Finance | - Part 165

Private Equity | Barclays Africa Said to Attract Abraaj-Led Group for Stake

LAGOS, Nigeria, Capital Markets in Africa: Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays Plc’s African unit, according to people familiar with the matter. Abraaj is working with financial advisers and is in discussions to team up with other investors including a Middle Eastern sovereign wealth fund, the people said, asking not to be identified as the information is private. The private equity firm may bid for as…

Private Equity | Abraaj Readies Nigerian Fertilizer, East African Insurance Deals

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LAGOS, Nigeria, Capital Markets in Africa: Abraaj Group, a Dubai-based private equity firm, is in the final stages of approval for three transactions in sub-Saharan Africa and will probably make further investments in the region before the end of the year, partner Sev Vettivetpillai said on Thursday. Abraaj is seeking final internal approval for three transactions, including one in Nigeria’s fertilizer industry, an insurance investment in East Africa and an industrial business in South Africa, he said in an…

Investment | ShowMax Expands to 36 African Countries in Challenge to Netflix

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Johannesburg, South Africa, Capital Markets in Africa: Naspers Limited, Africa’s biggest company by market value, expanded its video-streaming service ShowMax into 36 new sub-Saharan African countries in a challenge to Netflix Inc., which is also growing in the region. The new markets went online Friday, bringing ShowMax’s availability globally to 65 countries, the company said in an e-mail. The service started in August. Naspers, which has a market value of $57 billion and is Africa’s largest…

Investment | DuPont Plans to Double Its African Seed Business in Five Years

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LAGOS, Nigeria, Capital Markets in Africa: DuPont Company plans to more than double its African seed business, excluding the mature South African market, over five years as governments and farmers on the least-developed continent seek to boost crop yields, a director of the company’s Pioneer unit said. “From a revenue perspective we’re aiming for over 20 percent in terms of the compound annual growth rate,” Prabdeep Bajwa, the African regional business director for Pioneer, said in…

Investment | Africa Investors Look East as Commodity-Driven Boom Withers

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LAGOS, Nigeria. Capital Markets in Africa: Investors targeting Africa are looking east, as depressed commodity prices and slowing growth in China put the brakes on a two-decade growth surge in the world’s poorest continent. Kenya, Tanzania and host Rwanda are the countries in vogue at the World Economic Forum’s annual confab of Africa’s business and political leaders that began Wednesday in Kigali. All three economies should expand at least 6 percent this year, double the…

Infrastructure | IMF’s Lipton Warns Africa Against Infrastructure Debt Traps

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LAGOS, Nigeria, Capital Markets in Africa: African nations need to find the right balance when pursuing infrastructure projects to avoid falling into deeper debt traps, according to David Lipton, First Deputy Managing Director of the International Monetary Fund. “Infrastructure projects can be very successful in supporting growth if countries pick the right projects and carry them out in an efficient fashion,” Lipton said in a interview in the Kenyan capital, Nairobi on Tuesday. “Mistakes or inefficiencies…

Finance | Swaziland secures US$63 million AfDB loan to finance smallholder irrigation project

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Mbabane, Swaziland, Capital Markets in Africa: Swaziland has secured a US $63 million (ZAR 2.01 billion) loan to finance the second phase of the Lower Usuthu Smallholder Irrigation Project (LUSIP II) in the south eastern part of the country. The LUSIP II, approved by the African Development Bank Board on Wednesday, May 5, 2016, is a follow-up project to the LUSIP-I which was completed in 2010. The project was a response to the Government’s recognition…

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