Finance | - Part 16

MTN Raises $1 Billion in Bond Sale to Fund Capital Expenditure

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s largest wireless carrier by sales, raised $1 billion through the sale of bonds to boost working capital and fund capital expenditure. The Johannesburg-based company sold $500 million of February 2022 notes with a coupon of 5.373 percent and the same amount of October 2026 securities at 6.5 percent, MTN said in a statement on Thursday. The company sought funds after reporting its first-ever half-year loss,…

Net 1 Buys Blue Label Stake in $400 Million Deal for Cell C

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JOHANNESBURG (Capital Markets in Africa) – Blue Label Telecoms Ltd. will buy a 45 percent stake in Cell C (Pty) Ltd. for 5.5 billion rand ($400 million) to expand the network of South Africa’s third-largest mobile-phone operator and reduce the target company’s debt. As part of the deal, electronic-payment provider Net 1 UEPS Technologies Inc. agreed to subscribe for 118 million Blue Label shares for 2 billion rand, giving the company a 15 percent stake in Blue…

TV Star Joins Vitol in Stake in Biggest African Coal Port

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JOHANNESBURG (Capital Markets in Africa) – A South African coal entrepreneur who produced and starred in a reality TV show set in Cape Town has partnered with one of the world’s biggest commodity traders to buy a stake in the continent’s largest terminal for the fuel. Through Burgh Group Holdings, 38-year-old Quinton van der Burgh joined with Vitol SA to buy a 7.6 percent stake in Richards Bay Coal Terminal on South Africa’s northeastern coast. They have the…

Zimbabwe to issue new bond notes to bolster liquidity

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HARARE (Capital Markets in Africa) – It was announced by the Governor of the Reserve Bank of Zimbabwe (RBZ), Dr Mangudya, on 15 September 2016, that “bond notes” will be issued by the end of October, in an effort to ease the recent cash shortages in the country. Liquidity difficulties – Zimbabwe has run out of US dollars, and does not have its own currency – have meant civil servants’ salaries are in arrears, and…

Nigeria Mulling Oil Assets Sale That Could Reshape Industry

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LAGOS, Capital Markets in Africa: Nigeria’s possible sale of some of its oil and gas assets to raise money and boost the contracting economy in Africa’s most populous country could reduce the government’s influence over its biggest industry. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment for license rounds, infrastructure concessioning,” to help deal with the slump in oil…

Zambia, Zimbabwe Pick AfDB Advisers for $4 Billion Batoka Plant

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HARARE, Capital Markets in Africa: Zambia and Zimbabwe have appointed the African Development Bank as lead financial advisers for the construction of the 2,400-megawatt Batoka Gorge hydro-power project that’s expected to cost $4 billion, an official said. The two southern African nations face severe power shortages as years of under-investment are amplified by low water levels at the Kariba dam hydro-power station that they each rely on for about half of total supplies. “Only yesterday, we were talking…

Investment | Turkey’s MNG Gold to Invest $45 Million in Burkina Faso Mines

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Ouagadougou, Capital Markets in Africa: Turkey’s MNG Gold is spending $45 million to mine gold in Burkina Faso after obtaining two projects in Africa’s fourth-largest producer of the metal. The Balogo pit in the south of the country will yield 100,000 ounces annually when production starts this year, Richard Zongo, MNG Gold’s country manager, said in an interview. To guarantee the profitability of the mine, which has a lifespan of only two years, the company bought the rights…

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