Africa | - Part 9

Zambia’s 2016 investment pledges up marginally to $3.4 billion

LUSAKA (Capital Markets in Africa) – Zambia recorded $3.4 billion in investment pledges in different sectors of the economy in 2016, representing a 0.7 percent increase from the previous year, the investment promotion agency said on Wednesday. The energy sector registered the highest amount of pledged investment, followed by manufacturing and agriculture, the Zambia Development Agency said in a statement. It said investment rose despite a general election last year, showing confidence in Zambia was…

South Africa targets auto sector with fuel cell plant

Posted on by The Editorial Team

CAPE TOWN (Capital Markets in Africa) – Africa’s first fuel cell component plant using platinum as a catalyst will start production by December aiming to take advantage of rising demand for clean energy cars, officials from Isondo Precious Metals said. Isondo has secured a license from U.S-based Chemours Technology to assemble components for fuel cells using platinum, which has mainly been used in catalysts to clean up car emissions. South Africa is the world’s top…

Botswana gets offer for struggling BCL mines

Posted on by The Editorial Team

GABORONE (Capital Markets in Africa) – Botswana’s high court agreed on Tuesday to delay the provisional liquidation of state-owned BCL Mine Ltd after lawyers representing the liquidator KPMG said they had received an offer to buy its mothballed mines, which produce copper and nickel. While the lawyers declined to name the company making the offer, a source close to the process told Reuters a company from the United Arab Emirates had put forward an offer…

African Sovereign Eurobonds: Recap and Prospects in 2017

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Eurobond issuance by African sovereigns was recorded at US$9.726 billion by four countries (South Africa, Ghana, Egypt, and Mozambique) in 2016 compare to US$6.750 billion issued by eight countries (Egypt, Ghana, Gabon, Ivory Coast, Namibia, Zambia, Cameroon, and Angola) in 2015. In April, the Republic of South Africa successfully priced and issued a US$1.25 billion 10-year Eurobond. The US dollar bond was priced at a coupon (interest rate) of 4.875 percent,…

Rwanda to sell 20 pct stake in I&M Bank next week

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa)) – The Rwandan government plans next week to sell its 20 percent stake in I&M Bank operations in Rwanda, with the aim of raising 11.5 billion francs ($14.1 million), a minister and a senior executive said. The initial public offering (IPO) would be launched on Feb. 14 and the proceeds would be used to help finance a new airport at Bugesera, east of the capital Kigali, the officials said. “The…

Fairfax Financial Holdings to Raise $500 Million for Africa Fund

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Prem Watsa’s Fairfax Financial Holdings Limited is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according…

INTO AFRICA February 2017 Edition: Africa’s Economic Path in 2017

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Welcome to the 2017’s first edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. In this edition, we bring you a selection of insights on Africa’s economic prospects in 2017. Please download by clicking: INTO AFRICA PUBLICATION: FEBRUARY 2017 EDITION. The collapse of oil prices has had far-reaching effects on African economies in 2016. For commodity exporters, the implications are glaring – weaker revenues have…

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