The Editorial Team |

Private Equity | Carlyle Sees Currency ‘Dislocation’ Stalling African Buyouts

LAGOS, Nigeria, Capital Markets in Africa: Volatile currencies and weaker commodity prices are keeping private equity investors focused on sub-Saharan Africa on the sidelines even though buyout firms have record amounts of cash to spend on acquisitions. “There’s been a dislocation in the market,” Marlon Chigwende, manager of Carlyle Group LP’s $698 million African fund, said by phone from London. “The dollar has appreciated strongly against a lot of African currencies so it’s had the effect of slowing…

Tanzania Central Bank ‘Must’ Defend Currency, President Says

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Dar es Salam, Tanzania, Capital Markets in Africa: Tanzania’s central bank should rally to the defense of the shilling by taking steps such as stopping the “dollarization” of the economy, President John Magufuli said. The currency of the natural gas-producing country has weakened almost 2 percent against the dollar this year, extending depreciation of 19 percent in 2015. Tanzania held $3.9 billion of gross international reserves at end-March, sufficient for 4.1 months of imports. “The central bank…

Nigeria Stocks Rise Most in World Even as Foreigners Remain Wary

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s stocks rose for a third day to their highest level in almost nine months as locals pounced following the end of the naira’s peg on June 20. Foreign investors may be waiting until the currency weakens further. The Nigerian Stock Exchange All Share index jumped 3.1 percent to 31,071.25 in Lagos, the commercial capital, its highest close since Sept. 30. The benchmark has climbed 8 percent in the past three…

Kenya Central Bank Governor Prefers ‘Natural’ Bank Consolidation

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank would prefer the country’s lenders to consolidate naturally to build resilience in the industry, Governor Patrick Njoroge said. Treasury Secretary Henry Rotich this month revived proposals that require lenders to increase their core capital fivefold by 2019, a move that could spur takeovers. The measures, first suggested by Rotich last year, were rejected by lawmakers and labelled by Njoroge in August as “rushed”. “I am not officially pushing consolidation,” Njoroge said…

Kenyan Bank Jamii Bora Seeks Investor as it Considers Listing

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NAIROBI, Kenya, Capital Markets in Africa: Jamii Bora Bank Ltd., a Kenyan micro-lender, has begun the search for a strategic investor to inject 3 billion shillings ($29.6 million) to fund its expansion as it considers listing on the domestic stock market, Chief Executive Officer Sam Kimani said. The bank is courting private-equity investors and other lenders as potential investors, Kimani said June 21 in an interview in the capital, Nairobi. In April, the company raised 1.2 billion…

Infrastructure | Engie Seeks to Tap Off-Grid Solar to Power Millions in Africa

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LAGOS, Nigeria, Capital Markets in Africa: Engie SA is seeking to become a player in the off-grid solar industry, one of the first major utilities to work directly in that niche of the energy system. “It could be a sizable part of the market,” Bruno Bensasson, chief executive officer of Engie’s Africa business unit, said in an interview in London. “Solar home systems are part of an energy proposal for countries, as well as national grids. We…

Infrastructure | Mainstream Raises $118 Million for African Wind and Solar Farms

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LAGOS, Nigeria, Capital Markets in Africa: One of Africa’s biggest renewable-energy developers raised $118 million to expand its footprint in the continent’s fast-growing markets for solar and wind power. Mainstream Renewable Power Ltd., a Dublin-based clean-energy developer, raised the funds to help finance the $1.9 billion Lekela Power joint venture, which plans to install more than 1.3 gigawatts of renewable electricity across Africa by 2018, Chief Executive Officer Eddie O’Connor said. “It’s high risk, so…

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