The Editorial Team |

Fast-Moving Consumer Goods: Challenges and Opportunities in Africa

LAGOS, Nigeria, Capital Markets in Africa — Africa represents a large and growing opportunity for fast-moving consumer goods companies and retailers with the rapid expansion of Africa’s consumer class. At an average 5% growth, African countries’ booming consumer demand outspans the developing world. The average GDP per capita in Africa over the last five years has grown by over 11%. According to a report by McKinsey, GDP per capita is the single most important driver…

Kenyan Equity Valuations Buoyed by Low Oil, Politics — Exotix

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Nairobi, Kenya, Capital Markets in Africa — Kenya equity valuations that declined over the past year are now among the most attractive in sub-Saharan African frontier markets, supported by the lowest political risk in a decade and favorable global conditions, analysts from Exotix Partners LLP said. Lower oil prices, which benefit net crude importers like Kenya, and the prospect that the timing of U.S. interest-rate increases have been pushed out are expected to foster a “relatively benign environment…

Ghana’s Biggest IPO Said to Raise 450 Million Cedis for Lender

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ACCRA, Ghana, Capital Markets in Africa — Agricultural Development Bank Limited raised 450 million cedis ($119 million), the largest initial public offering in Ghana’s history, last month, according to two people familiar with the deal. The bank raised more than the target of almost 400 million cedis, said the people, who asked not to be identified because regulators are still reviewing the results. ADB will use 300 million cedis for capital and the rest to pay shareholders,…

South Africa Pension Funds Neglecting Private Equity Investments

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Johannesburg, South Africa, Capital Markets in Africa — South African pension funds have mostly ignored investing in private equity because trustees aren’t familiar with the asset class despite rule changes five years ago allowing larger investments, according to bodies representing both parts of the industry. About 2.3 percent of the country’s $234 billion retirement pool in 2014 was invested in private equity, the Southern Africa Venture Capital and Private Equity Association said in a report on Tuesday, citing…

Private Equity | CDC Group Plc Acquires a 10.7% Stake in I&M Holdings, Kenya

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NAIROBI, Kenya, Capital Markets in Africa: CDC Group plc (CDC), the UK’s development finance institution, has announced it will take a 10.68 per cent equity stake in the Nairobi-headquartered banking group I&M Holdings (IMHL). The investment underlines CDC’s commitment to supporting lending to small and medium sized enterprises (SMEs) in East Africa. Founded in 1974, IMHL’s commercial banking operations in Kenya rank in the country’s top ten, serving more than 100,000 customers. Having embarked on…

Moody’s downgrades Zambia’s issuer rating to B3 with negative outlook

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Lusaka, Zambia, Capital Markets in Africa — Moody’s Investors Service (Moody’s) has today downgraded Zambia’s long-term issuer rating to B3 from B2 and changed the outlook to negative from stable. The downgrade on the issuer rating was driven by: Greater-than-anticipated fiscal slippages in 2016 leading to material liquidity pressures and significant challenges to finance the budget deficit; The prospects of further deterioration in Zambia’s debt matrix in a lower growth environment, with the government debt likely…

Devaluation Bets Send Egyptian Stocks Rising to August High

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CAIRO, Egypt, Capital Market in Africa — Egyptian stocks surged to an eight-month high on speculation that authorities will devalue the currency for the second time this year. Local investors fueled a fifth day of gains as a persistent dollar shortage forced the Egyptian pound to a record low in black market trading. The nation’s decision to weaken its currency by the most in 13 years last month has so far proved insufficient to attract foreign investment…

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