Foreign direct investment

Biggest African Phone-Tower Firms Are Said to Plan 2018 IPOs

LONDOND (Capital Markets in Africa) – Three of Africa’s largest telecommunication towers companies plan to pursue share sales in either London or New York early next year, taking advantage of high industry valuations to fund expansion, according to people familiar with the matter. Closely-held IHS Towers, targeting an enterprise value of $10 billion, plans to list in New York, said the people, who asked not to be identified as the information isn’t public. Helios Towers Africa LLP is…

German Investor Optimism Gains as Economy and Stocks Power Ahead

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LAGOS (Capital Markets in Africa) – German investor confidence rose for a second month as stocks rallied and data signalled that Europe’s largest economy is on track for a solid expansion in the second half of the year. The ZEW Centre for European Economic Research’s index of investor expectations climbed to 17.6 in October from 17 in September. The reading compares with a median estimate in a Bloomberg survey for an increase to 20.0. After a…

Investors Undeterred by Risks as South Africa Bond Inflows Soar

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JOHANNESBURG (Capital Markets in Africa) – Political turmoil, the risk of a widening budget deficit, a weakening currency and the prospect of a credit downgrade to junk would usually put investors off a country’s bonds. Not when it comes to South Africa. The lure of the highest yields among emerging-market peers is proving irresistible, with foreign investors buying a net 18 billion rand ($1.3 billion) of South African bonds in September, the most in a month…

Fairfax Is Said to Back AfriSam to Clinch African Cement Deal

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JOHANNESBURG (Capital Markets in Africa) – Fairfax Financial Holdings Ltd. is prepared to inject as much as 5 billion rand ($386 million) to pay off bank debt owed by AfriSam Group Pty Ltd. and help South Africa’s second-biggest cement producer clinch a tie-up with larger rival PPC Ltd., according to two people familiar with the matter. The money from the African unit of the Canadian insurer will be used to repay bank loans and allow AfriSam to…

Standard Bank Seeks to Raise $3 Billion for Ugandan Oil Pipeline

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KAMPALA (Capital Markets in Africa) – Standard Bank Group Ltd.’s Ugandan unit plans to raise $3 billion for a crude pipeline by the second half of next year as the East African country prepares to start oil production by 2020. Stanbic Bank Uganda was appointed alongside Japan’s Sumitomo Mitsui Banking Corp. as joint financial adviser for the 1,445-kilometer (898-mile) pipeline, Patrick Mweheire, the chief executive officer of the Kampala, Uganda-based business, said in an interview on…

Dangote $700 Million Deal to Meet Third of Nigeria’s Sugar Needs

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LAGOS (Capital Markets in Africa) – A Dangote Industries Ltd. subsidiary will invest $700 million in a central Nigerian project that seeks to produce almost a third of the sugar consumed in Africa’s most populous nation. Tunga Sugar project, in the central state of Nasarawa, will be made up of a 60,000-hectare (148,260-acre) plantation and two factories with combined capacity of 430,000 metric tons of refined white sugar, Dangote Group’s president, Aliko Dangote, said in a…

CDC and IFC Invest up to US$35m in Africa Logistics Properties

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LONDON (Capital Markets in Africa) – CDC Group, the UK’s development finance institution, and IFC, a member of the World Bank Group, will invest up to US$35 million in Africa Logistics Properties Holding (ALP), a developer and manager of modern grade-A warehousing, filling an important gap in logistics infrastructure in the region. The investment – US$25m from CDC and US$10m from IFC – will be used for ALP’s developments in Nairobi, Kenya, the trading hub…

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