Finance | - Part 149

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

Tanzania gets $1.6 bln World Bank package to fund economic revival

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania has secured $1.6 billion in loans and grants from the World Bank which it said it will use to help end chronic power shortages, rebuild its railways and develop its farming. East Africa’s second-biggest economy is revamping its power generation and hopes to use some of its estimated 57 trillion cubic feet of natural gas reserves to cut its reliance on oil-fired and hydro power plants….

PIC May Boost Investments Outside South Africa as Economy Slows

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Public Investment Corp., which manages the bulk of South African government employee pensions, will consider further investments outside its home market as the continent’s most industrialized economy expands at the slowest pace since the 2009 recession. “I would like to see more growth, and because of the tough economic environment in South Africa, that is a concern,” Chief Executive Officer Dan Matjila said in an interview in Pretoria on Tuesday. “One way to…

Barclays Agrees to Sell Egyptian Unit to Attijariwafa Bank

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JOHANNESBURG (Capital Markets in Africa) – Barclays Plc agreed to sell its Egyptian business to Morocco’s Attijariwafa Bank as the British firm shrinks its global operations and speeds up the sale of unwanted assets. The deal will probably be completed by the end of this year, the London-based lender said in a statement Tuesday. The disposal will boost the bank’s common equity Tier 1 ratio by 0.1 percentage point, reducing risk-weighted assets by about 2 billion pounds…

Net 1 Buys Blue Label Stake in $400 Million Deal for Cell C

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JOHANNESBURG (Capital Markets in Africa) – Blue Label Telecoms Ltd. will buy a 45 percent stake in Cell C (Pty) Ltd. for 5.5 billion rand ($400 million) to expand the network of South Africa’s third-largest mobile-phone operator and reduce the target company’s debt. As part of the deal, electronic-payment provider Net 1 UEPS Technologies Inc. agreed to subscribe for 118 million Blue Label shares for 2 billion rand, giving the company a 15 percent stake in Blue…

MTN Returns to Eurobond Market With Two Notes to Fund Growth

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Limited returned to the Eurobond market for the first time since 2014 as Africa’s biggest wireless carrier by sales seeks funds for investment. The mobile-phone company is offering a five-year note at a yield ranging from 5.375 percent to 5.5 percent, according to a person familiar with the matter, who asked not to be identified because the information is private. MTN is also marketing a 10-year bond at…

BP to Buy LNG From Eni’s Mozambique Field in 20-Year Accord

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MAPUTO (Capital Markets in Africa) – BP Plc has agreed to buy the entire liquefied natural gas production from a field off Mozambique over a period of 20 years. The London-based company will purchase cargoes from the Coral South Floating LNG plant being developed by partners including Italy’s Eni SpA, which is due to get final approval by the end of this year, BP said in a statement on Tuesday. The project is expected to have a…

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