Africa Finance |

Naspers Targets Growth in Food to Cut Value Gap With Tencent

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. is planning to invest more in businesses including food delivery to help narrow the valuation gap between Africa’s biggest company and its stake in Chinese internet giant Tencent Holdings Ltd. The 33 percent shareholding in the Shenzhen-based company is worth about $166 billion, while Naspers itself is valued at $124 billion. There’s no reason for a discount at this “unusually high level,” Chief Financial Officer Basil Sgourdos said in…

Israeli Investor Said to Withdraw Zambia Mining Stake Bid

Posted on by The Editorial Team

LUSAKA (Capital Markets in Africa) – Sapir Capital, an Israeli private-equity firm, has withdrawn an offer to buy a stake in Zambia’s state-owned mining holding company for more than $100 million, according to two people familiar with the situation. Sapir canceled the offer after delays in the transaction but is still in informal talks with the government over a potential deal, said one of the people, who asked not to be identified as the information isn’t…

Swaziland Could Be Next to Sell a Eurobond

Posted on by The Editorial Team

SWAZILAND (Capital Markets in Africa) – Another African country is considering selling dollar debt — but its international debt market debut may be hindered by its economy is too small. Swaziland is debating whether to issue a Eurobond and should decide by January or February, Bheki Bhembe, principal secretary at the Finance Ministry, said by phone Tuesday. The problem is that the country would probably need to raise a minimum of $500 million if it were…

Ghana to Cut $2.2 Billion Bill With Farm Support, President Says

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa)- Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds of the staples such as wheat and rice that it needs, according to the United Nations’…

Kenya Government Takes Control of Kenya Airways in Debt Swap

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. The government, which has given Kenya Airways shilling and U.S.-dollar loans totaling $238.1 million, will increase its stake to 48.9 percent from 29.8 percent, according to statements published in the Nairobi-based Standard newspaper on Monday. Lenders owed $217.2 million will convert…

India Exim Bank’s $100 Million Funds Nigeria Power Projects

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – India’s Export-Import Bank will provide Nigeria with $100 million in concessionary loans to fund power projects. They include a solar-power plant to supply the northern city of Kaduna and two gas-fired facilities to be built in the south-eastern states of Enugu and Cross River, Indian High Commissioner to Nigeria B.N. Reddy said in a Nov. 7 interview in the commercial capital, Lagos. “The power sector has been identified as…

Rio Tinto Says Africa Key to Growth Even After Costly Missteps

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Rio Tinto Group said resource-rich Africa is still central to the company’s growth strategy despite a succession of failed investments and scandals in the last 10 years. The continent will expand its production and consumption of metals over the next decades as the economy grows and becomes more industrial, Bold Baatar, Rio’s chief executive of energy and minerals, said in a speech at Bloomberg Intelligence’s LME Week Forum in London….

« 1 2 3 4 5 »