Private Equity |

Centum Kenya to Fund-Raise, Exit Investments as Profit Falls

NAIROBI (Capital Markets in Africa) – Centum Investment Co., Kenya’s second-largest publicly traded investment group, plans to raise funds by selling assets and will target third-party funding for projects, after it reported a plunge in full-year profit. The Nairobi-based company will reduce its stakes in investments that aren’t providing “good returns” and part of the proceeds will be used to help repay outstanding debt of 11.4 billion shillings ($113 million), Chief Executive Officer James Mworia said at…

Legae Buys Peregrine Securities to Add Prime Broking Edge

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JOHANNESBURG (Capital Markets in Africa) – Legae Securities Pty Ltd., South Africa’s first black-owned and managed securities firm, agreed to buy the stockbroking unit of Peregrine Holdings Ltd., giving it access to one of the country’s largest prime-broking businesses. A consortium of investors including Johannesburg-based Legae, some management from Peregrine Securities and a group of black investors, agreed to pay 760 million rand ($57 million) for Peregrine’s 65 percent stake in the brokerage, the companies…

Nigeria, Morocco Set Stage for Construction of Gas Pipeline

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LAGOS (Capital Markets in Africa) – Nigeria and Morocco set the stage for the construction of a pipeline that will connect Nigerian gas to customers elsewhere in Africa and make it available to European buyers. Nigerian President Muhammadu Buhari and King Mohammed VI of Morocco on Sunday signed an agreement in Rabat to start studies and consultations on the project, according to a statement by the Moroccan state agency MAP. The 5,660-kilometer (3,500-mile) conduit, which will follow onshore and…

Nigeria Sovereign Fund to Boost Local Focus After Profit Dip

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LAGOS (Capital Markets in Africa) – The Nigeria Sovereign Investment Authority is restructuring its portfolio to focus more on domestic investments after a drop in the currency wiped out foreign-exchange gains last year. “The asset allocation strategy of NSIA has been restructured to reflect an increased focus on domestic infrastructure investments with 50 percent of future contributions to be dedicated to infrastructure,” according to a statement on Monday from the fund. The institution, which last year had…

African Private Equity Funds raise $700mn in first four months of 2018

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LAGOS (Capital Markets in Africa) – Research provider Preqin indicated that 388 private equity (PE) funds raised a total of $114.6bn to invest in emerging markets (EMs) in 2017, compared to 639 EM-focused PE funds that raised $105.3bn in 2016. The aggregate capital raised in 2017 by EM-focused PE funds represented the second highest level since 2008. Also, the number of PE funds with a primary focus on EMs accounted for 32% of total PE funds, while the…

AfricInvest and Amethis acquire a minority stake in CFG Bank

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RABAT (Capital Markets in Africa )- AfricInvest and Amethis, leading pan-African mid-cap-focused private equity firms, are pleased to announce the closing of a minority equity investment in CFG Bank (“CFG”), a pioneering investment bank which is now extending its activities to become a universal bank. Established in 1992 by Adil Douiri and Amyn Alami, CFG initially operated as a capital markets investment advisor for retail clients, and soon became a leader in investment banking services…

Fitch: Diesel Breakthrough May Slow Electric Vehicle Adoption

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LAGOS (Capital Markets in Africa ) – Fitch Ratings-London/Barcelona-26 April 2018: A recent technology breakthrough announced by Bosch, which the company claims can radically reduce nitrogen oxide emissions from diesel engines, has the potential to reverse some of the recent pullback from the fuel, Fitch Ratings says. This could moderate the pace of electric vehicle (EV) adoption by restoring one of auto manufacturers’ more powerful options for meeting fleet-wide carbon dioxide (CO2) emissions targets. Diesel…

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