South Africa | - Part 60

South Africans Must Urge Zuma to Go, AngloGold Chairman Says

JOHANNESBURG (Capital Markets in Africa) – South African businesses and citizens “require courage” to “protect their sovereignty” and must urge President Jacob Zuma to quit before his term ends in 2019, the chairman of the world’s third-biggest gold producer said. The business community “must accept it’s a valid voice,” AngloGold Ashanti Ltd. Chairman Sipho Pityana, 57, said in a speech at a mining conference in Johannesburg Wednesday. “If we each continue to keep our heads down, protecting our…

FirstRand Considers Nigerian Acquisitions as Valuations Ease

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LAGOS (Capital Markets in Africa) – FirstRand Limited, Africa’s biggest bank by market value, said it’s considering acquisitions in African countries including Nigeria where the slide in oil prices and a devalued currency has undercut prices. “Asset prices in jurisdictions such as Nigeria have recently become much more realistic,” Chairman Laurie Dippenaar said in the Johannesburg-based company’s annual report, published on FirstRand’s website on Tuesday. “We feel more comfortable to look for opportunities to deploy shareholder capital…

MTN Said to Seek More Than $1 Billion From Dollar Bond Sale

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is seeking more than $1 billion from the sale of two dollar bonds as Africa’s biggest wireless carrier by sales returns to the Eurobond market for the first time since 2014, according to a person familiar with the situation. The Johannesburg-based company is seeking to raise at least $500 million apiece from five- and 10-year bonds, said the person, who asked not to be identified as details…

Africa’s Biggest Money Manager Grows at Slowest Pace in 7 Years

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JOHANNESBURG (Capital Markets in Africa) – The Public Investment Corp.’s growth in assets under management fell to the slowest pace in seven years after equity markets dropped and South Africa’s economy slowed to levels not seen since the 2009 recession. Assets increased by 2.4 percent to 1.85 trillion rand ($136 billion) in the 12 months ended March 31 from 1.81 trillion rand a year earlier, the Pretoria-based PIC, which manages the bulk of South Africa’s government employees’…

Net 1 Buys Blue Label Stake in $400 Million Deal for Cell C

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JOHANNESBURG (Capital Markets in Africa) – Blue Label Telecoms Ltd. will buy a 45 percent stake in Cell C (Pty) Ltd. for 5.5 billion rand ($400 million) to expand the network of South Africa’s third-largest mobile-phone operator and reduce the target company’s debt. As part of the deal, electronic-payment provider Net 1 UEPS Technologies Inc. agreed to subscribe for 118 million Blue Label shares for 2 billion rand, giving the company a 15 percent stake in Blue…

South Africa’s business confidence lowest in 30 years: survey

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JOHANNESBURG (Reuters) – Business confidence in South Africa fell to its lowest in three decades in September, reflecting uncertainty about the outlook for Africa’s most industrialised economy, a survey showed on Wednesday. South African companies are struggling to stay afloat due to sluggish economic growth since a 2009 recession. The South African Chamber of Commerce and Industry’s (SACCI) monthly business index dipped to 90.3 in September from 92.9 in August, its worst showing since July 1985….

Anglo Above 10 Pounds as Century-Old Miner Back From Brink

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LONDON (Capital Markets in Africa) — A rally in Anglo American Plc pushed its stock above 10 pounds for the first time in more than a year after a rebound in commodity prices and cuts in its debt brought the century-old mining company back from the brink. Anglo gained as much as 3.4 percent to 1,029 pence a share, the highest since June 2015. The stock has more than tripled this year, the best performer in the…

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