Finance | - Part 112

Glencore Will Double Dividend, Restart Zinc as Metals Rally

LONDON (Capital Markets in Africa) – Glencore Plc promised to double its dividend, restart some zinc production and boost spending as the world’s largest commodity trader reaps rewards from soaring metals prices. The slate of news from Glencore’s investor presentation on Tuesday shows the mining company is firing on all cylinders, with profitable zinc, cobalt and copper mines around the world. The growth has been aided by a powerful trading business that’s on track for its second-best…

Angola Too Small for Four Phone Operators, Dos Santos Says

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Angola’s plan to allow a fourth telecommunications company to enter the market will make life tougher for existing operators and probably lead to consolidation, according to Isabel dos Santos, Africa’s richest woman and a shareholder of local wireless carrier Unitel SA. “Four licences in a 24-million-people market is a non-sustainable scenario,” Dos Santos, the former Angolan president’s oldest daughter, said in an interview during a conference in the Egyptian resort of Sharm…

Teetering Steinhoff Prepares to Shop Around Its Retail Assets

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV, which sells $89 mattresses to Americans and two-for-a-pound cans of tomato soup to the British, faces a potential fire sale of its global retail holdings as it battles for survival. After a week in which its shares collapsed and its bonds were downgraded to junk amid an accounting scandal that prompted Chief Executive Officer Markus Jooste to quit, the owner of U.S. furniture chain Mattress Firm…

Ghana Seeks Investors for $2.4 Billion Railway and Inland Port

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ACCRA (Capital Markets in Africa) – Ghana is looking for private investors to build a $2.4 billion railway line and inland port project that will ease the transportation of goods to and from the West African nation’s northern neighbors. The railway line from Tema, Ghana’s biggest harbor, to the second-biggest city of Kumasi will cost $1.8 billion, while the stalled Boankra inland port will need $600 million to be revived, Transport Minister Kweku Ofori Asiamah said…

Nigeria Refining Push Prompts $3.6 Billion Petrolex Plan

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LAGOS (Capital Markets in Africa) – Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry. Petrolex Oil & Gas Ltd. plans to build a $3.6 billion plant with a capacity of 250,000 barrels a day, Chief Executive Officer Segun Adebutu said in an interview in Lagos. The closely held company is working on the “front-end engineering design” and will complete construction in 2021, he said….

Kenyan Agency Mulls $1.46 Billion Bond to Repair Damaged Roads

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NAIROBI (Capital Markets in Africa) – A Kenyan government agency plans to offer 150 billion shillings ($1.46 billion) of bonds to fund repairs to roads in the East African nation that have suffered from historic neglect. The Kenya Roads Board is seeking approval from the Treasury to begin a July offering of the first tranche of debt that’ll be backed by a tax on fuel imports that provides a steady income, according to Executive Director Jacob Ruwa….

Oil to Open 2018 Stuck Between Thirst for Growth, Wary Investors

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Investor exhaustion with poor returns from the oil and gas industry may mean less financing to expand the U.S. shale boom next year, and less of a drive for consolidation. After nearing a record in 2016, equity issues from U.S. oil and gas companies are on pace for an eight-year low this year, amid doubts about the stability of the rally in global crude prices. Mergers and acquisitions and…

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