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…
Details 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.…
Details The Angolan government has raised $3bn in its second Eurobond issue in international markets with demand from 500 investors based in the US, Europe and Asia reaching nearly $9bn. The deal included two parts: $1.75bn of 10-year bonds with a yield of 8.25% and $1.25bn of 30-year bonds with a yield of 9.375%. The government…
DetailsFinDev 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…
Details Sub-Saharan African countries could increase tax revenue by an average of 5 percent of gross domestic product — much more than what they receive in international aid — if they reform their tax policies, the International Monetary Fund said. Key steps would be to strengthen value-added tax systems, streamline exemptions and expand coverage of income taxes, the…
Details Sub-Saharan African nations affected by increasing public-debt levels and non-performing loans must take action to address rising vulnerability, the International Monetary Fund said. About 40 percent of low-income countries in the region are now assessed as being in debt distress or at high risk of this, the IMF said Tuesday. The median level of public…
Details The African Development Bank is leading talks with Zimbabwe and its creditors to make plans for the nation to pay off some of its arrears so it can restore relations with lenders, said Akinwumi Adesina, the bank’s president. During almost two decades of economic mismanagement the southern African nation’s debt surged to more than 70…
Details Nigeria plans to issue identity numbers to 70 million citizens by the end of next year, a first step to bringing them into the country’s payments system. The West African nation, which currently holds centralized data for less than 15 percent of its almost 200 million population, will integrate various identity-capturing and verification systems run…
Details 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…
Details 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,…
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