Finance | - Part 161

Managing and Mitigating Risk in Mergers and Acquisitions

LAGOS, Nigeria, Capital Markets in Africa: A fragile global economy, coupled with local market uncertainty, and concerns over the recovery of equity markets followed by a business environment that places increasing pressures on profitability has significantly increased the complexity of deal making today. Corporate governance issues are paramount and regulatory and compliance issues demand that greater caution be exercised in ensuring that proper due diligence is conducted in assessing transactions and their associated risks. Notwithstanding…

Investment | AFC fuels expansion at New Age with new investment

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Africa Finance Corporation (AFC) has announced that it is acting as lead arranger for an up to US$425mn senior mezzanine facility for New Age (African Global Energy) Limited (New Age), a privately held oil and gas exploration, development, and production company with assets primarily across Africa, to enable the company to further develop its existing assets and expand operations. AFC is investing US$75mn in the deal. AFC and the…

Kenya Will Begin Constructing Its Crude Oil Pipeline in 2018

Posted on by The Editorial Team

KENYA, Capital Markets in Africa: Kenya will start the construction of an 865-kilometer (538-mile) crude oil pipeline linking fields in its northern region to a new port being built along its Indian Ocean coastline within two years, a government official said. The government is evaluating bids for the pipeline’s design and will award a so-called front-end engineering design contract in October, Ministry of Energy and Petroleum Principal Secretary Andrew Kamau said. “Once we have the pipeline design, the engineering,…

Mozambique’s Foreign Investment Slumps by 35% in First Quarter

Posted on by The Editorial Team

MOZAMBIQUE, Capital Markets in Africa: Foreign investment flows into Mozambique fell 35 percent in the first quarter, putting pressure on the nation’s balance of payments and exchange rate, Finance Minister Adriano Maleaine said. Investors brought in $650 million in the first three months compared with $1 billion a year ago, Maleiane told members of the ruling Mozambique Liberation Front, or Frelimo, on Wednesday in the capital, Maputo. “Foreign direct investment used to be an important source of…

Investment | Exxon Said to Eye Gas Deal That May Ease Mozambique Debt Crisis

Posted on by The Editorial Team

MOZAMBIQUE, Capital Markets in Africa: Exxon Mobil Corporation is considering buying stakes in natural gas discoveries off Mozambique made by Anadarko Petroleum Corp. and Eni SpA, potentially giving a tax windfall to the African nation grappling with a deepening debt crisis, according to two people with knowledge of the matter. Acquiring a share of Anadarko’s Area 1 in the Rovuma Basin off Mozambique’s north coast could generate capital gains tax of about $1.3 billion for the government, one of…

Econet Agrees to Pay $428 Million for Neotel With Investors

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HARARE, Zimbabwe, Capital Markets in Africa: Econet Wireless Global affiliate Liquid Telecom agreed to pay 6.55 billion rand ($428 million) for South African Internet-service provider Neotel Pty Ltd., creating the continent’s largest broadband network and business-to-business phone carrier. Shares of Tata Communications Ltd., which is selling the stake, surged. The buyer is partnering with Royal Bafokeng Holdings, a South African empowerment investment group, which has committed to taking a 30 percent stake in Neotel, according to…

De Beers Sells $560 Million of Diamonds, Least Since January

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SOUTH AFRICA, Capital Markets in Africa: De Beers reduced diamond sales at its fifth offering this year to the least since January. The value of the Anglo American Plc unit’s sales was $560 million compared with $636 million at the previous offering, the London-based company said in statement Tuesday. “Sales in the fifth cycle of the year were somewhat lower than in the fourth cycle, in line with our expectations and typical seasonal demand patterns,” outgoing De Beers…

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