The Markets

CAIRO (Capital Markets in Africa) – Egypt plans to issue international bonds worth about $5 billion in the coming months, Finance Minister Mohamed Maait said Wednesday. “We don’t know the schedule yet, but we’re planning,” Maait told a gathering of business people in Cairo. “We are monitoring the interest rate, we are monitoring international markets.” Maait said that the exact issue size had yet to be finalized and Egypt was still considering what currency to issue in….

LAGOS (Capital Markets in Africa) – MTN Group Limited’s shares rose the most in more than six months after Nigeria softened its stance over claims that Africa’s biggest wireless carrier illegally transferred $8.1 billion out of the country. The Central Bank of Nigeria made the accusation late last month, plunging the South African company into a crisis that’s wiped almost a third off its share price. MTN has since provided additional information that may lead…

JOHANNESBURG (Capital Markets in Africa) – Johannesburg’s stock exchange said it’s proposing tighter listing rules after South African financial markets were “shaken by a range of corporate scandals, rumors and innuendo” over the past year. The bourse published a consultation paper Wednesday, saying recent events showed a need for it to review its responsibilities and strengthen aspects of regulation. Recommendations range from boosting racial and gender diversity on boards, to doubling the notice period before new stocks…

KAMPALA (Capital Markets in Africa) – Uganda’s stock exchange is in talks with three companies about listing, after Indian drugmaker Cipla Ltd.’s domestic unit ended a six-year drought with its bourse debut. One of the companies may launch an initial public offering in the next six months, Uganda Securities Exchange Chief Executive Officer Paul Bwiso said in an interview Monday in the capital, Kampala. The bourse has been buoyed by a new government initiative to support the…