The Markets | - Part 175

Dangote Cement Approaches South Africa’s PPC About Takeover

LAGOS (Capital Markets in Africa) – Dangote Cement Plc has approached PPC Ltd. about a takeover deal, signalling the start of a possible bidding war for South Africa’s biggest cement maker after an earlier offer led by Canada’s Fairfax Financial Holdings Ltd. Dangote has told PPC’s board that it’s interested in buying “the entire share capital,” the Lagos-based company said late Wednesday in a statement to the Nigerian Stock Exchange. “This communication is still at the preliminary…

Aspen Buys Remaining Rights to AstraZeneca’s Anesthetics

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Aspen Pharmacare Holdings Ltd. is resuming deal making, agreeing to buy more rights to AstraZeneca Plc’s anesthetic medicines for $555 million while reporting full-year profit that beat analysts’ estimates. Earnings per share at Africa’s largest generic-drugs maker climbed 16 percent to 14.63 rand in the year through June, the Durban, South Africa-based company said in a statement on Thursday. Analysts expected 14.61 rand. Sales also increased 16 percent to 41.2 billion rand ($3.1…

As Petrodollars Dry Up, Weary Angolans Ship BMWs to Portugal

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LUANDA (Capital Markets in Africa) – Desperate for hard currency, Angolans are coming up with new ways to convert their kwanzas into dollars and euros. Filipe Afonso got tired of waiting in line at a bank to exchange his kwanzas for greenbacks. So he bought two second-hand BMW motorcycles, shipped them to Portugal and sold them for euros to pay for his family’s expenses back home. “You do what you need to do to get…

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

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LAGOS (Capital Markets in Africa) – Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019. The initial public offering to raise as much as $1 billion had been scheduled for 2016 and was delayed because equity markets were not as “favorable as we would have liked,” Interswitch’s divisional chief executive officer for switching and processing, Akeem Lawal, said in an interview. “We will…

Bitcoin’s Power Needs Are Unbelievable and Uneconomic: Macro Man

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Are you a cranky skeptic of crypto-currencies and tired of adherents promising that Bitcoin can do everything from protecting your privacy to curing the common cold? Are you dubious that it’s as scalable as its prophets claim? Perhaps in this case, the Luddites are correct. A look at the resources required to power the blockchain suggests that crypto-currencies — at least in the guise of Bitcoin — can only…

Bitcoin’s Power Needs Are Unbelievable and Uneconomic: Macro Man

Posted on by The Editorial Team

Cameroon Seeks to Improve Cocoa Bean Quality After Declines

Posted on by The Editorial Team

YAOUNDE (Capital Markets in Africa) – Cameroon is taking steps to encourage farmers to grow better quality cocoa after a deterioration in last year’s crop resulted in lower prices for the country’s beans. About 90 percent of Cameroon’s cocoa exports in the season through July were classed as Grade 2, the second of three quality ratings for beans, according to Trade Minister Luc Magloire Atangana Mbarga. That compared with 97 percent previously and meant that Cameroonian…

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