The Editorial Team |

Referendum Tests Ethiopia’s Ability for Peaceful Elections

ADISS ABABA (Capital Markets in Africa) – Ethiopia’s ethnic Sidama voted Wednesday in a referendum on creating a new regional state, the likely precursor to a series of plebiscites that will test demands for more autonomy. Besides offering an indication of the Horn of Africa nation’s ability to hold a peaceful general election slated for next year, it will also gauge whether the country’s political model of ethnic federalism can accommodate growing calls for self-determination amid clashes…

Why Ethiopia’s Leader Is Winning International Kudos

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ADISS ABABA (Capital Markets in Africa) – Since taking power last year, Ethiopian Prime Minister Abiy Ahmed has been on a drive to open up Africa’s second-most-populous nation. He has scrapped bans on opposition and rebel groups, purged allegedly corrupt officials and ended two decades of acrimony with neighboring Eritrea — an initiative that won him the 2019 Nobel Peace Prize. He has also put out the welcome mat for foreign capital in an effort…

Morocco Eyes Lowest Borrowing Cost in Return to Euro Market

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RABAT (Capital Markers in Africa) – Morocco is targeting its lowest euro-borrowing costs ever as it returns to international debt markets for the first time in five years, taking advantage of robust investor demand for securities denominated in euro. The north African nation is marketing 12-year euro-denominated bonds with a yield in the 1.8% area, according to a person familiar with the transaction who asked not to be identified because they are not authorized to…

FirstRand Unbundling Plan May Spur Others in Johannesburg

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JOHANNESBURG (Capital Markers in Africa) – A holding company’s multi-billion dollar proposal to distribute its shares in Africa’s most valuable bank may spur other similar deals as pressure from investors to unlock value gathers pace, money managers said. RMB Holdings Ltd. said Tuesday it plans to distribute its 34% stake in FirstRand Ltd., valued at 130 billion rand ($8.8 billion), to shareholders as part of a reorganization leading to an eventual delisting. Billionaire Johann Rupert’s Remgro Ltd.,…

Kenya Central Bank Increases Capital as State Demands More Cash

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NAIROBI (Capital Markers in Africa) – Kenya’s central bank increased its authorized and paid-up capital amid demands by the government that state-owned corporations remit more dividends to its coffers. The central bank strengthened its paid-up capital by 75% to 35 billion shillings ($345.3 million) in September from 20 billion shillings, having increased authorized capital to 50 billion shillings from 5 billion shillings, the lender said on its Twitter account. The statement follows acting Treasury Secretary Ukur…

Zambia Central Bank Converts Unpaid State Loans Into Notes

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LUSAKA(Capital Markers in Africa) – Zambia’s central bank and the government agreed that 4.4 billion kwacha ($310 million) the state owed the institution be converted into securities, Governor Denny Kalyalya said. The state borrowed the money from the Bank of Zambia at a time when the country was emerging from an electricity crisis and economic strain, and as elections in 2016 approached. The loans peaked at 5.3 billion kwacha in July 2016 but were marked as zero…

Investec’s Ninety One Sets Stage for ‘Good Valuation’ at Listing

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JOHANNESBURG(Capital Markers in Africa) – A rapid growth in assets at Investec Plc’s money-management arm is coming just as the South African and U.K. company prepares to split the unit from the bank, providing a potential valuation uplift before trading its shares separately. The money manager, which will be named Ninety One when it lists early next year, boosted assets by 3.2 billion pounds ($4.15 billion) in the six months through September, while operating profit rose by…

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