The Markets | - Part 215

Nigeria’s Sahara puts IPO and asset buys on ice

LAGOS (Capital Markets in Africa) – Nigeria’s Sahara has put on hold a planned initial public offering and bond sale that was aimed at financing more oil asset purchases until the investment prospects for oil and gas improve. A year ago Sahara was pursuing a dual listing on the London and Lagos stock exchanges and road showing a bond in an effort to raise more than $1 billion to buy oil and gas assets and…

African sovereign trio add to growing appeal for sukuk

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DAKAR (Capital Markets in Africa) – Senegal has upsized its second sale of sovereign sukuk, with Ivory Coast and Togo expected to close their own deals in coming days, as Islamic finance gains traction as an alternative funding option for African sovereigns. Despite strong growth in the Middle East and Southeast Asia, Islamic finance has lagged in Africa although it could be an important growth driver for the industry as it is home to a…

MTN Said to Weigh Selling $500 Million in Shares of Ghana Unit

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ACCRA, Capital Markets in Africa: MTN Group Ltd., Africa’s largest mobile-phone operator by sales, is considering selling about $500 million in shares of its Ghana business, according to people familiar with the matter. The company is approaching high-net-worth individuals in the country about a private placement of a 35 percent stake in the Ghana unit, valuing it at about $1.5 billion, the people said, asking not to be identified because the deliberations are private. No…

ArcelorMittal South Africa Plans $170 Million Black-Owned Stake

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JOHANNESBURG, Capital Markets in Africa: ArcelorMittal South Africa Ltd. plans a 2.3 billion-rand ($170 million) deal that involves the country’s former deputy finance minister as the continent’s biggest steelmaker seeks to meet the government’s objectives of boosting the participation of black people in the economy. AMSA, as the Vanderbijlpark, South Africa-based unit of ArcelorMittal is known, will issue a 17 percent shareholding to a specially formed black-owned company, Likamva Resources Pty Ltd., the steelmaker said in…

Oil Halts Loss Before OPEC Meets as Saudis Look to Future Deal

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ALGIERS, Capital Markets in Africa: Oil halted losses below $45 a barrel after Saudi Arabia signaled it may compromise with regional rival Iran on a future supply agreement as both countries expect no deal when OPEC members meet Wednesday in Algiers. Futures rose 0.4 percent in New York after falling 2.7 percent Tuesday. A dealin November is possible, Saudi Arabian Oil Minister Khalid Al-Falih said at a briefing in the Algerian capital, adding that Iran, as well as Libya and Nigeria, should be…

Oil Tankers Head to Key Nigeria Port as Militant Risk Endures

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LAGOS, Capital Markets in Africa: Oil tankers able to collect 6 million barrels of crude are heading to the biggest export terminal in Nigeria, where shipments are about to resume at a time when militants continue to pose a threat to the nation’s energy infrastructure. The Suezmax Ottoman Nobility is set to arrive at the Qua Iboe terminal on Tuesday, the first of five vessels due to load Nigeria’s largest export crude grade since terminal operator Exxon Mobil…

South African Rand Advances to Five-Week High After U.S. Debate

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JOHANNESBURG, Capital Markets in Africa: South Africa’s currency strengthened for a second day, trailing only Mexico’s peso, as traders judged Hillary Clinton to have won the U.S. presidential debate versus Donald Trump. The rand appreciated as much as 1.5 percent against the dollar, heading for the strongest closing level since Aug. 18. It was 1.3 percent stronger at 13.5060 by 9:42 a.m. in Johannesburg. Most of the more than 140 global currencies tracked by Bloomberg gained. After Clinton and Trump’s first face-to-face…

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