “shame” that Barclays Bank of Zimbabwe Ltd. didn’t stay with local investors, National Social Security Authority Chairman Robin Vela said by phone from the capital, Harare, on Monday, confirming that the agency was willing to fund the deal. “Barclays…

Kenya Airways Debt Swap May Give State a Controlling Stake

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NAIROBI (Capital Markets in Africa) – Kenya’s government agreed to swap loans it provided to Kenya Airways Ltd. for equity, a conversion that may give the state a controlling stake in the national carrier, Treasury Secretary Henry Rotich said. The government will also guarantee 77 billion shillings ($745 million) of the airline’s debt to lessors and domestic banks, enabling Kenya Airways to extend its loan repayments to 10 years, Rotich told reporters Tuesday in the capital, Nairobi….

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