The Editorial Team |

Guaranty Trust Bank First-Half Profit Jumps 45% on Currency Gain

LAGOS, Nigeria, Capital Markets in Africa: Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, said first-half profit rose 45 percent as foreign-currency gains in the wake of the naira’s devaluation compensated for a surge in bad-loan charges. Net income climbed to 77.5 billion naira ($237 million) from 53.4 billion naira year ago, Lagos-based Guaranty said in a statement on Wednesday. The lender made foreign-exchange revaluation gains of 61.2 billion naira, compared with 6.9 billion…

Egypt Expects Arab Allies to Provide Aid as Part of IMF Deal

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CAIRO, Egypt, Capital Markets in Africa: Egypt expects its oil-rich allies such as Saudi Arabia and the United Arab Emirates to provide funding as the country moves to finalize a $12 billion loan program with the International Monetary Fund, Prime Minister Sherif Ismail said. International financial institutions will also help finance the government’s three-year program with the Washington-based lender, Ismail told Bloomberg News in Cairo on Wednesday. The IMF’s Executive Board will not consider the loan deal before…

Investment | ACA invests in leading Nigerian biscuit company

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LAGOS, Capital Markets in Africa: An investment consortium made up of African Capital Alliance (ACA), 8 Miles and Deutsche Investitions und Entwicklungsgesellschaft mbH (DEG), has announced an investment in Beloxxi Industries Limited (‘Beloxxi’ or ‘the Company’), a market leading Nigerian biscuit manufacturing company. The consortium has invested US$80mn for a substantial minority stake to expand the capacity of Beloxxi, to address significant unmet demand and to grow its regional distribution presence. Additional details of the transaction…

Emerging Markets Extend Losses as Fed Wake-Up Call Halts Rally

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks fell for a second day and currencies retreated from a 13-month high as renewed prospects for a U.S. interest-rate hike this year sapped risk appetite. Saudi Arabian shares dropped the most in almost three months and futures on Ibovespa declined on lower commodity prices. Egypt’s benchmark index slid for a second day as Commercial International Bank, which accounts for 40 percent of the gauge by weight, headed for…

Investment | DEG invests in Nigerian food producer

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LAGOS, Capital Markets in Africa: Deutsche Investitions- und Entwicklungsgesellschaft mbh (DEG) announced an investment in the Nigerian Beloxxi Industries Ltd. (Beloxxi) with around US$10mn, with which the biscuit manufacturer plans to expand its production. Further investors are the investment companies, 8 Miles and Africa Capital Alliance, which invested an additional amount of US$70mn. The family-run company, Beloxxi, produces cream crackers in its state of the art production facility. These thin, crispy wheat crackers are becoming…

FOREIGN INVESTORS SHOULD BEAR IN MIND EXCHANGE CONTROL REGULATIONS IN SOUTH AFRICA

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LAGOS, Nigeria, Capital Markets in Africa: Corporates seeking to do business in South Africa and/or with South African counterparties, whether in the context of cross-border financing transactions or otherwise, should take cognisance of the exchange control regulations that govern the inflow and outflow of capital from South Africa. They should bear in mind that their South African counterparts will be required to seek approval for such transactions under the Exchange Controls in terms of the…

South Africa’s ANC Sticks With Zuma, Risking Eroding Support

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Johannesburg, South Africa, Capital Markets in Africa: The African National Congress’s senior leaders absolved South African President Jacob Zuma of blame for the ruling party’s worst performance in an election, choosing to take collective responsibility and risking further eroding support before a national vote in less than three years. Still, targeting him could have exposed factions within the party, leading to infighting and a possible split, analysts say. “Taking collective responsibility is a refusal to take responsibility,” Aubrey Matshiqi, an…

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