Billionaire Beny Steinmetz is back to mining diamonds. The Koidu mine in Sierra Leone, controlled by the billionaire’s family trust, has started mining again after halting production for almost a year. It’s the latest step in a recovery for a business that’s spent much of the last few years in deep trouble. While the mine produces some…
Aspen Pharmacare Holdings Ltd.’s infant formula business has drawn interest from companies including Reckitt Benckiser Group Plc and Perrigo Co., as the largest African drugmaker evaluates options for the business, people familiar with the matter said. Family-owned French dairy group Lactalis and Australia’s iNova Pharmaceuticals, controlled by Pacific Equity Partners and Carlyle Group LP, are also weighing offers…
South Africa is considering an initial price talk into the Eurobond market of about 6% and 6.37%. South Africa is hoping to ride a wave of improved investor sentiment by tapping the Eurobond market for the first time under new President Cyril Ramaphosa, as his administration tackles mismanagement and corruption in the continent’s most industrialised…
Telkom Kenya, the third largest mobile phone provider by subscription has announced a partnership with American Tower Corporation for the acquisition of tower masts in Kenya which expands the American company’s hold in Kenya. The two companies announced that they have reached a definitive agreement for ATC to acquire up to 723 towers from TKL…
British investment fund CDC Group’s Sh14 billion investment in ARM Cement has dropped to a market value of Sh2.1 billion as investors continue to react to the Nairobi Securities Exchange-listed firm’s financial challenges. The firm’s share price fell to a new low of Sh6.05 yesterday after a steady decline from highs of Sh90 in August 2014.…
FinDev Canada, Canada’s development finance institution, has annoucned its first transaction, a $10m investment in M-KOPA, a ‘pay-as-you-go’ energy provider to off-grid homes in Kenya. M-KOPA has connected 600,000 homes across Africa, providing 75 million hours of kerosene-free lighting each month. Its battery-powered systems come with lights, phone-charging, and a solar powered radio; with daily…
Bharti Airtel Ltd. is looking to pare $4.6 billion from its net borrowings over the next three years by listing its African unit and potentially selling some stake in its tower business, according to a person with knowledge of the matter, in a bid to safeguard its investment grade ratings. India’s top wireless operator plans to…
MTN Group Ltd. plans to borrow as much as 400 billion naira ($1.1 billion) in Nigeria this year as Africa’s largest wireless carrier by sales seeks to fund local investment and replace existing debt in the continent’s most populous country. MTN plans to sell bonds and take out long-term loans as Nigeria, Africa’s biggest oil producer,…
China Telecom Global (CTG), a subsidiary of China Telecom Corporation Limited – providers of integrated telecommunication services, and Liquid Telecom, a pan-African telecoms group, announced the signing of a historic strategic partnership whereby the two companies will collaborate to provide Africa and Asia with network solutions and services. The agreement will enable both companies to…
State-owned pension fund’s total assets under management grew 17 per cent to hit Sh196.9 billion in the six months to June 2017, consolidating its position as the largest in the country ahead of private Pinebridge Investments East Africa. The latest industry data published by the Retirements Benefits Authority (RBA) shows that National Social Security Fund…