The Markets | - Part 211

Egypt’s Banque Misr seeks central bank-guaranteed syndicated loan

biggest lenders by assets, is raising a five-year syndicated loan guaranteed by the country’s central bank, sources close to the situation said. The bank has mandated ADIB Capital and Credit Suisse to arrange the transaction, which was launched to syndication in the second half of November. ADIB Capital is the investment banking arm of Abu Dhabi Islamic Bank’s Egyptian subsidiary. The loan, an amortising facility, is expected to be about $350 million and offers a…

Tanzania’s Vodacom files prospectus for share offering

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Vodacom Tanzania, part of South Africa’s Vodacom Group, has filed a prospectus with Tanzania’s capital markets regulators for an initial public offering (IPO), the company’s managing director told Reuters on Monday. Tanzania’s biggest mobile phone operator filed its application for an IPO with the state-run Capital Markets and Securities Authority (CMSA) and Dar es Salaam stock exchange (DSE) on Friday, managing director Ian Ferrao said in a…

Nigerian Equity Markets | 23 Nov 2016: Bulls Creep into The Market … NSE ASI up 21bps

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The hunt for a bargain in value counters halted the erstwhile unrelenting negative performance of the benchmark index as the NSEASI gained 21bps to close at 25,517.00 points at the end of the trade. Accordingly, market capitalization advanced by N19.2bn to settle at N8.8tn. Today’s positive performance was largely as a result of bargain hunting in NESTLE (+1.3%), GUARANTY (+1.2%), PZ (+4.9%) and NIGERIAN BREWERIES (+0.2%). Market activity was…

Egyptian pound remained stable against the US dollar …

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The Egyptian pound remained stable against the US dollar early Wednesday with sale prices ranging between EGP 17 and EGP 17.45 and buy prices ranging from EGP 17.5 to EGP 17.95. At the Société Arabe Internationale de Banque (SAIB), the dollar stood at EGP 17.45 and EGP 17.75 for buy and sell, respectively. The Egyptian Gulf Bank sold the USD-EGP at EGP17.95 and recorded EGP 17 for buying. Meanwhile, purchasing at…

Nigeria considers foreign exchange reforms as dollar shortages bite

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria is considering amendments to its foreign exchange laws to curb illegal fund transfers and insider dealing and stop individuals holding hard currency outside the banking system, a draft bill seen by Reuters on Monday showed. But a senior member of the upper house of parliament said the Senate would reject the plans proposed by the Nigerian Law Reform Commission (NLRC), which advises the government. Africa’s largest economy is facing…

CMA and IFC in improving corporate governance practices in Rwanda

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – The Capital Market Authority (CMA) in partnership with International Finance Corporation (IFC), a member of the World Bank Group host a breakfast meeting themed “Corporate Governance; the pathway to sustainable business growth in Rwanda” on Wednesday, November 16th , 2016 to raise awareness on issues related to Corporate Governance as a sustainable driver of business growth. Good corporate governance practices will attract investors to emerging markets’ businesses and address…

South Africa’s Mr Price reports first drop in profit in 15 years as economy sours

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African no-frills retailer Mr Price said on Monday it expected low sales for the rest of the financial year after reporting its first decline in profit in 15 years, sending its shares to a three-year low. Sluggish economic growth in South Africa, seen at less than 1 percent this year, coupled with rising interest rates and inflation and a warmer than expected winter have forced clothing retailers to…

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