Private Equity |

Zimbabwe Power to Draw Down $199 Million for Hwange Expansion

HARARE (Capital Markets in Africa) – The Zimbabwe Power Co. will draw down $199 million from a China Export-Import Bank loan in April to begin building additional units at the Hwange Thermal Power Station, acting Managing Director Joshua Chirikutsi said. Upon completion, the $1.5 billion units 7 & 8 will add 600 megawatts to the existing 920-megawatt plant, Zimbabwe’s biggest. ZPC and Sinohydro Corp. will own 64 percent and 36 percent respectively of the proposed…

Olam Eyes Fish Farming in Africa to Tap Growing Middle Class

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LAGOS (Capital Markets in Africa) – Olam International Limited, one of the world’s largest food traders, is considering expanding into fish farming in Africa to tap demand from a growing and more affluent population. The Singapore-based firm is conducting a feasibility study on farming fish in West Africa, likely in Nigeria, the continent’s most populated country, Chief Operating Officer Shekhar Anantharaman said. Olam could potentially start the venture with partner and shareholder Mitsubishi Corp., which owns fish…

Helios Towers Halts IPO Plans After Eaton Towers Deal Report

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LAGOS (Capital Markets in Africa) – Helios Towers Plc abandoned plans for an initial public offering following a report that it could merge with another telecommunications tower operator in Africa, Eaton Towers Ltd. A merger between the two could take place, given the scope for regional sector consolidation, Merger market reported on Wednesday, citing a person familiar with the situation and two industry advisers. Earlier talks to combine failed due to disagreement on valuation, yet…

South Africa Delays Renewable Projects Pending Court Hearing

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JOHANNESBURG (Capital Markets in Africa) – South Africa delayed signing agreements for renewable-energy projects worth 56 billion rand ($4.7 billion), after a court postponed a ruling on a labour union application to block the deals. The National Union of Metalworkers of South Africa and Transform RSA applied for an interdict on Monday evening to prevent state-owned utility Eskom Holdings SOC Ltd. from signing 27 power purchase agreements that have been held up since 2016. While…

Steinhoff Boosts Fund-Raising to $1.4 Billion in KAP Sale

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV boosted the amount raised from asset sales to about $1.4 billion as the embattled global retailer strives to shore up its balance sheet. The owner of Conforama in France and Mattress Firm in the U.S. sold almost 3.7 billion-rand ($313 million) of shares in South Africa’s KAP Industrial Holdings Ltd., adding to disposals including stock in investment holdings company PSG Group Ltd. and a private jet….

South Africa’s Richest Man Is Said to Seek Vumatel for Fiber

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JOHANNESBURG (Capital Markets in Africa) – Remgro Ltd. is in advanced talks to buy fiber provider Vumatel Pty Ltd. as South Africa’s richest man seeks to consolidate the country’s expanding broadband infrastructure industry, according to people familiar with the matter. A deal by billionaire Johann Rupert’s investment vehicle would give an equity value of closely-held Vumatel of about 1.1 billion rand ($93 million), said the people, who asked not to be identified as the talks are private….

Africa Guarantee Fund Seeks to Raise $400 Million in Three Years

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LAGOS (Capital Markets in Africa) – The Africa Guarantee Fund, which finances small and medium enterprises, intends to raise as much as $400 million by 2020 for its lending programs, said Chief Executive Officer Felix Bikpo. The Danish government-backed fund expects to receive the first of the sum by the end of this year to finance businesses focused on infrastructure, Bikpo said in a March 2 interview in the Kenyan capital, Nairobi. The next batch…

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