The Editorial Team |

AfricInvest exits Générale Embellage, Algeria in $55mln deal

ALGIERS (Capital Markets in Africa) – AfricInvest, one of the key Pan-African midcap private equity firms, is pleased to announce that its Maghreb Private Equity Fund II (MPEF II) has successfully concluded its exit from Général Emballage (GE) a leader in the manufacturing and processing of corrugated cardboard based in Algeria (www.generalemballage.com). Under the agreement, AfricInvest and the original founders, the Batouche family, have sold a 49% stake in Général Emballage to a consortium composed…

Gas shortages turn Nigeria’s Dangote to coal to power cement

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LAGOS (Capital Markets in Africa) – Nigeria’s Dangote Cement has turned to locally-mined coal to power its plants in a bid to end disruptions caused by gas shortages and lower its production costs. “All our cement plants have been converted to coal,” Aliko Dangote, the company’s billionaire majority owner and chairman, told a business conference on Thursday, adding they would use 12,000 metric tonnes of coal each day. Dangote’s move is unusual in an era…

Nigeria’s Sahara puts IPO and asset buys on ice

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LAGOS (Capital Markets in Africa) – Nigeria’s Sahara has put on hold a planned initial public offering and bond sale that was aimed at financing more oil asset purchases until the investment prospects for oil and gas improve. A year ago Sahara was pursuing a dual listing on the London and Lagos stock exchanges and road showing a bond in an effort to raise more than $1 billion to buy oil and gas assets and…

African sovereign trio add to growing appeal for sukuk

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DAKAR (Capital Markets in Africa) – Senegal has upsized its second sale of sovereign sukuk, with Ivory Coast and Togo expected to close their own deals in coming days, as Islamic finance gains traction as an alternative funding option for African sovereigns. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa although it could be an important growth driver for the industry as it is home to a…

Remgro to Raise $739 Million as Rupert Mulls Distell Deal

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JOHANNESBURG, Capital Markets in Africa: Remgro Ltd. plans to raise more than 9.9 billion rand ($739 million) from shareholders as the company controlled by South African billionaire Johann Rupert considers deals including a right to buy SABMiller Plc’s stake in drinks maker Distell Group Ltd. The company plans to raise the funds through a rights offer and the sale of B shares, it said in a statement after the market closed in Johannesburg on Tuesday. Investors will be entitled to 10 shares for…

Billionaire Christo Wiese Invests $1.8 Billion More in Steinhoff

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JOHANNESBURG, Capital Markets in Africa: Christo Wiese, South Africa’s richest man, is investing a further $1.8 billion in Steinhoff International Holdings NV to help finance the furniture retailer’s acquisition spree in Europe and North America. Steinhoff raised 2.45 billion euros ($2.74 billion) as it also sold shares to other investors, including a fund that’s linked to South Africa’s program to promote black ownership, the company said on Wednesday. Steinhoff shares rose 4.8 percent to 5.29 euros at 4:28 p.m. in…

MTN Said to Weigh Selling $500 Million in Shares of Ghana Unit

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ACCRA, Capital Markets in Africa: MTN Group Ltd., Africa’s largest mobile-phone operator by sales, is considering selling about $500 million in shares of its Ghana business, according to people familiar with the matter. The company is approaching high-net-worth individuals in the country about a private placement of a 35 percent stake in the Ghana unit, valuing it at about $1.5 billion, the people said, asking not to be identified because the deliberations are private. No…

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