Finance | - Part 163

Investment | Glencore Sells Agri Stake to Canadian Fund for $625 Million

South Africa, Capital Markets in Africa: Glencore Plc agreed to sell just-under a 10 percent stake in its agriculture unit to Canada’s British Columbia Investment Management Corp. for $624.9 million in cash as it continues to cut debt. The commodities trader and miner, which sold a 40 percent stake in the business to Canada Pension Plan Investment Board for $2.5 billion in April, will retain a majority 50.01 percent stake, it said in a statement on Wednesday. The agreement takes the value…

Nigeria Officials Pledge Naira Announcement Within Weeks

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian officials said they are still working out the details of a new currency policy and may make an announcement within the next month, according to bond investors who met with a delegation led by Finance Minister Kemi Adeosun in London on Tuesday. When asked how long before a more flexible foreign-exchange regime was unveiled, investors were told it would probably be “days or weeks,” said Kevin Daly, a money manager…

Infrastructure | Chinese Companies to Build Hydro Plant in Energy-Starved Congo

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CONGO, Capital Markets in Africa: Sinohydro Corp. and China Railway Group Ltd. have agreed to finance a 240 megawatt, $660 million hydro-power plant in Democratic Republic of Congo’s Katanga province, ending six years of talks around the project. The Chinese companies have agreed with Congo’s government to develop the Busanga project in the copper- and cobalt-rich region, Moise Ekanga, executive secretary of the Office for the Coordination and Monitoring of the Sino-Congolese Program, said by phone from Kinshasa, the capital….

Investment | Mediterrania Capital Partners invests in MedTech Group, Morocco

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Casablanca, Morocco, Capital Markets in Africa: Mediterrania Capital Partners, the regional private equity firm focusing on growth investments for companies in North African and sub-Saharan countries, announces the acquisition through its second fund, Mediterrania Capital II, of a stake in MedTech Group, Morocco’s leading IT business system integrator incorporating solutions from corporations such as Oracle, Microsoft, NCR, Alcatel-Lucent, Cisco, EMC and IBM. With 25 years of experience in the IT industry, nowadays MedTech is operating…

Finance | Investec Plans to Raise 145 Million Pounds to Boost Capital

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Johannesburg, South Africa, Capital Markets in Africa: Investec Plc plans to raise as much as 145 million pounds ($209 million) by selling equity to buy back preference shares it and other South African banks issued about a decade ago, mainly to fund transactions aimed at boosting black ownership of the economy. The offer involves placing up to 30.87 million ordinary shares in the company in an accelerated book build being arranged by JPMorgan Chase & Co.,…

Financing | Airports of Mozambique Plans to Reorganize $500 Million Debt

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MAPUTO, Mozambique, Capital Markets in Africa: Airports of Mozambique plans to restructure loans of $500 million after a slide by the nation’s currency against the dollar undermined the state-owned company’s ability to repay loans, its chairman said. The southern African nation has said it is in the process of restructuring another $535 million loan extended to state-owned Mozambique Asset Management after the company failed to meet a $178 million interest payment last month. The government admitted in…

Investment | Green Power Investing Brightens Returns in Ailing South Africa

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Johannesburg, South Africa, Capital Markets in Africa: A program that’s making South Africa the top destination for green-power investments across the continent and the Middle East is not only easing an electricity crisis: returns are beating those in bonds and stocks. The Renewable Energy Independent Power Producer Procurement Program secured about $12.5 billion since 2011 and will attract another $35 billion by 2020, according to data compiled by Bloomberg New Energy Finance. With state-guaranteed contracts to buy the power over…

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