Finance

LAGOS (Capital Markets in Africa) – Nigeria’s biggest flour miller has cemented its dominant position in Africa’s largest economy with the purchase of a majority stake in Honeywell Flour Mills Plc. Flour Mills of Nigeria Plc will acquire a 77% stake in the nation’s third largest miller, according to a statement on the Nigerian Stock Exchange website. The whole company is valued at 80 billion naira ($194 million). The final price payable will be based on adjusted…

JOHANNEBURGH (Capital Markets in Africa) – South African coronavirus cases are beginning to climb, the positivity rate of tests is increasing and an analysis of wastewater shows that the disease is once again becoming more prevalent in some areas. On Nov. 20, the number of confirmed cases over a 24-hour period rose to 887, the highest since Oct. 14, and on Nov. 21, 3.4% of tests returned a positive result, according to government data. If maintained…

LAGOS (Capital Markets in Africa) – Nigerian tech startup TeamApt Ltd. is in the market raising its third round of funding at a value of more than a $1 billion, which will result in the banking software firm joining a spate of Africa-tech companies to become so-called unicorns.  The Lagos-based company is targeting to raise about $150 million, said founder and Chief Executive Officer Tosin Eniolorunda in an e-mailed response to queries. TeamApt is getting…

JOHANNESBURG (Capital Markets in Africa) – Vodacom Group Ltd. may consider a separate listing of its financial services business in South Africa to unlock value, seeking to address what Chief Executive Officer Shameel Joosub says is a stockmarket discount to the carrier’s sum-of-parts worth. The overall company, which also includes operations in Tanzania and Mozambique, trades in Johannesburg and could look at whether a carve out of the financial services unit makes sense, he said…

NEW YORK (Capital Markets in Africa) – President Joe Biden and his party notched a huge economic victory late Friday with passage of a bipartisan public works bill. Now he seeks to sell Americans on the merits of $550 billion in new spending even as they face rising prices for fuel, food and housing. The president plans an infrastructure tour over the next several weeks to promote the legislation, including a visit to the Port…

ACCRA (Capital Markets in Africa) – The Economic Community of West African States on Sunday imposed sanctions on Mali’s transitional leaders after they informed the regional bloc they would not be able to hold elections in February to return to democratic rule. The sanctions include travel bans and a freeze on financial assets, on all members of the transitional authority and their families, ECOWAS said in a statement after a summit in Ghana’s capital, Accra….

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. recently made a takeover approach for Telkom SA SOC in a deal that would’ve combined South Africa’s second and third largest telecommunications operators, according to people familiar with the matter. Telkom has so far shown no interest in a sale, said the people, who asked to remain private as the talks are confidential. It remains unclear whether the larger rival will continue its pursuit, the people…