Features | - Part 244

Investment | Renaissance Capital Moves Into Mozambique in Deal With Dominio

Maputo, Mozambique, Capital Markets in Africa: Renaissance Capital Limited is pushing into Mozambique to take advantage of what it says is increasing interest from foreign investors in the southern African country. The Moscow-based investment bank, which trades across 43 emerging and frontier markets, signed a partnership deal last week with Lisbon-based Dominio Capital Group, which has an office in Maputo, Mozambique’s capital. The agreement will make it easier for RenCap to work on deals for clients wanting…

Financing | Mozambique’s Nyusi to Visit China Next Week, Presidency Says

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Maputo, Mozambique, Capital Markets in Africa: Mozambican President Filipe Nyusi will visit China later this month, his office said, weeks after western donors withdrew budgetary support following the southern African nation’s admission to holding more than $1 billion of undeclared loans. Nyusi’s week-long visit, which received parliament’s go-ahead last week, begins May 16, an official at the presidency said Friday. “The authorization should not be a blank check to contract more debt,” Lutero Simango, the leader of…

Business | Africa Has More Large Businesses Than You Expect, McKinsey Says

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LAGOS, Nigeria, Capital Markets in Africa: McKinsey & Co. Inc. has identified 700 African companies with annual sales of more than $500 million, many of which are growing and reinvesting and are a reason for optimism about economic prospects on the continent, the consultancy’s global managing director said. “That’s a lot more than most people would think,” Dominic Barton said Friday in an interview at the World Economic Forum on Africa in Rwanda’s capital, Kigali. “Two-thirds of them…

Crude Oil | Nigeria Oil Output Slumps Further as Exxon Pipeline Damaged

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s oil production has dropped again as a third major crude-export facility was disrupted, this time by accidental damage rather than militant attacks. Exxon Mobil Corp. has declared force majeure — a legal clause that allows it to stop deliveries without breaching contracts — on shipments of Qua Iboe, the company said in a statement Friday. The Bonny Light and Forcados oil grades were already disrupted following militant attacks. The…

Investment | ShowMax Expands to 36 African Countries in Challenge to Netflix

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Johannesburg, South Africa, Capital Markets in Africa: Naspers Limited, Africa’s biggest company by market value, expanded its video-streaming service ShowMax into 36 new sub-Saharan African countries in a challenge to Netflix Inc., which is also growing in the region. The new markets went online Friday, bringing ShowMax’s availability globally to 65 countries, the company said in an e-mail. The service started in August. Naspers, which has a market value of $57 billion and is Africa’s largest…

Investment | DuPont Plans to Double Its African Seed Business in Five Years

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LAGOS, Nigeria, Capital Markets in Africa: DuPont Company plans to more than double its African seed business, excluding the mature South African market, over five years as governments and farmers on the least-developed continent seek to boost crop yields, a director of the company’s Pioneer unit said. “From a revenue perspective we’re aiming for over 20 percent in terms of the compound annual growth rate,” Prabdeep Bajwa, the African regional business director for Pioneer, said in…

Congo Government Will Investigate, Tax Freeport Copper-Mine Sale

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Kinshasa, DR. Congo, Capital Markets in Africa: The Democratic Republic of Congo’s government plans to investigate Freeport-McMoRan Inc.’s sale of a copper mine in the central African country for $2.65 billion and tax the transaction, Mines Minister Martin Kabwelulu said. Freeport, based in Phoenix, Arizona, announced May 9 it sold its indirect 56 percent stake in the Tenke Fugurume mine, which also produces cobalt, to China Molybdenum Company Gecamines, the state-owned Congolese miner, said May 10 it wasn’t informed…

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