Finance | - Part 90

Egypt’s Sarwa Capital Seeks Raising About $120 Million in IPO

CAIRO (Capital Markets in Africa) – Sarwa Capital, an Egyptian consumer and structured-finance provider, plans to sell a stake of as much as 40 percent in an initial public offering to raise capital for expansion. The Cairo-based company plans to list the shares on the local stock exchange in early October, Chief Executive Officer Hazem Moussa said in an interview. The company will use the proceeds, expected to be about $120 million, to grow consumer…

Nigerian Credit Agency Gives $373 Million to Boost Crop Exports

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LAGOS (Capital Markets in Africa) – Nigeria’s state-owned agricultural-lending facilitator said it disbursed $373 million to farmers in the past year to help boost production of export crops. Known as Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, or Nirsal, the agency underwrites risk for credit going to farmers, part of the efforts by the oil-rich country to increase revenue from farm exports and reduce its dependence on hydrocarbons. The credit beneficiaries are mainly small-holder…

South Africa Close to Tax Deal to Lure VW, Ford, BMW Investment

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s government is close to agreeing to new tax breaks for international carmakers including Toyota Motor Corp., Ford Motor Co. and BMW AG in return for initiatives to boost jobs and exports, according to Trade and Industry Minister Rob Davies. A deal on a 15-year incentive program to replace one that expires in 2020 should be reached this year, Davies said in an interview Tuesday. While work is still to…

MTN Agrees 200 Billion Naira Loan Facility With Nigerian Banks

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. agreed a 200 billion naira ($554.3 million), seven year loan facility with 12 Nigerian lenders to fund voice and data service expansion in its biggest market. The facility is denominated in naira and structured with a two-year moratorium and a repayment period of five years, the Johannesburg-based company said in an emailed statement. Lenders providing the facility include Ecobank Nigeria Ltd. and Fidelity Bank Plc. MTN, Africa’s…

Mining’s Exploration Surge Helps Spur $500 Million Driller Deal

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LAGOS (Capital Markets in Africa) – Rising exploration is driving growth opportunities for mining services providers, according to Ausdrill Ltd., which has agreed to acquire a smaller rival to create Australia’s second-largest company in the sector. Ausdrill’s A$697 ($500 million) cash and share acquisition, including debt, of Barminco Holdings Pty will form a company with a client roster that includes BHP Billiton Ltd. and Newmont Mining Corp., Ausdrill said Wednesday in a statement. The mining sector is revving up a hunt…

Crypto’s Millennial Mining Tycoon Is Said to Plan $3 Billion IPO

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LAGOS (Capital Markets in Africa) – Bitmain Technologies Ltd., the world’s biggest producer of cryptocurrency mining chips, is planning a Hong Kong initial public offering that could raise as much as $3 billion, people with knowledge of the matter said. The Beijing-based company, whose 32-year-old co-founder Jihan Wu is one of the most powerful players in crypto, plans to file a listing application with the Hong Kong stock exchange as early as September, according to the people….

South Africa Close to Tax Deal to Lure VW, Ford, BMW Investment

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