Finance | - Part 118

IMF Reaches Initial Agreement With Egypt for $2 Billion Tranche

CAIRO (Capital Markets in Africa) – The International Monetary Fund reached a staff-level agreement with Egypt to unlock a $2 billion loan installment, and said economic reforms in the Arab world’s most populous nation are starting to pay off. Egypt and the Washington-based lender signed a 3-year, $12 billion agreement a year ago, of which $4 billion has already been disbursed. The next $2 billion installment is subject to approval from the IMF’s executive board, and Egyptian authorities…

Kenya’s ARM Is Said to Become Next Target in Africa Cement Wars

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – ARM Cement Ltd., the Kenyan building-materials supplier, is the newest takeover target in the battle among the world’s biggest cement makers to expand in Africa, according to people familiar with the matter. ARM’s owners are exploring a sale, said the people, who asked not to be identified because the talks are private. The Nairobi-based company is currently valued at about $133 million on the Nairobi stock exchange, though the…

African Lender Mulls U.S. Bond Sale to Fund Trade Financing

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DAR ES SALAAM (Capital Markets in Africa) – Trade & Development Bank, a trade financier with operations in 21 African countries, will hold an investor roadshow in the U.S. next year to prepare for a possible Eurobond sale, Chief Executive Officer Admassu Tadesse said. TDB completed a promotional campaign in Gulf states last month, where it’s in the process of finalizing $200 million of funding, Tadesse said in an interview Thursday at his office in the…

Telkom Says Government Has Identified Potential Buyers of Stake

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DAR ES SALAAM (Capital Markets in Africa) – Telkom SA SOC Ltd. executives have met with South African government officials to discuss plans to sell a 39 percent state-owned stake and were told that potential buyers have been identified. “They have communicated that they have identified a buyer or buyers to sell to,” Telkom Chief Executive Officer Sipho Maseko said in an interview in Pretoria on Friday. “The sale will most likely be done through a private placement.”…

Congo Fails to Account for Infrastructure Loans, Group Says

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s government failed to account for more than half a billion dollars of infrastructure loans received from Chinese institutions over a six-year period, according to the Carter Center. Sicomines, a Chinese-Congolese copper-mining venture, received $1.163 billion in loans between 2008 and 2014 to spend on infrastructure, but disbursed only $478 million, the Atlanta-based advocacy group said in a report published Nov. 3. Its findings are…

Mining Lobby in Court Over South African Black-Ownership Rules

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines starts the first of its two-pronged legal fight over the country’s black-empowerment rules Thursday. The case will be heard in Pretoria over two days and pits the chamber, which represents producers including Anglo American Plc and AngloGold Ashanti Ltd., against the Department of Mineral Resources. At stake is whether mining companies can claim to have met black-ownership requirements even after beneficiaries have sold their stakes in…

Egypt Qalaa’s $3.7 Billion Oil Refinery to Start Up in September

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said. Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of the refinery will be completed in June, with operations to begin in September. The Cairo…

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