The Editorial Team |

Gecamines Says Lundin Withdrawal From Congo Would Be Problematic

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…

Kenyan Lender CBA to Take Mobile-Bank Service Deeper Into Africa

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NAIROBI, Capital Markets in Africa: A Kenyan lender that transformed from an also-ran into the country’s biggest deposit-taker, mainly through a mobile-phone banking service started four years ago, plans to use the product as a beachhead to expand outside its East African home base. Commercial Bank of Africa Ltd., which also has units in Tanzania and Uganda, is seeking to export its M-Shwari mobile-phone service as part of a strategy to eventually have operations in 16 African…

Anglo American Hires Fortescue’s Debt Slashing Finance Chief

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JOHANNESBURG, Capital Markets in Africa: Anglo American Plc has picked a debt-cutting specialist as the embattled miner seeks to further reduce its borrowings. It named Fortescue Metals Group Ltd.’s Stephen Pearce its new finance director after he led the drive to slash debt at the world’s fourth-largest iron ore producer. Pearce will join Anglo in January and take up his new post on April 24, the producer said Friday in a statement. The 52-year-old has been chief financial officer of…

South Africa’s Rand Shows a Little Local Strife Can’t Derail Emerging Gains

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JOHANNESBURG, Capital Markets in Africa: For evidence that fundamentals hardly matter in today’s world of easy money, look no further than the rand. In a quarter marked by a political feud between South Africa’s president and his finance minister, stagnant growth and mounting concern that the country may lose its investment-level credit status, the rand returned 11 percent for investors selling the dollar to chase higher yields — more than twice as much as its next-best peer….

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