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South Africa Said to Consider Partial Sale of Broadband Infraco

$South Africa Said to Consider Partial Sale of Broadband Infraco$

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s government will decide this week whether to part-privatize the country’s second-largest fixed-line operator, Broadband Infraco, as the company runs short of cash, according to two people familiar with the matter. A sale process would interest Vodacom Group Limited, South Africa’s largest mobile operator by customer numbers, spokesman Byron Kennedy said in e-mailed comments on Tuesday, without saying whether he was aware of government plans. Dark Fibre Africa, South…

World’s Worst Currency Slump Gleaning Rewards for Nigeria

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LAGOS, Nigeria, Capital Markets in Africa: More than two months after Nigeria allowed its currency to devalue, the country is starting to reap some dividends. In the past two weeks, Exotix Partners LLP and Standard Bank Group Ltd. have told clients, most of whom fled after the country started imposing capital controls from late 2014, that they should start buying naira assets again. The worst-performing currency this year among more than 150 globally has depreciated 37 percent against…

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal

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CAIRO, Egypt, Capital Markets in Africa: The United Arab Emirates agreed to deposit $1 billion with Egypt’s central bank to help the North African nation meet the requirements for a $12 billion loan deal with the International Monetary Fund. Egypt has secured an initial agreement with the Washington-based lender, but the IMF’s executive board will not consider the loan deal before the country secures commitments of as much as $6 billion from bilateral creditors. The deposit has a six-year tenor,…

Liberty to Start South African REIT That Will Trade Stock on JSE

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SOUTH AFRICA, Capital Markets in Africa: Liberty Holdings Ltd., a South African insurer, will place a portion of its property portfolio in a real estate investment trust that will list its shares on the Johannesburg Stock Exchange this year. The REIT, which will be overseen by the company’s money management unit, Stanlib, will probably have a net asset value of 10 billion rand ($741 million), Johannesburg-based Liberty said in a statement on Tuesday. The listing is not…

Egypt’s El-Sisi Sets Stage for Tough Reforms as IMF Loan Awaits

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CAIRO, Egypt, Capital Markets in Africa: Egypt is moving to end its dollar exchange rate problem within months, President Abdel-Fattah El-Sisi said, warning that the Arab world’s most populous nation could no longer put off tough measures if it hopes to revive its economy. In an interview with three state-run newspapers published Tuesday, the Egyptian leader said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. His…

Emerging Assets Retreat Second Day as Fed Rate Concern Deepens

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies and stocks fell for a second day as commodities declined and comments from a Federal Reserve official fuelled speculation that there will be a U.S. interest-rate increase this year. Russia’s ruble and other currencies of oil-exporting nations declined as Brent crude fell below $50 a barrel and Fed Vice Chairman Stanley Fischer indicated that a 2016 rate move is still under consideration. Raw-material producers including Vale SA dragged the IBOVESPA…

Sub-Saharan Africa May Help Soak Up Global LNG Glut, Says BMI

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LAGOS, Capital Markets in Africa: Sub-Saharan Africa holds the highest potential to become a “niche” market for liquefied natural gas to feed power plants as the world faces a growing surplus of the fuel, according to BMI research. Ivory Coast, Ghana and South Africa are the most likely destinations for LNG in the region, the analysts wrote in a note dated Thursday. As most countries have limited domestic consumption and infrastructure, integrated LNG-to-power projects will…

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