Finance

LAGOS (Capital Markets in Africa) – A British company aims to provide solar power to millions of people in the Democratic Republic of Congo, the vast central African nation where less than a fifth of the population have access to electricity. London-based BBOXX Ltd. last week announced it signed a deal with Congo’s government securing exemptions on import duties and value-added tax for solar equipment. That step has removed “prohibitively high” costs related to bringing in panels and…

LAGOS (Capital Markets in Africa) – Vodacom Group Limited proposed raising the black-owned shareholding in Africa’s largest wireless carrier by selling a stake of about 6 percent to certain investors and employees. The 17.5 billion-rand ($1.3 billion) deal will help Vodacom comply with a government initiative to raise black ownership in Africa’s most industrialized economy, part of ongoing efforts to redress inequalities originating from white-minority rule. After the transaction, about 20 percent of Vodacom will be controlled by…

ADDIS ABABA (Capital Markets in Africa) – Ethiopia, landlocked since the secession of Eritrea a quarter century ago, may consider building a naval base in neighbouring Kenya to strengthen its military capabilities, the head of the state shipping company said. The facility could form part of a port the Kenyan government is building at Lamu, said Roba Megerssa Akawak, chief executive officer of the state-owned Ethiopian Shipping & Logistics Services Enterprise. The 390 billion-shilling ($3.87…

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV soared more than 50 percent after winning support from a majority of its key creditors for a standstill agreement through the end of June, giving the scandal-hit retailer breathing space to avoid insolvency proceedings. The so-called support letter for Steinhoff’s restructuring plan is the first step taken by creditors toward a debt agreement with the South African company, which in December reported accounting wrongdoing that wiped more than…

JOHANNESBURG (Capital Markets in Africa) – A burgeoning risk of a supply crunch in cobalt — a key battery metal that’s more than tripled in price in two years — poses one of the biggest threats to forecasts for rising electric vehicle adoption. Major investment in mines is required to avoid price spikes that could see cost reductions for lithium-ion batteries stall, Bloomberg New Energy Finance analysts said Monday in a report. Shortages of cobalt are likely earlier than…