Finance | - Part 154

Funding Nigerian oil cash calls from debt key for economy: minister

LAGOS, Capital Markets in Africa: Nigeria must get out of paying so-called cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession, Finance Minister Kemi Adeosun said on Friday. The minister said the Nigerian National Petroleum Corporation (NNPC) had spent 110 billion naira ($360 million) on cash calls this month, which dwarfed the country’s 41 billion naira income from oil production over the…

Investment | China Brewer Said to Mull Bid for $6 Billion SABMiller Units

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: China Resources Beer Holdings Co., maker of the world’s most consumed beer, is considering a bid for SABMiller Plc’s central and eastern European assets, valued at about $6 billion, according to people familiar with the matter. The producer of China’s Snow beer brand is speaking with potential advisers about a bid, the people said, asking not to be identified as the details aren’t public. A sale process for the assets, which…

Ghana’s Eurobond Loosens IMF Straitjacket Ahead of Elections

Posted on by The Editorial Team

ACCRA, Capital Markets in Africa: Ghana will have more fiscal room to maneuver ahead of elections as a fifth Eurobond gives the nation funds to pay debt and implement projects amid spending restrictions imposed by the International Monetary Fund. West Africa’s second-largest economy raised $750 million at a yield of 9.25 percent last week in an auction that was more than four times oversubscribed. About $400 million of the bond proceeds will be used to refinance the nation’s…

South Africa’s Jonas Worried State Firms Being Used Politically

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: South African Deputy Finance Minister Mcebisi Jonas is “worried” about the impact of a perception that state institutions are being used to advance political agendas, saying the issue is a distraction to efforts to expand the economy. “Political behavior does sometimes impact negatively on certainty” and “times are tough, we should be focused on growing the economy,” he said in an interview on Johannesburg-based Talk Radio 702 on Tuesday. The National Treasury has…

Murray & Roberts of South Africa Mulls U.S. Oil & Gas Deal

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: Murray & Roberts Holdings Ltd., the South African engineering and construction-projects company in talks to sell its building and infrastructure units, said it’s evaluating a U.S. oil and gas acquisition and will probably seek a larger international deal in years to come. Murray & Roberts, which built landmarks such as Johannesburg’s Carlton Centre, Africa’s tallest building, is working to transform itself into an international operator specializing in underground mining, oil…

South Africa Said to Consider Partial Sale of Broadband Infraco

Posted on by The Editorial Team

$South Africa Said to Consider Partial Sale of Broadband Infraco$

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s government will decide this week whether to part-privatize the country’s second-largest fixed-line operator, Broadband Infraco, as the company runs short of cash, according to two people familiar with the matter. A sale process would interest Vodacom Group Limited, South Africa’s largest mobile operator by customer numbers, spokesman Byron Kennedy said in e-mailed comments on Tuesday, without saying whether he was aware of government plans. Dark Fibre Africa, South…

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: The United Arab Emirates agreed to deposit $1 billion with Egypt’s central bank to help the North African nation meet the requirements for a $12 billion loan deal with the International Monetary Fund. Egypt has secured an initial agreement with the Washington-based lender, but the IMF’s executive board will not consider the loan deal before the country secures commitments of as much as $6 billion from bilateral creditors. The deposit has a six-year tenor,…

« 1 … 152 153 154 155 156 … 186 »