The Editorial Team |

Private Equity | Africinvest invests in MicroKing Finance Zimbabwe

Harare, Zimbabwe, Capital Markets in Africa — Microcred Group (Microcred) and AfricInvest Financial Sector Fund (AfricInvest) are pleased to announce they have reached an agreement to acquire a 100% ownership stake in MicroKing Finance (Private) Limited (MicroKing), a leading provider of microfinance products and services in Zimbabwe. The transaction is pending final regulatory approval. Microcred, a leading innovative financial institution focused on financial inclusion in Africa & Asia, and AfricInvest, a pan-African private equity fund manager,…

DANGOTE SUGAR RELEASES FULL YEAR 2015 RESULTS – FIRST TAKE

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LAGOS, Nigeria, Capital Markets in Africa — Dangote Sugar Refinery (DSR) (BUY. TP: N8.77) released its full year 2015 results yesterday. Revenue came in higher than our forecast, up 6.5% YoY to N101.1 billion (PAFR 2015E: N97.7 billion) while earnings were in line with our estimates with PBT up 8.3% YoY to N16.5 billion (PAFR 2015E: N17.1 billion) and PAT flat at N11.5 billion (PAFR 2015E: N11.3 billion). The top-line beat was on a stronger…

South Africa’s Reserve Bank Raises Repo rate by 25 basis points in March

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Johannesburg, South Africa, Capital Markets in Africa — The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the Repo rate by 25 basis points to 7.00%, as a result of inflation rise concern. This takes the cumulative increases to 2.00 percentage points since the MPC started tightening policy in January 2014. Regarding inflation, the MPC commented that since the previous MPC meeting in January, headline inflation has exceeded the upper end of the target…

NESTLE NIGERIA RELEASES FULL YEAR 2015 RESULTS – FIRST TAKE

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LAGOS, Nigeria, Capital Markets in Africa — NESTLE (HOLD, TP: N721.72) released its audited full year 2015 results earlier today. While topline came in below our expectations at N151.3 billion (PAFR 2015E: N157.5 billion), earnings were in line with our estimates with PBT up 19.9% to N29.3 billion (PAFR 2015E: N28.8 billion) and PAT up 6.8% to N23.7 billion (PAFR 2015E N24.2 billion). Key drivers for revenue growth (up 5.5%) were price increases, new product lines…

Infrastructure | The Abraaj Group launches energy development arm dedicated to Global Growth

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London, United Kingdom, Capital Markets in Africa — The Abraaj Group (“Abraaj”), a leading investor operating in global growth markets, today announced the formation of a dedicated project development arm to further extend its investment capabilities in the energy infrastructure space. As a member of The Abraaj Group, Themis Energy (“Themis”) will leverage the Group’s local teams, global network, execution capabilities and existing infrastructure team to originate, develop and manage projects from concept stage to operations….

Private Equity | Agri-Vie founders & STANLIB launches independent Private Equity business

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Johannesburg, South Africa, Capital Markets in Africa — The founders of Agri-Vie Investment Fund, the African private equity fund focused on the food and agribusiness sector, and pan-African asset manager STANLIB, are proud to announce the formation of EXEO Capital – an Africa-focused private equity partnership – which will allow both parties the opportunity to expand their alternative investment offerings. STANLIB has taken a partnership stake in EXEO Capital. Following the success of the first…

World-Beating Stock Rally May Be Just the Start for Egypt

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Cairo, Egypt, Capital Markets in Africa — If history is any guide, Egyptian stocks’ world-beating gains following the nation’s currency devaluation may be just beginning. The EGX 30 Index has jumped 14 percent since Monday’s 13 percent weakening of the pound. The gains are an echo of what happened in January 2003, when a foreign-currency shortage that gave rise to a black market for dollars and deterred investment led policy makers to devalue the currency by 14 percent….

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