Finance | - Part 115

Israel, Egypt Ministers Said to Discuss Potential Gas Exports

CAIRO (Capital Markets in Africa) – Ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to a person with direct knowledge of the matter. Egyptian Oil Minister Tarek El-Molla and Israel’s energy minister, Yuval Steinitz, spoke after an interview El-Molla gave to Bloomberg earlier this month sent shares of Israeli gas companies tumbling on speculation Egypt would halt talks on buying gas from Israel, the person said. El-Molla…

Biggest African Phone-Tower Firms Are Said to Plan 2018 IPOs

Posted on by The Editorial Team

LONDOND (Capital Markets in Africa) – Three of Africa’s largest telecommunication towers companies plan to pursue share sales in either London or New York early next year, taking advantage of high industry valuations to fund expansion, according to people familiar with the matter. Closely-held IHS Towers, targeting an enterprise value of $10 billion, plans to list in New York, said the people, who asked not to be identified as the information isn’t public. Helios Towers Africa LLP is…

Glencore’s Trouble in Congo Claim Its Highest Profile Victim

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Two weeks after the Paradise Papers leak brought a wave of scrutiny over Glencore’s dealings in the Democratic Republic of Congo, the company is facing another scandal. The issues stem from Katanga Mining Ltd., a Congolese copper producer owned by Glencore. The African company restated financial statements and is under investigation by Canadian regulators for its corporate governance and accounting practices. In a major sign of how toxic the problem…

China Seen Gaining Even More in Zimbabwe If Mugabe Leaves Office

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – China has seen its influence rise in Zimbabwe during Robert Mugabe’s nearly four decades in power, becoming the African nation’s third-largest trading partner and biggest foreign investor. Beijing might gain even more if he goes. Former vice president Emmerson Mnangagwa, whose removal sparked last week’s military intervention, is seen as more open to investment from China and other nations than Mugabe, according to researchers who advise President Xi Jinping’s government on Africa…

Net1 Understated South Africa Profit to Court, Group Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa)- Net1 UEPS Technologies Inc., a unit of which distributes welfare payments in South Africa, understated its profit from the government contract in a submission to the country’s Constitutional Court that was audited by KPMG LLP, a report released by a development-economics research agency said. The company rejected the allegation and demanded the report be retracted. The court demanded the submission from Net1’s Cash Paymaster Services this year because the company continued to distribute more…

Mediclinic Drops Spire Takeover After Second Bid Is Rejected

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Mediclinic International Plc dropped plans to buy the rest of Spire Healthcare Group Plc after its own investors and the U.K. private hospital operator spurned a deal that would have valued the target company at about 1.27 billion pounds ($1.68 billion). The South African hospital operator said the two sides were unable to reach an agreement following a month of talks after its Oct. 18 proposal was rejected as too low. Mediclinic had made another bid…

Nigeria Aims to Issue $2.5b of Eurobonds on Monday

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria plans to issue a Eurobond of at least $2.5 billion on Monday, says Kevin Daly, a money manager at Standard Life Aberdeen, who attended an investor meeting with officials from the nation in London Thursday. Nigerian delegation included Finance Minister Kemi Adeosun, central bank Governor Godwin Emefiele, head of the Debt Management Office, Patience Oniha, and Ben Akabueze, head of the budget office. Nigeria may increase the size…

« 1 … 113 114 115 116 117 … 187 »