Finance | - Part 124

South African Airways Is Said to Hire Aviation Veteran to Meet Lenders’ Terms

JOHANNESBURG (Capital Markets in Africa) – South African Airways has agreed to hire a restructuring expert to help turn around the state-owned airline and meet conditions laid down by lenders to roll over debt, according to two people familiar with the matter. Incoming Chief Executive Officer Vuyani Jarana met with British industry veteran Peter Davies last month and he agreed to help try to return SAA to profit, said the people, who asked not to be identified as the…

Anadarko Brings Mozambique Plan Nearer to Fruition With PTT Deal

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MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corp. moved nearer to greenlighting a natural-gas project in Mozambique as it struck a deal to sell some of the fuel to Thailand’s national energy company. PTT Pcl will buy 2.6 million tons a year of liquefied natural gas under a long-term contract starting in 2023, Chief Operating Officer Wirat Uanarumit said Monday in Bangkok. That’s about a quarter of the amount that must be contracted to bring the project to…

Naspers Buys $775 Million Stake in German Online Food Group

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JOHANESBURG (Capital Markets in Africa) – Naspers Ltd. agreed to pay 660 million euros ($778 million) to boost its stake in Germany’s Delivery Hero AG as Africa’s biggest company increases its exposure to the online food-delivery market. The Cape Town-based media and technology business will buy stock from Rocket Internet SE at 29.50 euros a share, it said in a statement on Thursday. That’s a discount of 12 percent based on Wednesday’s closing price, making the South African company the…

Coca-Cola Nigeria Will Spend $600 Million on New Products

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LAGOS (Capital Markets in Africa) – Coca-Cola Co.’s Nigerian operation will invest $600 million by 2020 to boost sales, in line with a global strategy to extend the product range beyond its soft drinks. The unit of the Atlanta-based beverage maker plans to expand its offering of drinks to include flavoured and condensed milk, iced tea and bottled water to meet demand in Africa’s most populous country, Peter Njonjo, the president of the West Africa operation,…

Botswana to Name Developer of $4 Billion Plant by December

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GABONORE (Capital Markets in Africa) – Botswana Oil Limited will decide by December on a company to build and operate a $4 billion coal-to-liquids plant, a facility it said may meet as much as 80 percent of the southern African country’s fuel demand. The state-owned oil firm received 11 bids by its August deadline and is subjecting them to “highly technical assessments,” spokeswoman Matida Mmipi said Monday by phone from the capital, Gaborone. She declined to…

Biggest Gem Found in a Century Finally Sells for $53 Million

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GABORONE (Capital Markets in Africa) – Size isn’t everything in the diamond market, especially for the biggest gem found in more than a century and which took more than a year to sell. Lucara Diamond Corporation finally sold the 1,109-carat Lesedi La Rona diamond for $53 million, or $47,777 a carat, on Monday to Graff Diamonds, Vancouver-based Lucara said in a statement. While it’s significantly bigger than the 813-carat Constellation stone Lucara found at the same time, that stone sold for a…

South Africa $7.5 Billion Pensions Bid `Untrue,’ Gigaba Says

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JOHANNESBUGH (Capital Markets in Africa) – A Bloomberg News report that South Africa’s National Treasury is seeking as much as 100 billion rand ($7.5 billion) from the government workers’ pension fund to finance struggling state companies is untrue, Finance Minister Malusi Gigaba said. The Public Investment Corp., which manages the fund and has about 1.86 trillion rand in assets, has been asked by the Treasury to buy its entire 12 billion-rand stake in Telkom SA SOC Ltd. to pay…

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