The Editorial Team |

Tanzania Telecom Talking to Banks on $300 Million Expansion

DAR Es Salam (Capital Markets in Africa) – Tanzania Telecommunications Co., the state-owned phone company, said it’s in talks with banks to raise funds for a $300 million expansion program to take on larger rivals including Vodacom Tanzania Ltd. An unspecified amount of funding has already been secured from the state-owned TIB Development Bank for the five-year strategy, acting Chief Executive Officer Waziri Kindamba said in an interview Tuesday in the commercial capital, Dar es Salaam. The company,…

Fitch Revises Nigeria’s Outlook to Negative; Affirms at ‘B+’

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LAGOS (Capital Markets in Africa) – Fitch Ratings has revised the Outlook on Nigeria’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to Negative from Stable and affirmed the IDRs at ‘B+’. The issue ratings on Nigeria’s senior unsecured foreign currency bonds have also been affirmed at ‘B+’. The Country Ceiling has been affirmed at ‘B+’ and the Short-Term Foreign and Local Currency IDRs have been affirmed at ‘B’. Key Rating Drivers The revision…

Vodacom Said to Mull Sale of Shareholding to Black Investors

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JOHANNESBURG (Capital Markets in Africa) – Vodafone Group Plc’s publicly traded South African unit is considering the sale of a 15 billion rand ($1.1 billion) stake in what would be one of the country’s biggest ever deals aimed at boosting black participation in the economy, according to two people familiar with the matter. Vodacom Group Ltd. plans to buy back part of the 12.47 percent stake owned by government-pension fund manager the Public Investment Corp., said…

Turkey Plans to Invest $1 Billion in Mozambique Over 20 Years

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MAPUTO (Capital Markets in Africa) – Turkey will invest $1 billion in Mozambique over the next two decades, President Recep Tayyip Erdogan said during a two-day visit to the southern African country struggling to attract foreign investment. Mozambique’s finances have been in trouble since early 2016 when it emerged the government withheld information about the magnitude of its indebtedness while arranging new credit. The nation has since said missed interest payments for external commercial loans, including a…

Egypt Eyes Taking Bond Sales Eastward After $4 Billion Offer

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CAIRO (Capital Markets in Africa) – Egypt may sell bonds in Japanese yen and Chinese yuan after the country raised $4 billion in its first foray into international capital markets since a currency devaluation in November. The sale of dollar-denominated bonds across three maturities on Tuesday was covered “multiple times,” and the country is now “studying carefully” future sales of notes in the Japanese and Chinese currencies, Finance Minister Amr El-Garhy said in an interview Wednesday with Bloomberg TV in…

Pearl Capital Partners reaches first close for Uganda fund

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KAMPALA (Capital Markets in Africa) – The European Union (EU), the International Fund for Agricultural Development (IFAD) and the National Social Security Fund (NSSF) are working together to catalyse investment in the agriculture value chain with the launch today of the Yield Uganda Investment Fund. An initial EUR12mn (UGX46bn) has been made available to provide much needed access to capital for small and medium agri-businesses in Uganda. This new impact Fund, being arranged by Deloitte…

Chinese Billions Fail to Sway Taiwan’s Last Allies in Africa

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LAGOS (Capital Markets in Africa) – Taiwan’s last two African allies have no plans to switch allegiances and break ties with Taipei as Beijing tries to woo the self-ruled island’s diplomatic partners. Burkina Faso won’t cut relations with Taiwan despite people and companies with links to China offering funding in return for recognition of the One-China principle, according to Foreign Minister Alpha Barry. Swaziland said its relationship with Taiwan is based on mutual interests, not…

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