Mozambique | - Part 2

Mozambique Gas Company ENH Hires Lazard to Raise $2 Billion

MAPUTO (Capital Markets in Africa) – Mozambique’s national oil company appointed Lazard Frères SAS and Lion’s Head Global Partners as advisers to help raise as much as $2 billion to refinance its portions of two gas-development projects. Empresa Nacional de Hidrocarbonetos EP will begin a roadshow next month to regions including Asia, the Middle East and South Africa, Chairman Omar Mitha said in an interview. Lazard will advise ENH on refinancing its portion of the project…

Mozambique’s Bondholders See `Gaps’ in Restructuring Plans

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MAPUTO (Capital Markets in Africa) – A group of key Mozambique bondholders questioned the government’s proposals on restructuring about $2 billion of its foreign debt, saying they lacked “important” information. The so-called Global Group of Mozambique’s Bondholders, which says it has the backing of investors owning more than 80 percent of the nation’s $727 million of Eurobonds, had earlier dismissed the government’s initial restructuring plan announced March 20 as a “total non-starter.” The notes, which…

Mozambique to Face Off With Bondholders as Debt Talks Start

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MAPUTO (Capital Markets in Africa) – Mozambique is set to meet foreign creditors to discuss almost $2 billion of debt in London Tuesday in what will mark the start of formal restructuring negotiations, more than a year after the southern African nation defaulted. Investors including Credit Suisse Group AG and UBS Group AG have little idea what will be discussed. Mozambique first missed coupon payments on its $727 million Eurobond due 2023 in January last…

Russia’s No. 2 Bank Seeks Mozambique Debt Talks After Default

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MAPUTO (Capital Markets in Africa) – The head of Russia’s second-biggest bank wants to meet with Mozambican President Filipe Nyusi and other officials soon to attempt to start negotiations over restructuring about $2 billion in debt, which haveyet to formally begin since the country defaulted a year ago. “We would like to convince them to start more negotiations with investors for restructuring the debt,” VTB Group Chief Executive Officer Andrey Kostin said in a Bloomberg Television interview at the World…

U.S. Offers Mozambique Help as Attacks Roil Gas-Rich North

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MAPUTO (Capital Markets in Africa) – The U.S. government is offering Mozambique help to end fatal attacks by suspected militants in the gas-rich Cabo Delgado region, the top American diplomat in the country said. Police have arrested more than 300 people since October after raids in Mocimboa da Praia in the country’s northeast, the first of which targeted police stations and the government blamed on a “radical Islamic sect.” Sporadic attacks have continued, including this month on…

Heineken Starts $100 Million Mozambique Brewery in Africa Push

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MAPUTO (Capital Markets in Africa) – Heineken NV, the world’s second-largest brewer, started building a $100 million plant in Mozambique as it seeks to compete with its larger competitor, Anheuser-Busch InBev SA/NV, in the southeast African country. The brewery, to be located in Maputo province, will have a capacity of 800,000 hectoliters and will start production in the first half of 2019, Heineken said in an emailed statement Monday. The world’s two beer-making giants are expanding…

Guaranty Trust Bank Nigeria Eyes Mozambique to Double Income From Africa

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LAGOS (Capital Markets in Africa) – Guaranty Trust Bank, Nigeria’s biggest lender by market value, plans to open in Mozambique as it targets the country’s gas market to help prop up profit from African subsidiaries. The lender will enter Mozambique in the first quarter of 2019 “to capitalize on the country’s offshore gas boom,’’ after it opens in Tanzania in January next year, it said. The expansion will increase the contribution to profit by African…

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