Capital raising

Capital raising

Dar Es Salaam bourse aims for IPO and 2 cross listings, capital controls easing

The Dar Es Salaam Stock Exchange aims to increase to 18 listed companies and is preparing for an initial public offering (IPO) for Precision Air during September and cross-listings of 2 mining firms listed in London. Tanzania is also set to ease controls on the amount of shares foreigners can buy.

Capital raising

Berbera Port-China deal – change in the Horn?

Somaliland media sources and other rumours have suggested (12 Aug) that a deal on Somaliland’s Berbera port is imminent with China and Ethiopia.

Capital raising

Ethiopia to sell 18 more state-owned enterprises

Ethiopia’s Privatization and Public Enterprises Supervising Agency (PPESA) has privatised 287 enterprises since 1995, and plans to sell 18 companies in direct sales and 5 companies in joint ventures.

Capital raising

Private equity and lenders hop aboard $287m Kenya-Uganda railway

The International Finance Corporation and 6 leading international finance institutions provided $164 million in financing to Rift Valley Railways International to rehabilitate the Kenya-Uganda railway today (2 August).

Capital raising

Tullow Oil listing to double value of shares on Ghana Stock Exchange

Tullow Oil plc is to start trading on the Ghana Stock Exchange on 27 July after allocating 3,531,546 ordinary shares of 10p each in a successful offer. The company says this is the largest primary share offer completed on the GSE and will more than double the market capitalisation.

Capital raising

British American Investment launches Kenya IPO

British American Investment Company (Kenya) Ltd launched its initial public offer (IPO) this week. It aims to raise KES 5.58 billion (US$62.2 million) for expansion. The offer is open until 5 August, and it to list its shares on the Nairobi Stock Exchange.

Capital raising

Kenya’s Transcentury private equity firm to list on Nairobi SE

Kenyan private equity firm TransCentury is to list through introduction at the Nairobi Stock Exchange on 14 July at a price of KES50 (USD0.58) a share. The firm began as an investment club and is valued at KES13.35 billion ($148.7 million).

Capital raising

Does China push out private equity in Africa?

Interesting article in today’s FT Tilt on whether China’s model of cheap loans backing Chinese construction squeezes out private equity. The author suggests there could be a secondary round of infrastructure management projects.

Capital raising

Rwanda’s bubbling brewer – profits soar 63%

Rwanda’s biggest brewer, Brasseries et Limonaderies du Rwanda (BRALIRWA), says post-tax profit leapt by 62.8% in 2010, driven by increased sales, higher pricing and improved cost management. BRALIRWA was the first listing on the Rwanda Stock Exchange, which opened on 31 January.

Capital raising

Rwanda Government to raise $42 mn by selling shares in Bank of Kigali and MTN

The Rwandan Government plans to raise Rwf25 billion ($42.2 million) through the sale of its shares in Bank of Kigali Ltd and telecom company MTN Rwanda in coming months. The bank is Rwanda’s biggest lender by assets. Government will sell a 20% stake and the bank will add a further 25% stake in an Initial Public Offering scheduled for June.

Capital raising

Ernst & Young forecasts $150 bn of FDI investment by 2015, good growth

Strong growth in new projects into Africa is expected from 2012 with foreign direct investment (FDI) inflows forecast to reach US$150 billion by 2015, says top consulting and auditing firm Ernst & Young.

Capital raising

IFC invests $10 mn in East Africa’s Catalyst I private equity fund

IFC on 8 March announced it was investing $10 million in equity in Catalyst Fund I LLC. The fund aims to stimulate employment and accelerate economic growth across East Africa by improving access to equity financing for emerging and mid-size companies.

Capital raising

Emerging Capital Partners (ECP) awarded “Best Private Equity House in Africa”

Emerging Capital Partners has won an award as “Best Private Equity House in Africa” named by EMEA Finance magazine. This recognizes ECP’s achievements in raising over $613 million for its third pan-African fund, ECP Africa III (AF III), making it the largest fund ever raised for growth equity investing across Africa.

Capital raising

Listing of Tunisie Telecom cancelled

Tunisie Telecom has cancelled plans for a joint initial public offering on the Paris and Tunis stock exchanges after consultations with trade unions following several changes of Government in recent weeks and the resignation of the former president.

Capital raising

Rwanda Stock Exchange opens with brewery IPO

Africa’s newest stock exchange is the Rwanda Stock Exchange (RSE), launched on 31 Jan to start trading the shares of brewer Brasseries et Limonaderies du Rwanda BRALIRWA. The exchange replaces the Rwanda-Over-The-Counter (OTC) market which has operated since 31 Jan 2008.

Capital raising

Algiers Stock Exchange: Results of Alliance Assurances IPO offer

Results have recently been released of the share offer of insurance company Alliance Assurances on the Algiers Stock Exchange. The share offer was open from 2 November until 1 December and was oversubscribed, with private individuals flocking to receive the shares. Alliance aims to be the first private company to list on the Bourse d’Alger. A total of 1,804,511 shares were subscribed, the full amount offered, at a price of 830 Algerian dinars (USD11.17) each.

Capital raising

Tunisie Telecom aims to list on Tunis and Paris stock exchanges

Tunisie Telecom has announced the first stage of registration with the aim of listing on the Tunisian stock exchange Bourse de Tunis and NYSE Euronext Paris with a reference document filed with regulators in Tunis and France on 17 December.

Capital raising

Jacana partners with Ghana’s Fidelity Capital Partners private equity manager

Jacana, a UK-based group that supports emerging SME private equity firms in Africa, has launched its second investment, a strategic partnership with Ghanaian fund manager Fidelity Capital Partners Limited.

Capital raising

Templeton’s Mobius tells Reuters he picks Nigeria

Templeton fund manager Mark Mobius picks China and Nigeria as tips over the next 12 months, according to an interview with Reuters. Mobius oversees more than $40 billion as chairman of Franklin Templeton’s Emerging Markets Group.

Capital raising

BRALIRWA, first Rwandan IPO, launches tomorrow

The Rwandan Government said today (22 November) that it aims to raise RwFr 22.1 billion (US$37.3 million) from the sale of its 30% stake in brewer BRALIRWA, according to Reuters. The country’s first initial public offering will run from 23 November to 17 December.