The Editorial Team |

Investment | Ascendis to Buy Remedica, Scitec for as Much as $566 Million

Johannesburg, South Africa, Capital Markets in Africa: Ascendis Health Limited entered agreements to buy separate pharmaceutical and sports-nutrition companies for a total of as much as 505 million euros ($566 million), and will pay for the purchases through debt facilities and a potential share sale. The company will pay 260 million euros to 335 million euros for Cyprus-based pharmaceutical company Remedica Holdings Limited and about 170 million euros for Scitec International Sarl, Johannesburg-based Ascendis said in…

Nigerian Equity Markets | 23 May 2016: Market trends Southwards as MPC Meeting begins …NSE ASI down 42bps

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LAGOS, Nigeria, Capital Markets in Africa: The Nigerian Equities market opened in the red, for the first time in 5 weeks as profit taking thrived, following the impressive gains that were recorded in the previous week. As a result, the All Share Index slid 0.4% to settle at 27,015.97 points. In the same vein, market capitalisation reduced by N34.7bn to N9.3tn. The major drags to market performance today were ZENITH (-4.9%), ACCESS (-4.7%) and NIGERIAN…

Moody’s Sees More African Countries Seeking IMF, World Bank Help

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LAGOS, Nigeria, Capital Markets in Africa: More countries in sub-Saharan Africa are likely to turn to international lenders for emergency financing, according to Moody’s Investors Service. Ghana, Angola and Mozambique have turned to the International Monetary Fund for help in the past year and Zambia may soon follow suit. Kenya took on a $1.5 billion standby facility and Nigeria, Africa’s biggest economy, is negotiating a loan from the World Bank. Zimbabwe is also engaging with the Washington-based lenders to obtain…

Kenya to Switch KenGen Debt in Region’s Biggest Rights Offer

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NAIROBI, Kenya, Capital Markets in Africa: The Kenyan government will convert 20.2 billion shillings ($200.4 million) of debt owed by the East African nation’s biggest electricity producer into equity as part of a rights offer that’s the largest in the region. The Kenya Electricity Generating Co. Ltd., known as KenGen, is asking investors for 28.8 billion shillings to help finance 720 megawatts of new production capacity over the next four years. Other shareholders apart from the…

Africa’s Busiest Oil Industry Is Running Hard to Stand Still

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Algiers, Algeria, Capital Markets in Africa: Algeria has more drilling rigs than the rest of Africa combined, yet oil production still isn’t recovering after years of decline. It’s little wonder the nation remains one of the most vocal supporters of action to increase prices by curbing output at the OPEC meeting next month. The Organization of Petroleum Exporting Countries has been hit hard by the decline in oil prices. Algeria, like other members, is rolling out economic reforms to deal with…

Nigeria’s Central Bank Seen Loosening Stranglehold on Currency

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian policy makers may be about to loosen their stranglehold on the nation’s currency. The central bank of Africa’s biggest economy will decide Tuesday on whether to adjust borrowing rates as evidence mounts that a recession is looming. Barclays Plc, Goldman Sachs Group Inc. and Renaissance Capital Ltd. are among banks predicting it will also carry out a de facto devaluation of the naira, or even a gradual removal of capital controls that have…

South Africa | PIC in Talks to Create Group to Bid for Barclays Africa Stake

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Johannesburg, South Africa, Capital Markets in Africa: The Public Investment Corp., Africa’s biggest fund manager, said it’s forming a group of black investors to buy a stake in Barclays Africa Group Ltd. in a bid to ensure the bank comes back under the control of South Africans. “There are discussions with institutional investors managing black money, such as pension funds,” Dan Matjila, head of the Pretoria-based PIC, said by phone on Monday. As yet it’s difficult to say how…

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