Investment | - Part 2

South Africa’s Richest Man Is Said to Seek Vumatel for Fiber

JOHANNESBURG (Capital Markets in Africa) – Remgro Ltd. is in advanced talks to buy fiber provider Vumatel Pty Ltd. as South Africa’s richest man seeks to consolidate the country’s expanding broadband infrastructure industry, according to people familiar with the matter. A deal by billionaire Johann Rupert’s investment vehicle would give an equity value of closely-held Vumatel of about 1.1 billion rand ($93 million), said the people, who asked not to be identified as the talks are private….

South African Business Leaders Upbeat as Ramaphosa Rings Changes

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa has been a hit with business leaders and investors during his first three weeks in office. Since succeeding Jacob Zuma, who was immersed in scandal during his nine-year tenure, Ramaphosa has fired several ineffective ministers, taken a stand against graft and ordered a review of draft rules that deterred investment in the mining industry. Improved confidence may boost weak economic growth and investment and could help stave…

Kenya Halves Share of Oil Income for Communities in New Law

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NAIROBI (Capital Markets in Africa) – Kenya halved the amount of revenue it will distribute to local communities once commercial oil production starts, setting up a potential dispute with residents of its economically deprived northern Turkana region. The Petroleum Exploration, Development and Production Bill to be presented to lawmakers next week proposes giving communities 5 percent of revenue, instead of the 10 percent stipulated in an earlier amended draft. County administrations will receive 20 percent…

MTN Is Said to Plan $500 Million Nigeria Share Sale in 2018

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter. Standard Bank Group Ltd. and Citigroup Inc. have been advising Africa’s largest mobile-phone company on the disposal of as much as…

Buffett Says Stock Ownership Became More Attractive With Tax Cut

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LAGOS (Capital Markets in Africa) – Warren Buffett said the U.S. tax cut will make companies more valuable by giving owners a bigger share of profits. “People who own the businesses, they now own 20 percent more of the domestic earnings,” Buffett, chief executive of Berkshire Hathaway Inc., said in an interview on CNBC Wednesday. Describing the change as a “big deal,” he gave as an example Berkshire Hathaway’s BNSF Railway. “The government doesn’t own the assets of…

Teetering Steinhoff Prepares to Shop Around Its Retail Assets

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV, which sells $89 mattresses to Americans and two-for-a-pound cans of tomato soup to the British, faces a potential fire sale of its global retail holdings as it battles for survival. After a week in which its shares collapsed and its bonds were downgraded to junk amid an accounting scandal that prompted Chief Executive Officer Markus Jooste to quit, the owner of U.S. furniture chain Mattress Firm…

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

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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…

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