The Editorial Team |

South African rand’s upbeat mood to be short-lived, volatile 2017 expected

JOHANNESBURG (Reuters) – The South African rand’s gains after fraud charges against the finance minister were dropped will be short-lived, a poll showed, as concerns about possible credit rating downgrades and an African National Congress leadership election weigh. The rand is expected to weaken around 8 percent to 14.65 per dollar in 12 months, according to a Reuters poll taken before prosecutors dropped fraud charges against Pravin Gordhan on Monday. South Africa’s currency broke on…

AfricInvest exits Tunisia’s Cotugrain Hortimag

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TUNIS (Capital Markets in Africa) – AfricInvest, a Pan-African midcap private equity firms, announced that its Maghreb Private Equity Fund II (MPEF II) has successfully sold its 20.06% stake in the Group Cotugrain Hortimag (Cotugrain Hortimag) to a consortium composed of BIAT Capital Risque (the private equity fund of BIAT, a leading private-sector bank in Tunisia) and the company’s owner, Mr. Adel Ghariani. Cotugrain Hortimag is a Tunisia-based leader in the production of seeds, fresh…

Woodside takes $US350 million stake in Senegal offshore oil deal

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DAKAR (Capital Markets in Africa) – Woodside Energy has secured a 35 percent stake in three oil and gas tenements off West Africa after buying ConocoPhillips Senegal BV for $350 million. Woodside CEO Peter Coleman said in a statement on Saturday Woodside would be working with partners to commercialise the promising SNE and FAN deep-water oil discoveries off the coast of Senegal. “We look forward to working with the Government of Senegal and joint venture…

IMF says expects board to consider Egypt loan in next few weeks

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CAIRO (Capital Markets in Africa) – The International Monetary Fund said on Thursday that a $12 billion loan program for Egypt should be ready for board approval in the next few weeks and insisted that it would not call for cuts to food subsidies. “Progress has been made on a number of objectives and actions under that program in the subsequent period and we expect the program to come to the board within the next…

Nigeria has commitments for $500 mln of its planned Eurobond

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LAGOS (Capital Markets in Africa) – Nigeria has $500 million of commitments for the planned $1 billion Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday. Nigeria wants to sell a $1 billion in Eurobonds by the end of the year although, as of Thursday, no bank had been appointed to arrange…

Afreximbank raises more than $3 bln to fund work, but demands soar

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KIGALI (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) has already secured more than the $3 billion it had sought to raise by the end of 2016 to fund its activities, with about $1 billion coming from Eurobonds, a senior executive said on Thursday. But Cairo-based Afreximbank Executive Vice-President George Elombi also told Reuters the bank did not have enough resources to meet the continent’s soaring demand for financing from African economies hurt…

EGYPT: QALAA’S to sell 100% stake in DJELFA for $60million

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CAIRO (Capital Markets in Africa) – Qalaa Holdings, an African leader in energy and infrastructure, announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have signed a preliminary Share Purchase Framework Agreement (subject to certain terms and conditions) to sell 100% of ASEC Ciment Algérie “AACC” (Djelfa) for consideration of US$ 60 million in DZD equivalent. The acquiring party is a consortium of Algerian investors. AACC has a license to build a 3…

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