Private Equity |

Steinhoff Paid Ex-CEO $380,000 for 2018 Fiscal Year, Pepkor Says

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV paid former Chief Executive Officer Markus Jooste about 5 million rand ($380,000) for the two months he worked for the South African company in fiscal 2018, before he quit suddenly amid an accounting scandal. The payment was disclosed in a report published Thursday by Pepkor Holdings Ltd., a clothing retailer with more than 5,200 stores that was spun off by Steinhoff in 2017. Danie van der Merwe, who took over from…

An Oil-Rich State Seeks Hope in Ashes of Africa’s Worst War

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LAGOS (Capital Markets in Africa) – Torched homes, gutted shopfronts and fields of rotting corn greeted Laker Betty as she returned to the town in South Sudan’s breadbasket she fled in terror a year ago. She’s one of thousands of civilians tentatively returning to the East African nation after a war that at its height rivaled Syria for the dubious title of the world’s worst conflict, claiming almost 400,000 lives. As President Salva Kiirprepares to welcome rebels…

Atlas Tower Is Said to Hold Talks With Empowerment Partners

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LAGOS (Capital Markets in Africa) – Atlas Tower Pty Ltd. is in talks to bring in partners from South Africa’s black majority to help the telecommunications tower company expand at home and enter new markets on the continent, according to people familiar with the matter. Chief Executive Officer Nathan Foster has relied mostly on wealthy individual investors for funds since he founded the business in 2007 and is looking to do additional private fundraising and…

Wartsila Wins Contract to Build Two Kenyan Solar-Power Farms

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NAIROBI (Capital Markets in Africa) – Wartsila Oyj’s East African unit won two engineering, procurement and construction contracts to develop grid-connected solar farms in Kenya, each with a capacity of 40 megawatts. Construction is expected to begin next year, according to George Oywer, a business development manager at Wartsila Eastern Africa Ltd. The East African nation, which has an electricity supply deficit, is boosting production from renewable sources including wind and geothermal as it cuts…

Carlyle-Backed Diamond Gets Cash Offer From Unnamed Investor

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LAGOS (Capital Markets in Africa) – Diamond Bank Plc has received an offer from a major investor to inject cash by increasing its stake, a move that would help the Nigerian lender keep its capital adequacy ratio above the required threshold, according to the outgoing chairman. The proposal was on condition that Chief Executive Officer Uzoma Dozieresigns, Seyi Bickersteth said in an interview in Lagos, the commercial capital, without naming the shareholder. Diamond’s biggest investor is U.S. private equity…

South Africa no longer dominates private equity transactions in Africa

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JOHANNESBURG (Capital Markets in Africa) -Private equity investors are shifting their focus away from South Africa and finding opportunities to capture growth in the rest of the continent. According to the Bright Africa 2018 report, produced annually by RisCura, South Africa has always made up a large proportion of private equity (PE) transaction activity. However, this concentration has reduced significantly from 50% in 2009 to 31% in 2017, the latest numbers show. “Sluggish GDP growth,…

Private Equity Firm Harith Buys Into Malawi Fiber Network

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JOHANNESBURG (Capital Markets in Africa) – South African-based private equity firm Harith General Partners Pty Ltd. is buying into a fiber-optic cable network in Malawi as it invests more than $1 billion in infrastructure on the continent. Harith has put almost $800 million to work in African infrastructure so far, a third of that in telecoms, company director Emile Du Toit said by phone. The latest investment will make it the majority shareholder in Malawi’s biggest fiber…

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