The Editorial Team |

Congo to Appoint Caretaker Government Until Delayed Election

CONGO, Capital Markets in Africa: Democratic Republic of Congo elections will be delayed until the voter register is updated and a new government will be appointed to run the nation until the vote, a joint delegation of the ruling party and some opposition members said. President Joseph Kabila will remain in power until the vote is held and will in the meantime reorganize the government to include representatives of the opposition, ruling party member and Justice Minister Alexis Thambwe told reporters in…

Private Equity | Virgin Active-Owner Brait Seeks London Listing, New Funding

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Johannesburg, Capital Market in Africa: Brait SE, the South African investment company that owns U.K. chains Virgin Active and New Look, plans to trade its shares on the London Stock Exchange and will consider selling new equity to fund future deals. A capital raising could take place at the same time as the proposed London listing, the company, whose biggest shareholder is South African billionaire Christo Wiese, said in a statement on Wednesday. Brait plans to move its…

Oil Holds Below $44 as Libya, Nigeria Seen Adding to Oversupply

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LAGOS, Capital Markets in Africa: Oil held below $44 a barrel amid speculation the global crude glut will expand as OPEC members Libya and Nigeria prepare to boost exports within weeks. Futures fell as much as 0.6 percent in New York after losing 5.9 percent the previous two sessions. Libya’s state oil company on Wednesday lifted curbs on sales from three ports, potentially unlocking 300,000 barrels a day. Exxon Mobil Corp. was said to be ready to resume…

Oil Glut Set to Worsen as Nigeria and Libya Fields Restart

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LAGOS, Capital Markets in Africa: Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 barrels a day of supply. In Nigeria, Exxon Mobil Corp. was…

South Africa Bank That Gave Zuma Loan Says It Stuck to Rules

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Johannesburg, Capital Markets in Africa: A South African bank that gave President Jacob Zuma a mortgage to settle a Constitutional Court order to repay taxpayers the money spent on upgrading his residence said it sticks to loan processes no matter who the client is. “In granting a loan, the usual processes and conditions apply no matter who the client may be,” VBS Mutual Bank Chief Executive Officer Andile Ramavhunga said in an e-mailed statement on Wednesday. “VBS Mutual Bank…

Proparco invests in Sub-Saharan African insurance company

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Yaounde, Capital Markets in Africa: The insurance sector is an engine for the economic and social development of Africa. It is for this reason that Proparco is supporting the expansion of Activa Group via an equity investment. Proparco has committed a EUR10mn equity investment in Activa Group to support its development in Sub-Saharan Africa. Activa Group was set up in Cameroon in 1998 and is a major insurance player (life and non-life) in Sub-Saharan Africa….

Guinness Nigeria to Export Beer to South Africa to Add Sales

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LAGOS, Nigeria, Capital Markets in Africa: Guinness Nigeria Plc plans to increase exports to improve sales and generate more foreign exchange as the country’s second-largest brewer battles to overcome an economic slump in its home market. The unit of London-based Diageo Plc will consider selling Guinness stout and the herbal drink Orijin in South Africa to boost the proportion of beverages it sends to international markets, Chief Executive Officer Peter Ndegwa, 48, said in a Sept. 9 interview at the company’s…

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