Finance

LAGOS (Capital Markets in Africa) – MTN Group Ltd. plans to borrow as much as 400 billion naira ($1.1 billion) in Nigeria this year as Africa’s largest wireless carrier by sales seeks to fund local investment and replace existing debt in the continent’s most populous country. MTN plans to sell bonds and take out long-term loans as Nigeria, Africa’s biggest oil producer, recovers from a 2016 economic contraction. The carrier expects to list its Nigerian unit on the…

JOHANNESBURG (Capital Markets in Africa) – Africa’s largest company just chalked up another major investment coup. Naspers Ltd. netted a cool $1.6 billion profit from the sale of its 11 percent stake in Indian e-commerce start up Flipkart, a deal almost as lucrative as its sale of Polish online auction site Allegro in 2016. The move helps to line the pockets of the media and technology company, which is scouring the globe for investments to convince…

JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Ltd.’s deal to buy Lonmin Plc is at risk of falling apart as the struggling South African platinum miner burns through cash, according to Liberum Capital Ltd. One of the conditions of the deal is that Lonmin is net cash positive, but because of low metals prices and the strength of the rand, the company is burning through cash, said analysts in a note on Monday. “At…

LAGOS (Capital Markets in Africa) – The international nuclear agreement with Iran might not be the only deal U.S. President Donald Trump has unraveled. On Monday, Saudi Arabian Energy Minister Khalid Al-Falih was repeating his mantra that production cuts by OPEC and its allies must keep going. Within 48 hours, the kingdom had raised the prospect of increasing output. Between the two pronouncements came Trump’s decision to scrap the Iran deal, re-imposing sanctions on the world’s fifth-biggest oil exporter. “There…

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s shares plunged to a record low after the retailer warned of impairments beyond the 6 billion euros ($7.2 billion) reported in December and said it’s facing at least five lawsuits. Auditors at PwC have told the owner of Conforma in France and Mattress Firm in the U.S. that the overstatement of profits and the handling of off-balance-sheet entities will result in “material additional” asset write-downs, Steinhoff…

MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corp. said that “in principle” it has enough customers to proceed with its liquefied natural gas project in Mozambique, eight years after making a major Deepwater discovery there. The development of Mozambique’s LNG potential by Anadarko, Eni SpA and Exxon Mobil Corp. is key to stimulating growth in one of the world’s poorest countries. Anadarko signed a 15-year supply deal with Electricite de France SA in February and now needs…