Africa | - Part 18

INTO AFRICA October Edition: Banking in Africa: The current status

LAGOS, Nigeria, Capital Markets in Africa: Welcome to the October edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. In this edition, we have a special focus on the Banking Sector in Africa, with an overview of the current trends and opportunities in the Sector. Please download by clicking: INTO AFRICA PUBLICATION: OCTOBER EDITION. The banking sectors in African countries have been on an upward path for nearly a decade posting record growth rates while at the…

MTN Said to Seek More Than $1 Billion From Dollar Bond Sale

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is seeking more than $1 billion from the sale of two dollar bonds as Africa’s biggest wireless carrier by sales returns to the Eurobond market for the first time since 2014, according to a person familiar with the situation. The Johannesburg-based company is seeking to raise at least $500 million apiece from five- and 10-year bonds, said the person, who asked not to be identified as details…

Africa’s Biggest Food Retailer Doubles CEO’s Pay After Bonus

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JOHANNESBURG (Capital Markets in Africa) – Shoprite Holdings Ltd. doubled Chief Executive Officer Whitey Basson’s pay last fiscal year to 100.1 million rand ($7.4 million), thanks to a bonus from Africa’s largest food retailer for beating a profit-growth target. Basson’s remuneration included 49.7 million rand in basic pay for the 12 months through June, in line with the previous year, and a 50 million rand one-time performance-related bonus, the Cape Town-based company said in its annual report….

Diamond Magnate at the Heart of Och-Ziff’s Africa Ambitions

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KINSHASA (Capital Markets in Africa) – Dan Gertler, an Israeli diamond tycoon, gave Och-Ziff access to some of the richest mineral deposits in Africa. Using his close ties to the president of the Democratic Republic of Congo, Gertler developed a virtual monopoly in the country’s diamond exports for a time. He then expanded into other types of mining, becoming a billionaire. Capitalizing on his resourcefulness, Och-Ziff Capital Management Group LLC created a joint venture in 2008 that invested in…

Eurobond Investors Warm to Nigeria as OPEC Deal Aids Rally

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria, heading for its first full-year contraction in 25 years and in need of funding to cover a record budget deficit, may take heart from the performance of its dollar debt and OPEC’s agreement to cut oil production as the West African country prepares to tap the Eurobond market for the first time since 2013. Demand for the nation’s U.S. currency-denominated securities drove yields to the lowest in 15 months, handing…

Och-Ziff Unit Said to Plan to Plead Guilty Over Bribes

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Och-Ziff Capital Management LP, the largest publicly traded hedge fund firm in the U.S., has agreed to enter into a deferred-prosecution agreement and have a subsidiary plead guilty in a federal probe into millions of dollars of bribes funneled to African officials, according to a person familiar with the matter. The admission of guilt is part of a settlement with the Justice Department and the Securities and Exchange Commission after a complex five-year…

African economic growth to dip to 1.6 pct this year: World Bank

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) —Growth in sub-Saharan African countries will stall to just 1.6% this year, the lowest in over two decades, a report said Thursday, as one of the world’s once fastest-growing frontiers continues to lose steam because of overdependence on oil and commodity exports, and poor policies. The disappointing rate of economic expansion is well below the global average of 2.3%, the World Bank said in its twice-annual “Africa’s Pulse” report. Just…

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