Finance

LAGOS (Capital Markets in Africa) — Jumia Technologies AG is looking beyond an immediate target of generating a profit from its pioneering African e-commerce business, laying out longer-term plans to spin off divisions and enter new countries. The question of when the Berlin-based company will become profitable has hung over the group since a high-profile New York listing in 2019. And while Jumia has been careful in recent months not to set itself a deadline,…

CASABLANCA (Capital Markets in Africa) — Morocco returned to international capital markets with a record foreign bond offering to shore up finances battered by the coronavirus. The government’s $3 billion bond offering included dollar-denominated seven-, 12- and 30-year securities, according to a person familiar with the matter who asked not to be identified. The deal priced at 175 basis points over U.S. Treasuries for $750 million of the shortest-duration notes, 200 basis points for $1…

CAIRO (Capital Markets in Africa) — Egypt wants to get its local debt settled by Euroclear Bank SA in less than a year and introduce its first floating-rate bonds by mid-2021, part of a push to cut borrowing costs and stoke rebounding demand for its notes. A deal with Belgium-based Euroclear will mean a “safe gateway” to the market for “big-ticket investors such as central banks and increase demand and liquidity by expanding our investor…

JOHANNESBURG (Capital Markets in Africa) — Investec Group is exiting Australia as the South African and U.K. specialist bank and wealth manager focuses on expanding existing operations. “We are winding down the business in Australia to focus on building scale and relevance in our core markets,” the London- and Johannesburg-based lender said by email. “This is in line with our stated strategy to bring clarity, simplicity, and focus to every aspect of Investec.” The company…

LAGOS (Capital Markets in Africa) — Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns while relying more on artificial intelligence to mine data and spot new investment opportunities. “With an abundance of natural resources and young, growing, and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors,” said Abu Dhabi Investment AuthorityManaging Director Hamed bin Zayed Al Nahyan. “We already…

JOHANNESBURG (Capital Markets in Africa) — Eskom Holdings SOC Ltd., South Africa’s debt-ridden utility, may eliminate carbon emissions at its power plants only by 2050, according to a government task force. The utility’s Just Energy Transition program, which envisages shifting away from coal, will be implemented gradually over the next three decades, the political group led by Deputy President David Mabuza said. The government maintains that the transition must ensure the economic sustenance of communities surrounding the…

LAGOS (Capital Markets in Africa) — Societe Generale SA will act as financial adviser to Total SE and Gigajoule Group on their planned liquefied natural gas import terminal and power plant near Mozambique’s capital, Maputo. The developers expect to reach a final investment decision next year, Gigajoule Chief Executive Officer Johan de Vos said in a reply to questions. The French oil major and the Centurion, South Africa-based energy company plan to spend as much as $3.2…