Finance | - Part 144

Flour Mills, Nigeria benefits from Dollar Scarcity

LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said a shortage of dollars in Africa’s most populous nation is boosting sales as buyers starved of the U.S. currency buy more food products locally. “Everyone is trying to see how to source locally and that is good’’ for Nigerian farmers and processors, Managing Director Paul Gbededo said in a Dec. 16 interview at the company’s corporate headquarters in Lagos,…

Coca Cola buys African bottling from AB InBev for $3.15 bln

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LAGOS (Capital Markets in Africa) – Anheuser-Busch InBev has agreed to sell its majority stake in Africa’s largest Coke bottler to the Coca Cola Company for $3.15 billion, the final planned divestment following its purchase of rival brewer SABMiller. The world’s largest beer maker and Coca Cola said in a joint statement on Wednesday that they had agreed the transfer of AB InBev’s 54.5 percent stake in Coca-Cola Beverages (CCBA). CCBA has operations in South Africa,…

Kenya, EU Plan Bilateral Trade Deal Apart From Regional Pact

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NAIROBI (Capital Markets in Africa) – The European Union said it may sign a bilateral trade deal with Kenya as other East African nations vacillate on a separate free-trade pact, in a move that will help East Africa’s biggest economy retain market access to the bloc. While Rwanda and Kenya initialed the so-called Economic Partnership Agreement before an Oct. 1 deadline, the other four nations of the East African Community have yet to show similar commitment, making…

AfDB Group approves €769.78 million for urban transport in Ivory Coast

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ABIDJAN (Capital Markets in Africa) – The Board of Directors of the African Development Bank Group (AfDB) has approved a loan of 769.78 million euros to Côte d’Ivoire aimed at significantly improving urban transport in the city of Abidjan. This financing will contribute to improving the living conditions of the people living in Abidjan through the development and rehabilitation of road infrastructures. More specifically, the project involves the development of 87.9 km of fast urban…

AfDB approves Africa Renewable Energy Initiative

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ABIDJAN (Capital Markets in Africa) – The Boards of Directors of the African Development Bank (AfDB) have endorsed the proposal by the Bank’s Management to serve as Trustee to administer and manage the resources of Africa Renewable Energy Initiative (AREI), and also to host the AREI Independent Delivery Unit as requested by African Heads of State and Government. The AREI is an Africa-owned and Africa-led initiative of the African Union. It aims at harnessing Africa’s…

Africa50 to Develop Solar Power in Nigeria

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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…

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