East Africa | - Part 16

Rwandan Bank Mulls First Foreign Listing Outside Country

KIGALI (Capital Markets in Africa) – Bank of Kigali Ltd., Rwanda’s biggest lender by market value, plans to cross-list in Nairobi, Johannesburg or London in 2018, Chief Financial Officer Nathalie Mpaka said. The lender will make a decision by December based on the amount of capital the bank plans to raise, Mpaka said Wednesday in the Rwandan capital, Kigali. It would be the first Rwandan company to list its shares outside the East African nation. “We…

Miners Ask Congo to Adjust Tax Repayments for Franc Slump

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DR CONGO (Capital Markets in Africa) – Mining companies in the Democratic Republic of Congo asked the government to adjust pending value-added tax repayments for a slump in the franc that could cost them as much as $210 million collectively. Federation des Entreprises du Congo, the country’s largest business lobby group, sent the request in a letter to Finance Minister Henri Yav Mulang on May 5. John Nkono, the secretary-general of the FEC’s Chamber of…

AfDB Plans $1.1 Billion Loans, Grants to Drought-Hit Countries

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South Sudan (Capital Markets in Africa) – The African Development Bank is considering providing $1.1 billion of loans and grants to countries affected by drought and famine. The funding will be discussed at a meeting of the Abidjan, Ivory Coast-based lender’s board on Wednesday, Gabriel Negatu, the bank’s head for East Africa, said in an interview in the Kenyan capital, Nairobi. The money will be provided to war-torn South Sudan, where a famine was declared in February, as well…

Voter Fatigue May Doom Kenyan Opposition Presidential Nominee

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NAIROBI (Capital Markets in Africa) – Former Kenyan Prime Minister Raila Odinga’s three previous presidential election losses may hamstring his ability to generate enough public enthusiasm to mount a serious challenge to President Uhuru Kenyatta in this year’s election. Less than half of the supporters of the opposition National Super Alliance agree with the choice of Odinga, 72, and former Vice President Kalonzo Musyoka as its flag-bearers, the Nairobi-based Star newspaper reported Friday, citing an Ipsos poll. It’s the same ticket that…

Kenyan Opposition Chooses Odinga to Run Against Kenyatta

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NAIROBI (Capital Markets in Africa) – An alliance of Kenyan opposition parties chose former Prime Minister Raila Odinga as its candidate to run against President Uhuru Kenyattain elections scheduled for August. Odinga’s running mate on the National Super Alliance ticket will be former Vice President Kalonzo Musyoka, co-principal Musalia Mudavadi said Thursday at a rally in the capital, Nairobi. The two were recommended by a technical committee that also considered Mudavadi and Senator Moses Wetang’ula as potential candidates. “The one who will fly the…

Pizza Hut Enters Ethiopia in Latest Expansion Into Africa

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LAGOS (Capital Markets in Africa) – Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country. The restaurants are scheduled to begin serving in the capital, Addis Ababa, by November, franchisee Aschalew Belay said in an interview Monday. Aschalew’s company, Belayab Foods and Franchise, will run the local outlets of the Yum! Brands Inc. pizzeria and will have invested $5.5 million…

Congo Nears Eskom Power-Supply Deal to Boost Copper Output

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LAGOS (Capital Markets in Africa) – The Democratic Republic of Congo signed a provisional agreement to import power from South Africa that could boost copper production this year by as much as 20 percent, according to the country’s chamber of mines. Congolese state-owned power company SNEL proposed importing 200 megawatts from South African utility Eskom Holdings SOC Ltd. at meetings in Johannesburg on April 20 and April 21, said Ben Munanga, chairman of the energy commission at…

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