The Editorial Team |

Moody’s changes outlook on Morocco’s Ba1 rating to positive from stable

RABAT (Capital Markets in Africa) – Moody’s Investors Service has today changed the outlook on the Government of Morocco’s rating to positive from stable and affirmed the issuer and senior unsecured ratings at Ba1. The key drivers of today’s rating action are: (1) Improving external position reflected in the build-up of foreign exchange reserves in the wake of dynamic new export industries and lower nominal oil imports; (2) Declining fiscal imbalances, reflecting gradual but steady…

Africa Finance Corporation carries out $150 million Sukuk on Nasdaq Dubai

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LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC) has carried out a 150 million US dollar Islamic financing transaction on the Murabahah platform of Nasdaq Dubai, the international financial exchange serving the Middle East and Africa. The transaction was executed to facilitate the issuance by AFC of a 150 million US dollar Sukuk, which was the first US dollar Sukuk to be issued by any multilateral African institution. It was also the first…

South Africa’s 2017 Budget Analysis: A tough and taxing year ahead – STANLIB

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Johannesburg (Capital Markets in Africa) – The South African Minister of Finance, Pravin Gordhan, delivered a tough budget for 2017/2018, highlighting the need for significant tax increases, especially on wealthier individuals, while at the same time endeavouring to contain government expenditure. Although the government’s fiscal parameters are expected to remain largely under-control over the coming year, there is a lack of new initiatives to meaningfully stimulate the economic growth of the country. Under these circumstances,…

Amethis and Metier to invest in East African firm, Kenafric Industries

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Johannesburg (Capital Markets in Africa) – Private equity firms Amethis Finance and Metier have partnered to acquire a minority stake in Kenafric food industry. The three companies, Kenafric, Amethis and Metier have been working together on a promising acquisition. Mikul Shah, Chief Executive Director of Kenafric Industries said the firm has reached critical size and intends to expand into a regional packaged food enterprise, leveraging on its existing strengths to broaden its product range and…

South Africa’s Capitalworks to Acquire Aon’s Shareholding in 10 SAA Countries

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JOHANNESBURG (Capital Markets in Africa) – Capitalworks, a leading Africa focused and based private equity firm specialising in investing on the continent, is to acquire Aon’s shareholding in 10 employee benefit, insurance, and reinsurance brokerage operations in Angola, Kenya, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia. The new entity will become Aon’s exclusive correspondent for these 10 countries and will be Aon’s largest exclusive global network correspondent on the African continent. The transaction will become…

Zambia Ratings Affirmed by Fitch; Outlook Negative

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LUSAKA (Capital Markets in Africa) – Fitch Ratings has affirmed Zambia’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B’ with Negative Outlook. The issue ratings on Zambia’s long-term senior unsecured foreign- and local-currency bonds and short-term senior unsecured local-currency securities are also affirmed at ‘B’. The Country Ceiling is affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs at ‘B’. Zambia’s ‘B’ IDRs reflect a combination of the country’s persistent fiscal…

Afreximbank Targets $1.5 Billion Support for Burkina Faso’s Five-Year Plan

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Ouagadougou (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) will arrange up to $1.5 billion in multi-sourced finance to support projects and initiatives under Burkina Faso’s five- year National Economic and Social Development Plan (PNDES), Bank President Dr. Benedict Oramah has announced in Ouagadougou. Speaking on Tuesday after a meeting with Roch Marc Christian Kaboré, President of Burkina Faso, Dr. Oramah, said that the support would target activities aimed at building capacity in…

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