Equity Investment

Old Mutual Listings on Track as Insurer Splits Businesses

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc said it’s on track to complete a plan to split into four financial services businesses by the end of this year. The U.K.-based insurance company is separating its wealth management, emerging markets, lender Nedbank Group Ltd. and U.S.-based OM Asset Management Plc units after concluding that the company traded at a discount to the value of its assets. Old Mutual, which was founded in South Africa more…

INTO AFRICA March 2018 Edition: Sailing Africa 2018 Investment Prospects

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Welcome to the March 2018 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. The edition is titled: Sailing Africa 2018 Investment Prospects. After a difficult period from 2014 to 2016, African equities posted excellent returns in 2017, with the Zimbabwean Stock Exchange (ZSE) the top performer with triple-digit growth. The market gains are in line with performances recorded across the globe where stock…

Egyptian Billionaire’s Bank Seeks Acquisitions to Bolster Growth

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CAIRO (Capital Markets in Africa) – Beltone Financial Holding SAE, the Egyptian investment bank owned by billionaire Naguib Sawiris, is planning financial acquisitions to diversify the products it offers in frontier and emerging markets. “Beltone is in a very big growth mode,” Chief Executive Officer Bassem Azab said in an interview in Cairo. “We spent the past two years establishing and re-positioning ourselves in investment banking, asset management and brokerage. Now that we have our pillars reinforced on…

South Africa Is Said to Assess Free-Education Cost at $970 Million

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Malusi Gigaba told the ruling party’s top leadership the government will need 12 billion rand ($970 million) to fund President Jacob Zuma’s plan to scrap tuition fees for students from poor homes, according to a person with knowledge of the matter. Gigaba told the ANC’s National Executive Committee this week that the Treasury will cut from existing spending programs and won’t announce a special tax or an increase…

Africa’s Richest Woman Prepares New Deals After Losing Oil Post

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Less than a month after being fired as head of Angola’s state-owned oil company, Isabel dos Santos says she is studying new deals. Dos Santos, Africa’s richest woman, said two major Angolan banks she has links to are preparing to sell shares as part of plans to strengthen their operations at home and abroad. She also said Friday she remains committed to her investments in Portuguese oil company Galp Energia SGPS…

Steinhoff Rocked as Accounting Probe Claims Retailer’s CEO

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV plunged after its chief executive officer resigned amid accounting irregularities, rocking a company that rapidly expanded from its roots in South Africa into a retail empire spanning Australia, Europe and the U.S. The owner of the France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K. said late Tuesday that CEO Markus Jooste quit as it appointed auditor PwC to probe the matter. The stock…

Lafarge Africa Mulls Raising Additional Cash for Expansion

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LAGOS (Capital Markets in Africa) – Lafarge Africa Plc, which is busy with a share sale to cut its debt levels, will consider raising additional funding for an expansion that could boost cement production by 24 percent. Lowering the debt will enable the Lagos-based company to get cheaper funding for the next stage of expansion, Chief Financial Officer Bruno Bayet said in interview Nov. 30. “If you want to expand or construct a cement plant, it is…

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