Equity Investment

Petronas Unit Said to Hold Talks With Shell Operator in Africa

JOHANNESBURG (Capital Markets in Africa) – Petroliam Nasional Bhd’s South African unit, Engen, is in talks with Vivo Energy Holding BV to combine some of their African fuel-retail assets, according to two people familiar with the matter. The deal would be worth as much as 3.5 billion rand ($256 million), or about 20 percent of Engen’s equity value, said the people, who asked not to be identified as the negotiations are ongoing. Engen, which is 26…

Steinhoff Africa Retail Gains Most Since Listing as Profit Beats

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff Africa Retail Limited rose the most since its September listing after South Africa’s second-biggest retailer reported debut earnings that beat estimates. The stock climbed as much as 6.6 percent and traded 1.1 percent higher at 25.99 rand as of 10:28 a.m. in Johannesburg, valuing the company at 90 billion rand ($6.5 billion). That brings its gain since listing to 27 percent. With more than 4,800 stores in 12 African countries, the…

Angola Plans to Open Up Telecoms Industry to Foreign Bidders

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LUANDA (Capital Markets in Africa) – Angola plans to sell a minority stake in a state-owned telecommunications provider and hold an auction for a fourth industry operator as new President Joao Lourenco shakes up the business environment and reduces the influence of his predecessor’s family. The government of the oil-rich west African country has received several expressions of interest from local and foreign investors in the new telecommunications license, state-owned news agency Angop said, citing the country’s…

Egypt Signs Expanded $3.2 Billion Financing Deal With Lenders

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CAIRO (Capital Markets in Africa) – Egypt signed an expanded $3.2 billion financing deal with foreign banks, the central bank governor said, as it continues to bolster foreign reserves and prepare for about $14 billion of foreign debt repayments in 2018. The repurchase transaction, signed in November 2016 for one year, was increased from $2 billion, Tarek Amer said on Monday in an interview, without saying whether the duration of the deal has changed. Under the arrangement,…

Telkom Says Government Has Identified Potential Buyers of Stake

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DAR ES SALAAM (Capital Markets in Africa) – Telkom SA SOC Ltd. executives have met with South African government officials to discuss plans to sell a 39 percent state-owned stake and were told that potential buyers have been identified. “They have communicated that they have identified a buyer or buyers to sell to,” Telkom Chief Executive Officer Sipho Maseko said in an interview in Pretoria on Friday. “The sale will most likely be done through a private placement.”…

MTN Extends Gains After Nigeria Funds-Transfer Case Is Dropped

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. extended gains after Nigerian lawmakers ruled that allegations of illegal repatriation of almost $14 billion were unfounded and the wireless company hadn’t violated the law. There were no “proofs of collusion to contravene the foreign exchange laws,” a Senate investigative committee said in its report released on Wednesday in the capital, Abuja. “There was evidence of massive capital outflow but that alone is not conclusive that a…

CRH Is Said Among Firms Mulling Bid for South Africa’s PPC

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LAGOS (Capital Markets in Africa) – CRH Plc is among companies considering a counter bid for PPC Limited that could trump an offer by Canada’s Fairfax Financial Holdings Ltd., according to people familiar with the matter, adding a potential new twist to the battle for South Africa’s largest cement maker. The Irish building-materials supplier has held early deliberations about pursuing an acquisition of the Johannesburg-based company, said the people, who asked not to be identified as the plans aren’t public….

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