Investment | - Part 20

Chinese Billions Fail to Sway Taiwan’s Last Allies in Africa

LAGOS (Capital Markets in Africa) – Taiwan’s last two African allies have no plans to switch allegiances and break ties with Taipei as Beijing tries to woo the self-ruled island’s diplomatic partners. Burkina Faso won’t cut relations with Taiwan despite people and companies with links to China offering funding in return for recognition of the One-China principle, according to Foreign Minister Alpha Barry. Swaziland said its relationship with Taiwan is based on mutual interests, not…

Bidvest Can Tap $1 Billion for Deals Outside South Africa

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JOHANNESBURG (Capital Markets in Africa) – Bidvest Group Ltd. is seeking deals outside its South African home market and could borrow as much as $1 billion for acquisitions after it spun off its food-services unit last year, its chief executive officer said. Lindsay Ralphs, the CEO, is plotting Bidvest’s next phase of growth after the Johannesburg-based company listed Bid Corp Ltd., which is about 40 percent larger by market capitalization at 80 billion rand ($6 billion). Now…

Libya’s NOC Says Oil Output Is at Three-Year High and Rising

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TRIPOLI (Capital Markets in Africa) – Libya is pumping 715,000 barrels a day of oil, the most since 2014, and is on track to keep boosting output this year as the country restores much of the production lost amid political chaos and conflict, the state oil company’s chairman said. Blockades at the North African state’s main oil ports have ended, and output may reach 1.25 million barrels a day by year-end of 2017, National Oil…

China Moly Poised to Acquire All of Congolese Copper Project

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CONGO (Capital Markets in Africa) – China Molybdenum Co. reached an agreement to increase its control of one of the Democratic Republic of Congo’s biggest copper and cobalt mines, giving the Chinese miner a powerful position in the market for the two metals. China Moly agreed in May to acquire a 56 percent stake in Tenke Fungurume from Freeport-McMoRan Inc., before Toronto-based Lundin Mining Corp. in November said it was selling its 24 percent stake to Chinese private-equity…

Billionaire Motsepe’s Investment Firm Mulls IPO, Plans 30 Deals

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JOHANNESBURG (Capital Markets in Africa) – South African billionaire Patrice Motsepe’s African Rainbow Capital (Pty) Ltd. plans to close as many as 30 deals by June and is considering an initial public offering or starting a fund to attract capital for the next phase of the investment company’s growth strategy. ARC, as it’s known, is finalizing 15 transactions and hopes to conclude another 15 in the first six months of this year, Johan van Zyl, co-chief executive officer of…

Guinea President Says Rio Payment Saga Tied to Internal Feud

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GUINEA (Capital Markets in Africa) – The President of Guinea is disputing public statements made by Rio Tinto Group regarding the firing of a senior executive for a $10.5 million payment made to the president’s friend Francois de Combret. President Alpha Conde said the firing of Alan Davies, who headed Rio’s $20 billion Simandou iron ore project in Guinea, was the result of an internal feud. Rio has said it was because of improper payments to de Combret…

Africa’s Biggest Bank Chasing Nigerian Deals After Oil Slump

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LAGOS (Capital Markets in Africa) – The crisis in Nigeria is throwing up opportunities for Africa’s largest bank. FirstRand Limited, which is seeking an acquisition of mid-sized lender in the continent’s most populous nation, is also considering one other target after ending talks with two lenders because of differences over price, Chairman Laurie Dippenaar said. The Johannesburg-based company would prefer an institution with a big branch network, though is unlikely to buy any of the country’s large banks,…

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