Finance | - Part 142

Marcopolo Eyes Africa and Middle East to Increase Exports by 50%

ACCRA (Capital Markets in Africa) – Bus maker Marcopolo SA is using Brazil’s rough roads as a calling card to enter markets as remote as Ghana and Cameron as it tries to shield its business from a recession at home. The company started exporting to 12 new countries in the past year and now ships to 40 markets worldwide, according to Ricardo Portolan, the exports manager at the Caxias do Sul-based company. That helped put it on…

Nigeria to Start Building Railway to Decades-Delayed Steel Plant

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria plans to start construction this month of a railway linking its decades-delayed Ajaokuta steel plant to iron-ore mines and a port, as the government accelerates efforts to reduce the economy’s reliance on oil. Julius Berger Nigeria Plc, which won a contract in 2009 to build a 275-kilometer (171-mile) rail line, “should start work very soon, and completion is expected in about two years,” Ministry of Transport Permanent Secretary Sabiu Zakari said in an interview…

Nigerian sovereign fund in credit tie-up to unlock infrastructure funding

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LAGOS (Capital Markets in Africa) – Nigeria’s sovereign wealth fund is setting up a company in partnership with London-based local currency guarantee firm GuarantCo to enable pension funds to invest in Nigerian infrastructure bonds, its chief executive said on Thursday. The new business will be launched in a few weeks’ time and aims to overcome some of the challenges facing the financing of infrastructure projects in Africa’s most populous nation. “The company will provide enhancements…

Guptas Plan to Sell South African Assets as Soon as Possible

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JOHANNESBURG (Capital Markets in Africa) – The Gupta family, who are friends of South African President Jacob Zuma and are in business with his son, said they remain intent on selling their business interests in the country after missing their target of completing the divestment last year. “The Gupta family remains committed to disposing of its shareholdings in South Africa as soon as is practically possible, and discussions continue,” the family said in an e-mailed reply to…

Flour Mills, Nigeria benefits from Dollar Scarcity

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LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said a shortage of dollars in Africa’s most populous nation is boosting sales as buyers starved of the U.S. currency buy more food products locally. “Everyone is trying to see how to source locally and that is good’’ for Nigerian farmers and processors, Managing Director Paul Gbededo said in a Dec. 16 interview at the company’s corporate headquarters in Lagos,…

Coca Cola buys African bottling from AB InBev for $3.15 bln

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LAGOS (Capital Markets in Africa) – Anheuser-Busch InBev has agreed to sell its majority stake in Africa’s largest Coke bottler to the Coca Cola Company for $3.15 billion, the final planned divestment following its purchase of rival brewer SABMiller. The world’s largest beer maker and Coca Cola said in a joint statement on Wednesday that they had agreed the transfer of AB InBev’s 54.5 percent stake in Coca-Cola Beverages (CCBA). CCBA has operations in South Africa,…

Kenya, EU Plan Bilateral Trade Deal Apart From Regional Pact

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NAIROBI (Capital Markets in Africa) – The European Union said it may sign a bilateral trade deal with Kenya as other East African nations vacillate on a separate free-trade pact, in a move that will help East Africa’s biggest economy retain market access to the bloc. While Rwanda and Kenya initialed the so-called Economic Partnership Agreement before an Oct. 1 deadline, the other four nations of the East African Community have yet to show similar commitment, making…

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