Capital raising

Capital raising

South Africa’s PIC aims to invest $1bn into African private equity and development

South Africa’s Public Investment Corporation has established 2 funds and plans to invest at least $1 billion into African investments outside South Africa, including $213 million in the current financial year to March 2015.

Capital raising

Demand soars for Ethiopia’s debut $1bn Eurobond, yields 6.625%

Ethiopia saw soaring demand yesterday (4 Dec) for its debut $1bn Eurobond, after a quick US roadshow. Total demand was $2.6bn and the yield on the 10-year bond was settled at a relatively low 6.625%.

Capital raising

$1.4bn petroleum pipeline proposed for Ethiopia

Private companies have proposed to the Ethiopian and Djibouti governments a $1.4 billion pipeline to bring petroleum to a distribution centre in Awash, Ethiopia. It would take two years to complete.

Capital raising

9 reasons Africa tops investment agendas

9 reasons Africa tops investors’ agenda, Eddy Njoroge told African Securities Exchanges Association, include: economy to rise from $1.1trn to $3.9trn in 5 years, the fastest-growing middle class (from 123m to 1.1bn), population to double to 2.4bn, and record $80bn of foreign investment.

Capital raising

Ethiopia’s $865m rail finance part of $15bn rail projects

The Ethiopian Government recently closed a $865m financing package to fund part of the development of the country’s giant new railway infrastructure, with 5,060km of rail costing up to $15bn.

Capital raising

Tanzania’s $10bn China-funded port will start in 2015

China is to build a huge new port and special economic zone in Tanzania worth at least $10 billion. Construction is due to start on 1 July 2015 as the country bids to rival Kenya’s Mombasa as transport hub for East Africa.

Capital raising

Total Senegal offers shares in IPO until 7 Nov for BRVM listing

Oil products company Total Senegal has an initial public offer (IPO) of shares open until 7 Nov, offering 8.9% of the company in an IPO before listing the African equities on the Bourse Regionale des Valeurs Mobilieres (BRVM).

Capital raising

Ethiopia to ring in new year with Eurobond

Ethiopia’s Finance Minister is meeting international banks Barclays, Citi and BNP Paribas about a planned Eurobond issue for late December 2014 or January 2015. The amount is unknown, the duration is likely to be “at least 10 years”.

Capital raising

Ethiopia lures manufacturing with cheap power and labour costs a tenth of China’s

Low-cost manufacturing is shifting from China to Ethiopia, lured by cheap electricity and labour costs that are a tenth of China’s. Ethiopia is building a name for producing clothes, shoes and other basic goods, while also tackling transport bottlenecks.

Capital raising

Rwanda to fund airport and power with $1bn Eurobond in 2015

Rwanda plans to return to Eurobond markets in 2015 and raise up to $1 billion for infrastructure, including an airport and power plants.

Egyptian Exchange EGX boosted by IPO share offer
Capital raising

9 African IPOs in first half of 2014 raise $808m, passing all 2013

Initial public offers (IPOs) on African stock exchanges for the first half of 2014 has raised capital totalling $808.5 million, compared to a total of $757.5m raised throughout 2013

Capital raising

Nairobi Securities Exchange IPO closes 12 Aug

The Initial Public Offering (IPO) of the Nairobi Securities Exchange Limited is open until 12 August. The NSE is seeking to raise KES 627 million ($7.14m) by selling up to 66,000,000 new shares (some 31% of the equity) at KES 9.50 each, open to domestic and international investors.

Capital raising

Kenya pledges lower domestic rates after $8.8bn bids for its $2bn Eurobonds

Global investors offered a record $8.8bn and Kenya issued $0.5bn in a 5-year Eurobond at 5.875% and $1.5bn of a 10-year Eurobond at 6.875%.

Capital raising

Africa’s leading bond and debt summit

Top speakers including Government leaders, policy-makers, bankers, investors and experts will debate the future of Africa’s debt capital markets on Monday 30 June at the London Stock Exchange for African Debt Capital Markets ADCM 2014 conference organized by African Banker magazine.

Capital raising

Nairobi Securities Exchange plans to offer 38% of shares in June IPO

The Nairobi Securities Exchange is pushing ahead fast with its demutualization plans and will sell up to a 38% stake in an initial public offering (IPO) in June.

Capital raising

Ethiopia gets credit ratings from S&P and Fitch, plans Eurobond

Ethiopia, Africa’s fifth biggest economy, is thinking of a debut Eurobond, after it received its first international credit ratings on 9 May: it got B from Fitch and B/B from Standard & Poors.

Capital raising

Top legal conference focuses on Africa infrastructure and natural resources deals

International Financial Law Review (IFLR) Africa Forum on 20 May to focus on innovative financing and M&A for resource and infrastructure investment.

Capital raising

Nairobi Securities Exchange scores megaprofits and heads for own IPO and listing

The Nairobi Securities Exchange passed key resolutions to take its demutualization into final stages, after scoring record profits for the financial year to 31 Dec 2013 and paying its first dividend to shareholders.

Capital raising

Stock exchange experts urge focus on small and medium enterprises

An international panel of securities exchange experts has set up a task force to help securities exchanges raise capital for small and medium-size enterprises (SME), including the possibility of establishing a specialized SME exchange.

Capital raising

The Africa Report food for thought on the “great game” in East Africa

An intriguing article just published by The Africa Report highlights the potential of the East African region, where the economy is forecast to grow 18-fold to $3.5 trn by 2050, and the growing links, self-determination, infrastructure and risks.