East Africa | - Part 10

Moody’s affirms EADBs Baa3 long-term issuer rating; outlook stable

NAIROBI (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the East African Development Bank’s (EADB or the bank) Baa3 long-term issuer rating and maintained the stable outlook. EADB is a regional multilateral bank that serves the East African Community (EAC) with the aim of promoting sustainable socio-economic development as well as the regional integration of its shareholder member states: Uganda (B2 stable), Kenya (B1 stable), Tanzania (unrated) and Rwanda (B2 stable). It…

Diageo’s Kenyan Unit Sees Improved Outlook as Earnings Climb

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – East African Breweries Ltd., the region’s biggest brewer, said it’s optimistic about the outlook for the year ahead with its main market Kenya performing better and business in Tanzania returning to growth. “Management is encouraged by trends in the second half of the year in Kenya, during which the business saw better performance in premium and mainstream beer,” the Nairobi-based company said in an emailed statement. “In Tanzania, the…

Kenya’s Central Bank Holds rate at 10.0 percent, Likely to Sell Dollars

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NAIROBI (Capital Markets In Africa) – At its Monetary Policy Committee meeting this month, Kenya’s central bank held its rate at 10.0 percent. Its Monetary Policy Committee will next meet to set lending rates on Sept.18. While the currencies of Kenya, Nigeria and Tanzania are expected to hold steady, traders said Uganda’s shilling and Zambia’s kwacha are forecast to weaken against the dollar in the next week to Thursday, while Ghana’s cedi will firm. KENYA…

Kenya’s EABL to convert Tanzania unit loan into equity

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NAIROBI (Capital Markets in Africa) – Kenya’s East African Breweries said it would convert a loan to its Tanzanian business into equity, after reaching a settlement with the competition authority that had been investigating the transaction. Tanzania’s Fair Competition Commission (FCC) threatened to revoke EABL’s 51 percent stake in Serengeti Breweries in 2015, accusing the Kenyan firm of not meeting several conditions. It did not make those conditions public. “In early June, we managed to…

World’s Biggest Tax Bill Is Latest Woe for Africa Gold Miner

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DAR ES SALAAM (Capital Markets in Africa) – It was supposed to mark a fresh start for the African business of the world’s biggest gold producer. In November 2014, African Barrick Gold Plc would get a new name and new management to distance itself from a troublesome past and disputes with local politicians. Less than three years later, things are worse than ever. Acacia Mining Plc, renamed after a local tree with pom-pom blossoms and…

Tanzania President Urges Increased Control of Mineral Wealth

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DAR ES SALAAM (Capital Markets in Africa) Tanzanians are being cheated out of the country’s mineral wealth and should take more control of their natural resources, President John Magufuli said. Investors in Tanzania’s mining industry have “stolen” from the country by failing to provide a fair share of the revenue they generate from gold and other minerals, Magufuli said in a speech in the central region of Singida on Tuesday. “We are surrounded by wealth; we have…

Hennessy Sees Kenya as Growth Frontier as Cognac Sales Start

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NAIROBI (Capital Markets in Africa) Hennessy, the world’s largest maker of cognac, has started distributing its products in Kenya to tap Africa’s second-largest luxury-goods market. The company, a unit of Paris-based LVMH, began distributing its products in the Kenyan capital in May and plans to use the city as a hub for regional distribution, Chief Executive Officer Bernard Peillon said in an interview in Nairobi. A bottle of Hennessy cognac retails for as much as 117,000…

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