North Africa |

Egypt’s CIB completes $40 mln sale of investment banking unit

CAIRO (Capital Markets in Africa) – Egypt’s largest listed bank CIB said on Monday it had finalised the sale of a near 75 percent stake in its investment banking arm to a consortium of local and foreign investors in a deal worth 710.2 million Egyptian pounds ($39.5 million). Commercial International Bank (CIB) signed an agreement in December to sell the majority of its shares in CI Capital to a group of Egyptian and Gulf investors. It…

Sonatrach, ENI get 34 bids for Algerian solar power plant

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ALGIERS (Capital Markets in Africa) – Algerian state energy firm Sonatrach and Italy’s ENI have bids from 34 international firms to build a 10 megawatt solar power plant at Bir Rebaa North (BRN) in eastern Algeria, a Sonatrach source said. Major oil and gas producer Algeria is looking to expand into solar energy as it tries to meet growing domestic energy demand and officials say the North African country will soon launch a major project…

Goldcar’s Owners Said to Hire Deutsche Bank to Weigh a Sale

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LAGOS (Capital Markets in Africa) – European private equity firm Investindustrial is exploring a sale of its low-cost car rental company Goldcar Spain SL, which could fetch more than 500 million euros ($533 million), according to people familiar with the matter. The buyout fund, led by Italian businessman Andrea Bonomi, has hiredDeutsche Bank AG to help find a buyer for Goldcar, which operates in southern European markets including Spain, Italy, and Portugal, as well as Mexico and Morocco,…

Morocco’s Bourse Eyes IPOs, Short-Selling to Regain Index Status

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RABAT (Capital Markets in Africa) – Morocco’s stock exchange plans to introduce new financial instruments and expand the number of listed companies as it seeks to regain the emerging-market status it lost in 2013 and court potential buyers. Africa’s second-largest bourse by market value is expanding partnerships on the continent in a bid to attract more investments, Karim Hajji, managing director of the Bourse de Casablanca, said in an interview. The exchange plans to sell a stake…

Africa Finance Corporation Invests US$25 million in Egypt’s Carbon Holdings

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LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced it is to invest US$25 million in Egyptian petrochemicals company Carbon Holdings Ltd. Carbon Holdings primarily operates in the Suez Special Economic Zone. As well as exporting raw materials and end products, the company aims to develop an integrated large-scale petrochemicals platform in Egypt to take advantage of the country’s strategic geographic location…

Africa’s Central Banks Reaction Amid Inflation and Growth Concerns

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LAGOS (Capital Markets in Africa) – Angola’s central bank left its benchmark BNA rate at 16.0% on 30th January 2017. The National Bank of Angola (BNA), which raised its rate 500 basis points last year – most recently in June – to curb inflation, added its monetary policy committee had also taken note of the trend of declining monetary indicators. Botswana’s central bank left its benchmark lending rate unchanged at 5.5% on 28th February 2017, saying…

Egypt’s pound shows Nigeria must overcome its fear of floating free

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CAIRO (Capital Markets in Africa) – A currency devaluation may do little to fix Nigeria’s problems unless it follows the examples of emerging market peers Egypt, Argentina and Russia and embraces floating exchange rates. Grappling with the recession, widespread dollar shortages, a budget funding gap and international lenders’ reluctance to provide loans, Nigeria has moved tentatively to devalue its currency. The naira traded as low as 375 per dollar on Monday versus the official rate of…

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