The Editorial Team |

Algeria plans bank privatisations as oil money dries up

ALGIERS, Capital Markets in Africa: Algeria plans to allow its dominant state banks to list on the local stock exchange to help develop its financial markets and diversify sources of funding after the oil price slide, a senior financial official said. The plan will open the door for foreign investors to acquire controlling stakes in banks, reversing a rule requiring Algerian firms to keep a majority shareholding in any partnership with foreigners, the official told…

Algeria and ENI sign solar plant deal for south – APS agency

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ALGIERS, Capital Markets in Africa: Algerian state energy company Sonatrach has signed a deal with Italian firm ENI for a solar power plant, state news agency APS said on Friday, as the North African state looks to decrease domestic consumption of gas for power and export more. The 10 MW photovoltaic plant to be launched before the end of 2016 in Ouargla in southern Algeria will supply the company’s Bir Rebaa field with electricity, allowing…

Ghana’s Central Bank Urges Lenders Consolidate to Boost Growth

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ACCRA, Capital Markets in Africa: Ghana’s central bank expects mergers and acquisitions among lenders to increase as regulators prepare new rules that will boost the amount of cash that they need to set aside. Capital levels in the industry are too weak to support the government’s target of reaching gross domestic product growth of at least 8 percent a year, Bank of Ghana Governor Abdul Nashiru Issahaku said by phone on Friday. The bank will publish recommendations of…

Gecamines Says Lundin Withdrawal From Congo Would Be Problematic

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CONGO, Capital Markets in Africa: Gecamines, the Democratic Republic of Congo’s state-owned miner, warned that any decision by Lundin Mining Corp. to withdraw from the Tenke Fungurume copper mine could scupper Freeport McMoRan Inc.’s proposed sale of its stake in the project. By exiting at the same time as Freeport and transferring full ownership of the project to new parties without securing Gecamines’ approval, Lundin and Freeport would further violate the state-owned miner’s rights, Chairman Albert…

Adenia Partners invests in leading power services company in Ivory Coast

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ABIDJAN, Capital Markets in Africa: Adenia Partners, a private equity fund manager focused on growth opportunities and mid-cap buyouts in Sub-Saharan Africa, announced a majority investment in Ademat, a leading business service company in Côte d’Ivoire active in the power sector. This transaction is the final transaction of Adenia Capital (III), a EUR96mn fund closed in February 2012. Founded in Abidjan in 1983, Ademat distributes, installs and maintains power devices, inverters, drive systems, and other…

Eskom May Use $11 Billion Cash It Forecasts on South Africa Nuclear

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JOHANNESBURG, Capital Markets in Africa: South Africa’s state-owned electricity utility forecasts it will have more than 150 billion rand ($11 billion) in 10 years’ time, money it could use to fund the country’s proposed plan to build nuclear power plants. Eskom Holdings SOC Ltd.’s stronger financial and operating performance will continue improving, culminating in the excess cash resources by the 10th year of the company’s 2016-17 operating plan, Group Generation Executive Matshela Koko wrote in an…

Bain Exit Leaves Edcon Struggling in South Africa Retail Slump

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JOHANNESBURG, Capital Markets in Africa: Bain Capital Partners LLC’s decision to walk away from Edcon Holdings Ltd. leaves South Africa’s largest clothing retailer to claw back market share amid weak consumer confidence and a market recently populated by international heavyweights like Hennes & Mauritz AB. The owner of the Edgars, Jet and CNA chains needs to make up ground ceded while struggling under a debt burden caused by Bain’s 25 billion rand ($1.8 billion) purchase in 2007. Competitors…

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