The Editorial Team |

South African stocks start 2017 positively, rand in the red

JOHANNESBURG (Capital Markets in Africa) – South African stocks kicked off 2017 in positive territory as a platinum rally spurred producers of the precious metal, while dollar strength knocked the volatile rand into the red. The benchmark Top-40 index gained 0.8 percent on Tuesday, the first day of trade after the long New Year weekend, to reach 44,261.26. The benchmark All-share index ended the day 0.7 percent higher at 51,020.66. Platinum producers Lonmin and Northam were…

AfricInvest invests in Azalaï Hotels SA

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TUNIS (Capital Markets in Africa) – AfricInvest III LLC, a fund managed by AfricInvest Group has completed a EUR17.3mn equity investment in Azalaï Hotels SA, the holding company of one of the main Pan-African hospitality groups in the ECOWAS region with nine hotels representing a total capacity exceeding 1000 rooms. “AfricInvest is partnering with Azalaï for the implementation of the group’s regional growth strategy, focusing on three main areas: (i) regional expansion, (ii) increased capacity,…

Uganda gets $151 mln loan from African Development Bank for toll road

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KAMPALA (Capital Markets in Africa) – Uganda will expand a major road linking its capital Kampala with Rwanda after signing a deal on Thursday for a $151 million loan from the African Development Bank (AfDB). The 40-year loan will partly finance a new 23 km, 4-lane toll road to help de-congest traffic on an existing road, the finance ministry and AfDB said, adding the government would fund the remainder of the $192 million project. In recent…

Actis sells remaining stake in Umeme via capital markets offering

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NAIROBI (Capital Markets in Africa) – Actis, a leading growth markets investor, today announced a full exit of its remaining 14.3% stake in Uganda’s principal electricity distribution and supply business, Umeme Ltd, via the Ugandan and Kenyan capital markets. Actis originally invested in Umeme when it was privatised in 2005 and has now fully exited its stake following a planned phasing of the process. In November 2012, UHL sold 39.9% of its stake in Umeme…

Benin Seeks to Spend $15 Billion Next 5 Years to Boost Economy

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PORT-NOVO (Capital Markets in Africa) – Benin plans to spend as much as $15 billion over the next five years on agriculture, tourism and infrastructure projects, an amount that the government seeks to raise by boosting tax revenue and borrowing on local and regional markets, according to the finance minister. The government of the West African nation will finance about 40 percent of its development program, while the private sector will be tapped to fund…

Flour Mills, Nigeria benefits from Dollar Scarcity

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LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said a shortage of dollars in Africa’s most populous nation is boosting sales as buyers starved of the U.S. currency buy more food products locally. “Everyone is trying to see how to source locally and that is good’’ for Nigerian farmers and processors, Managing Director Paul Gbededo said in a Dec. 16 interview at the company’s corporate headquarters in Lagos,…

President Buhari Faces Spreading Opposition as Nigerian Economy Slumps

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LAGOS (Capital Markets in Africa) – Yusuf Rabiu went door-to-door urging people in the northern Nigerian city of Kano to vote for President Muhammadu Buhari in last year’s elections. Now he’s regretting his decision. “We expected him to solve our economic problems,” Rabiu, a 36-year-old hat seller, said at the city’s Kurmi market as a group of friends nodded in agreement. “I didn’t know voting for him would mean more hunger, more suffering.” After ending the 16-year reign…

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