Finance | - Part 144

Africa50 to Develop Solar Power in Nigeria

LAGOS (Capital Markets in Africa) – Africa50, the infrastructure fund for Africa, has signed a joint development agreement (JDA) for an 80 MW (AC) solar photovoltaic independent power project in Nigeria. The project, near Dutse in Jigawa state, will be co-developed with Scatec Solar, a Norwegian integrated independent solar power producer, and Norfund, the Norwegian Investment Fund for Developing Countries. The project includes the construction of a dedicated 132 kV overhead transmission line that will…

AB InBev to Sell Stake in Distell to South African Fund PIC

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JOHANNESBURG (Capital Markets in Africa) – Anheuser-Busch InBev NV agreed to sell SABMiller Plc’s stake in South African drinks maker Distell Group Ltd. to Africa’s largest pension administrator, clearing another regulatory hurdle in the brewing industry’s biggest-ever deal. The Public Investment Corp. will buy the 26.4 percent stake in the maker of Amarula liquor and Klipdrift brandy, the Leuven-based company said in a statement Thursday, without disclosing the price. The holding is worth 8.92 billion rand ($640 million), based on…

AfDB invests $20 million in Sudan’s water and sanitation project

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SUDAN (Capital Markets in Africa) – In collaboration with the UK Department of International Development (DfID), the African Development Bank (AfDB) concluded a project identification mission to Port Sudan on December 13, 2016. The mission sought to hold discussions with authorities and stakeholders on the possibility for the AfDB to finance the Port Sudan Priority Water and Sanitation (PSPWS) project as part of its joint efforts with DfID to address Port Sudan’s short-, medium- and…

South Africa’s Eskom May Seek Nuclear-Plant Proposals This Week

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JOHANNESBURG (Capital Markers in Africa) – Eskom SOC Holdings Ltd., South Africa’s state-owned power utility, may ask developers for proposals to build as much as 9,600 megawatts of nuclear-powered electricity plants this week. Most of the documentation is complete and Eskom is waiting for the Department of Energy to formalize the company’s role as the procurer for the country’s nuclear energy program, spokesman Khulu Phasiwe said by phone Tuesday. The expected timing of the request for proposals,…

Ethiopia’s Foreign Investment Stalls After Attacks on Businesses

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Addis Ababa (Capital Markets in Africa) – Foreign investment in Ethiopia is stalling after a series of demonstrations against international companies. Investment was about $500 million in the three months ended Oct. 10 compared with the same period a year earlier, according to Investment Commissioner Fitsum Arega. Foreign investment had gained 20 percent a year on average for the past six years, including a 50 percent jump last year, he said by phone from Addis…

Opportunities in Africa’s M&A Amidst Current Uncertainty

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JOHANNESBURG (Capital Markets in Africa) – In spite of the current challenges facing the M&A landscape in Africa, there are pockets of opportunity as businesses review their strategies in response to changing global realities. The inability to confidently interpret information in Africa is fuelling uncertainty in the continent’s corporate transaction landscape. While this has lent an element of uncertainty to businesses considering African acquisitions, for those able to read the signs, Africa’s fundamentals remain positive…

Tanzania Says It May Draw $9.2 Billion in Cement Investment

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DAR ES SALAM (Capital Markets in Africa) – Three companies plan to invest as much as 20 trillion shillings ($9.2 billion) in Tanzanian cement production in projects that could double the nation’s installed capacity, Trade and Industry Minister Charles Mwijage said. The government of East Africa’s second-biggest economy, with gross domestic product of $45 billion, has infrastructure projects planned, including the $10 billion Bagamoyo port development, a $7-billion railway and a $4-billion crude oil pipeline from neighboring…

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