Features | - Part 243

Africa’s maturing telecoms sector to see further M&A activity — Moody’s

Johannesburg, South Africa, Capital Markets in Africa: Africa’s telecoms sector will undergo more M&A activity as its markets continue to consolidate as they mature, Moody’s Investors Service says in a report published today. The report “M&A Activity to Reshape Competitive Environment As Markets Mature and Consolidate”. Moody’s expects more consolidation within markets as existing operators – particularly smaller third or fourth tier companies – look for ways to cut costs and expand their market share….

Investment | Nedbank Group Hunting for Kenyan Acquisition as Parent Mulls Exit Plan

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Johannesburg, South Africa, Capital Markets in Africa: Nedbank Group Limited, the South African lender being spun off from parent Old Mutual Plc, said it’s in talks that may lead to the acquisition of a Kenyan bank as it seeks to benefit from an economic growth rate that’s double the average for the rest of the continent. “Within the next 12 months we’ll certainly be looking to do a deal,” Mfundo Nkuhlu, chief operating officer of Johannesburg-based Nedbank,…

Trade | U.S. Eyes Next Step in Africa Trade Relations, Froman Says

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LAGOS, Nigeria, Capital Markets in Africa: The year after President Barack Obama extended African nations’ preferential access to U.S. markets by a decade, his administration is re-evaluating its trade relations with the world’s poorest continent. “It’s time to start looking at what comes next,” U.S. Trade Representative Michael Froman said in an interview in Kigali, Rwanda’s capital, where the World Economic Forum is holding its annual Africa summit. “Part of what motivates us is that we are hearing…

Investment | Renaissance Capital Moves Into Mozambique in Deal With Dominio

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Maputo, Mozambique, Capital Markets in Africa: Renaissance Capital Limited is pushing into Mozambique to take advantage of what it says is increasing interest from foreign investors in the southern African country. The Moscow-based investment bank, which trades across 43 emerging and frontier markets, signed a partnership deal last week with Lisbon-based Dominio Capital Group, which has an office in Maputo, Mozambique’s capital. The agreement will make it easier for RenCap to work on deals for clients wanting…

Financing | Mozambique’s Nyusi to Visit China Next Week, Presidency Says

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Maputo, Mozambique, Capital Markets in Africa: Mozambican President Filipe Nyusi will visit China later this month, his office said, weeks after western donors withdrew budgetary support following the southern African nation’s admission to holding more than $1 billion of undeclared loans. Nyusi’s week-long visit, which received parliament’s go-ahead last week, begins May 16, an official at the presidency said Friday. “The authorization should not be a blank check to contract more debt,” Lutero Simango, the leader of…

Business | Africa Has More Large Businesses Than You Expect, McKinsey Says

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LAGOS, Nigeria, Capital Markets in Africa: McKinsey & Co. Inc. has identified 700 African companies with annual sales of more than $500 million, many of which are growing and reinvesting and are a reason for optimism about economic prospects on the continent, the consultancy’s global managing director said. “That’s a lot more than most people would think,” Dominic Barton said Friday in an interview at the World Economic Forum on Africa in Rwanda’s capital, Kigali. “Two-thirds of them…

Crude Oil | Nigeria Oil Output Slumps Further as Exxon Pipeline Damaged

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s oil production has dropped again as a third major crude-export facility was disrupted, this time by accidental damage rather than militant attacks. Exxon Mobil Corp. has declared force majeure — a legal clause that allows it to stop deliveries without breaching contracts — on shipments of Qua Iboe, the company said in a statement Friday. The Bonny Light and Forcados oil grades were already disrupted following militant attacks. The…

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