Private Equity

JOHANNESBURG (Capital Markets in Africa)  – Alexander Forbes Group Holdings Ltd. plans to announce the buyer and price of its short-term insurance business by the end of July as the South African retirement-services provider streamlines operations in a new strategic push. “There was massive interest,” Chief Executive Officer Dawie de Villierssaid by phone Tuesday, declining to identify bidders. “We’re in the final stretch with the shortlisted candidates and are negotiating with them.” The company is also exiting…

LAGOS (Capital Markets in Africa) – The International Finance Corp., a unit of the World Bank Group, agreed with funds managed by IFC Asset Management Co. to sell their 14.1% stake in Ecobank Transnational Inc. to Dutch company Arise BV, the Lome, Benin-based lender said. The transaction will be completed “in the coming months” subject to approval by regulators, Ecobank said in statement published Monday on the website of the Nigerian Stock Exchange. The bank, which operates in about 30 African…

JOHANNESBURG (Capital Markets in Africa) – Africa’s largest fund manager is said to be considering financial services executive Kennedy Bungane to head the institution, according to people familiar with the matter. Responsible for most South African government workers’ pension funds, the Public Investment Corp. is being probed over allegations of wrongdoing that are currently a subject of a judicial commission of inquiry and resulted in a host of senior departures, including that of Chief Executive Officer Dan Matjila….

NAIROBI (Capital Markets in Africa) – Jacqueline Novogratz’s impact investing group closed an almost $70 million fund to back companies delivering affordable and renewable energy to mostly poor consumers in East Africa. KawiSafi Ventures seeks to bring clean energy to 10 million people with investments in fast-growing companies while also making competitive returns, according to a statement Tuesday from Acumen, a New York-based nonprofit founded by Novogratz. Early investors in the fund include TED curator Chris…

MAPUTO (Capital Markets in Africa) – Privinvest Group began arbitration against three state-owned Mozambican companies to seek at least $200 million in compensation for losses the shipbuilder says it incurred after contractual breaches. The legal action marks a step change in Privinvest’s response to charges against employees including salesman Jean Boustani by the U.S. Department of Justice. It also signals a counter-strike against the southeast African nation that took it to court in London in February….

LAGOS (Capital Markets in Africa) – Glencore Plc’s Democratic Republic of Congo unit will restart some cobalt exports after it halted sales last year due to low levels of radioactivity. About 23 percent — or 930 tons — of the cobalt produced at Katanga Mining Ltd.’s Kamoto mine since January complies with regulations on uranium content, the company said in a statement. Katanga is controlled by Glencore and owns 75 percent of Kamoto. The unit halted sales…