Investment | - Part 29

Kenya Avoids Brexit Moment as Markets Disregard Doomsayers

NAIROBI (Capital Markets in Africa) – It was described as Kenya’s Brexit moment, a decision that had the potential to spur a withdrawal of foreign investors, sending the stock market and the shilling tumbling and damaging East Africa’s most-developed economy. Yet, almost six weeks after Kenya capped banks’ lending rates at four percentage points above the central bank benchmark, its currency is little changed against the dollar and the main stock index has gained on…

TV Star Joins Vitol in Stake in Biggest African Coal Port

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JOHANNESBURG (Capital Markets in Africa) – A South African coal entrepreneur who produced and starred in a reality TV show set in Cape Town has partnered with one of the world’s biggest commodity traders to buy a stake in the continent’s largest terminal for the fuel. Through Burgh Group Holdings, 38-year-old Quinton van der Burgh joined with Vitol SA to buy a 7.6 percent stake in Richards Bay Coal Terminal on South Africa’s northeastern coast. They have the…

DPI acquires stake in Général Emballage, an Algerian packaging business

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ALGIERS (Capital Markets in Africa) – Development Partners International (DPI), one of the leading African private equity specialists with US$1.1bn under management, has acquired through its ADP II fund a stake in Général Emballage, the leading packaging business in Algeria, which specialises in the manufacturing and processing of corrugated cardboard. ADP II closed in March 2015, at US$725mn, significantly above its target and is DPI’s second successfully closed fund. Under the agreement, a consortium comprising…

Diamond Magnate at the Heart of Och-Ziff’s Africa Ambitions

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KINSHASA (Capital Markets in Africa) – Dan Gertler, an Israeli diamond tycoon, gave Och-Ziff access to some of the richest mineral deposits in Africa. Using his close ties to the president of the Democratic Republic of Congo, Gertler developed a virtual monopoly in the country’s diamond exports for a time. He then expanded into other types of mining, becoming a billionaire. Capitalizing on his resourcefulness, Och-Ziff Capital Management Group LLC created a joint venture in 2008 that invested in…

Billionaire Christo Wiese Invests $1.8 Billion More in Steinhoff

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JOHANNESBURG, Capital Markets in Africa: Christo Wiese, South Africa’s richest man, is investing a further $1.8 billion in Steinhoff International Holdings NV to help finance the furniture retailer’s acquisition spree in Europe and North America. Steinhoff raised 2.45 billion euros ($2.74 billion) as it also sold shares to other investors, including a fund that’s linked to South Africa’s program to promote black ownership, the company said on Wednesday. Steinhoff shares rose 4.8 percent to 5.29 euros at 4:28 p.m. in…

Zambia, Zimbabwe Pick AfDB Advisers for $4 Billion Batoka Plant

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HARARE, Capital Markets in Africa: Zambia and Zimbabwe have appointed the African Development Bank as lead financial advisers for the construction of the 2,400-megawatt Batoka Gorge hydro-power project that’s expected to cost $4 billion, an official said. The two southern African nations face severe power shortages as years of under-investment are amplified by low water levels at the Kariba dam hydro-power station that they each rely on for about half of total supplies. “Only yesterday, we were talking…

Investment | Turkey’s MNG Gold to Invest $45 Million in Burkina Faso Mines

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Ouagadougou, Capital Markets in Africa: Turkey’s MNG Gold is spending $45 million to mine gold in Burkina Faso after obtaining two projects in Africa’s fourth-largest producer of the metal. The Balogo pit in the south of the country will yield 100,000 ounces annually when production starts this year, Richard Zongo, MNG Gold’s country manager, said in an interview. To guarantee the profitability of the mine, which has a lifespan of only two years, the company bought the rights…

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