The Editorial Team |

Anglo’s Top Shareholder Wants More South African Control

JOHANNESBURG (Capital Markets in Africa) – Anglo American Plc’s biggest shareholder wants South African investors to follow its lead and increase their holdings in the century-old miner as it pushes for the creation of a domestic commodities “champion.” “Our role is to make Anglo more South African-owned and controlled,” Public Investment Corp. Chief Executive Officer Dan Matjila said in an interview on Tuesday in the capital, Pretoria. “We have been vocal and when the price was low we…

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

World Bank cuts Uganda’s GDP forecast, citing South Sudan

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KAMPALA (Reuters) – The World Bank cut its 2016/2017 growth forecast for Uganda on Thursday to 5.5 percent from 5.9 percent, citing the impact of South Sudan’s conflict on its exports and sluggish investments due to slower economic activity globally. South Sudan is one of Uganda’s major export markets but roads between the two countries have been unsafe since an eruption of violence in South Sudan in July. “The current economic forecast … is ……

Tanzania gets $1.6 bln World Bank package to fund economic revival

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania has secured $1.6 billion in loans and grants from the World Bank which it said it will use to help end chronic power shortages, rebuild its railways and develop its farming. East Africa’s second-biggest economy is revamping its power generation and hopes to use some of its estimated 57 trillion cubic feet of natural gas reserves to cut its reliance on oil-fired and hydro power plants….

South Africa’s rand falls on higher U.S. rate rise prospects

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand weakened on Thursday as bets on a December U.S. rate rise brought emerging currencies under pressure, while stocks ended slightly weaker as gold and platinum mining shares slid on lower precious metal prices. The benchmark Top-40 index closed down 0.6 percent at 45,051 points while the All-Share index fell 0.5 percent to 51,611 points. At 1530 GMT, the rand traded at 13.8550 per dollar, 1 percent…

Access Bank Plans to Sell 19% Stake in Ghana Unit in IPO

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NAIROBI (Capital Markets in Africa) – Access Bank Plc, a Nigerian lender, plans to sell a stake of about 19 percent in its Ghana unit in an initial public offering that will begin before the end of the year. The lender is seeking to raise at least 104 million cedis ($26 million) issuing shares at 4 cedis each, Jacob Aidoo, the head of issuers at the Securities and Exchange Commission, said by phone from Accra…

Kenya Beats Nigeria in Stock-Trading for the First Time

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NAIROBI (Capital Markets in Africa) – Investors put more money into Kenyan stocks than Nigeria’s for the first time on record in September. The value of shares traded on Nigeria’s exchange fell to $139 million, near the lowest since Bloomberg began compiling such data in 2009, as foreign investors shunned an economy battered by militant attacks on oil facilities and shortages of foreign-exchange. In Kenya, with an economy an eighth the size of Nigeria’s but…

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