Southern Africa |

Barclays Africa Debt Sale Misses Target as Banks Issue More

JOHANNESBURG (Capital Markets in Africa) – Barclays Africa Group Limited sold less than half its target in a bond auction as a wall of debt issuance by South African banks and the impending exit of its U.K. parent, Barclays Plc, damped demand. Barclays Africa offered 1.5 billion rand ($113 million) of notes on Monday but raised only 642 million rand within price guidance, according to Deon Raju, head of treasury at the Johannesburg-based lender. The debt…

Land Reform `Key’ for S. Africa Economic Stability, ANC Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party will accelerate the transfer of land to the black majority to help reduce inequality and avert future protests, the African National Congress’s spokesman Zizi Kodwa said. “If you don’t deal decisively with the issue of land, you may have to deal with a bigger problem,” Kodwa said in an interview at the party’s head office in Johannesburg on Wednesday. President Jacob Zuma has vowed to step up wealth distribution in…

South Africa rand hits near 19-mth high as Fed signals gradual tightening

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s rand hovered near a 19-month high against the dollar early on Thursday after the U.S. Federal Reserve raised interest rates on Wednesday, but signalled a gradual pace of rate hikes for the rest of the year. At 0646 GMT, the rand traded at 12.8125 per dollar, flat from its New York close on Thursday, after rallying to 12.77 late on Wednesday in the wake of the Fed’s…

Africa’s Largest Data-Center Firm Raises $91 Million for Growth

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JOHANNESBURG (Capital Markets in Africa) – Teraco Data Environments, which says it is the largest provider of data-center services in Africa, said it raised 1.2 billion rand ($90 million) from South African lender Barclays Africa Group Ltd. to invest in information-technology infrastructure on the continent. The closely held business will use some of the cash to complete the construction of a new data center in eastern Johannesburg by the end of year, according to a statement e-mailed…

Mota-Engil, CMEC of China Win $2.3 Billion Mozambique Project

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MAPUTO (Capital Markets in Africa) – Thai Mocambique Logistics SA, which is developing a $2.3 billion railway and port to export coal from central Mozambique, awarded the construction contract to Mota-Engil SGPS SA and China National Complete Engineering Corp. An agreement is expected to be signed next month, TML Chief Executive Officer Jose Pires da Fonseca said in an interview Tuesday in the Mozambican capital, Maputo. The total cost of the project, which will include a deep-water harbor…

Nampak Shares Drop as Funds Trapped in Nigeria, Angola Increase

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LAGOS (Capital Markets in Africa) – Nampak Limited fell after Africa’s biggest beverage-can maker said cash stranded in Nigeria and Angola rose in the five months through February as it continues to battle to get money out of the countries. The stock fell as much as 2.3 percent to 15.99 rand before trading 0.7 percent lower at 10:30 a.m. in Johannesburg, extending its decline this year to 12 percent and giving the company a market value of 11 billion…

CIM Financial of Mauritius Sees Global Unit Sale Boosting Credit Business

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PORT LOUIS (Capital Markets in Africa) – CIM Financial Services Limited., which has operations spanning Mauritius and Singapore, plans to focus on developing its consumer-credit and real-estate businesses after selling off its Global Business unit. The company, based in Port Louis, announced earlier on Tuesday that it’s selling its Global Business unit — which offers corporate, trust and fiduciary services — to Luxembourg-based SGG SA for $90.3 million. The deal “will allow CIM to benefit from an important…

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