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Africa’s Contemporary Art Finds a Home in Cape Town Museum

JOHANNESBURG (Capital Markets in Africa) – Overlooking the harbour in Cape Town, the Zeitz Museum of Contemporary Art Africa, known as Zeitz Mocaa, opened last month in a former corn silo complex that was renovated for 500 million rand ($37 million). It displays strictly 21st century works by a range of young and established artists from across the continent, including South Africa’s Simphiwe Ndzube and William Kentridge and Kenyan-born Wangechi Mutu, as well as African-American and Afro-Caribbean pieces….

Polish Malls a Big Attraction for South African Property Fund

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JOHANNESBURG (Capital Markets in Africa) – The first South African property fund to bet on the Polish market says it’s just the beginning. Redefine Properties Ltd., a Johannesburg-listed real estate investment trust, wants its Echo Polska Properties NV unit to double its Polish shopping-center portfolio in the next three years, Chief Executive Officer Andrew Konig said in an interview in Warsaw. The fund will seek to expand via opportunistic purchases of established malls to avoid the risk of…

Development Agencies Investing $1.6 Billion in Nigeria Power

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LAGOS (Capital Markets in Africa) – International development agencies are investing $1.6 billion in Nigeria’s plan to expand its power-grid capacity threefold in four years, the head of the country’s transmission company said. The World Bank, the French Development Agency, the European Union and the Islamic Development Bank are among agencies committing funds to projects in Nigeria to boost transmission capacity to 20,000 megawatts from the current 7,000 megawatts, Usman Mohammed, managing director of state-owned Transmission Company…

Kinross to Invest $820 Million to Tread Water on Production

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LAGOS (Capital Markets in Africa) – Kinross Gold Corp. is spending more than $800 million to essentially tread water as — like many miners — it faces a future in which new gold assets are increasingly difficult to find and costly to develop. The Canadian miner said Monday it will move ahead with expansions at mines in Mauritania and Nevada as part of efforts to maintain its production and lower costs. Construction for the Phase Two…

Helios Towers Africa Considering London Stock Exchange Listing

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LAGOS (Capital Markets in Africa) – Africa’s Helios Towers, the independent telecoms tower infrastructure company and its shareholders are exploring strategic options for the business to drive its long-term growth. This may include the possibility of listing on the London Stock Exchange. At this stage, no decision has been made with all options remaining open to the company. Kash Pandya, CEO, commented: “This is an exciting time for Helios Towers as we continue to execute…

CEO of Africa’s Biggest Fund Manager Fights for His Future

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JOHANNESBURG (Capital Markets in Africa) – Public Investment Corp. Chief Executive Officer Dan Matjila rejected an allegation he misused funds as “spurious” ahead of a board meeting on Friday that could decide his future at the helm of Africa’s biggest money manager. Johannesburg’s Star newspaper reported Thursday that Matjila has been told by PIC Deputy Chairman Xolani Mkhwanazi to respond to an accusation he used PIC funds to finance a personal project related to someone he is allegedly…

Old Mutual Wealth to Absorb Some MiFID-Related Costs

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Wealth, a unit of Old Mutual Plc, said it will absorb some additional expenses when Europe’s MiFID II takes effect next year, though it hasn’t yet announced whether it will pass onto its clients the cost of external research for funds. “Absorbing costs is something we have to do and we already are,” Paul Feeney, chief executive officer of Old Mutual Wealth, said in an interview in Johannesburg on…

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