Nigeria: Nigerian Stock Exchange Lists N4.6bn Tower Aluminium Bond
Posted by Accountancy Africa on Feb 15, 2012 | Leave a Comment
By Goddy Egene, This Day Live
The Nigerian Stock Exchange (NSE) last week listed N4.6 billion bonds floated by Tower Funding Plc on its daily Official list.
The bonds, series one tranche A and series one tranche B, were raised by Tower Aluminium Group from the capital market under its N9 billion (Medium Term Note) last year.
The company issued N3.630 billion bond due on September 9, 2018 (series one tranche A) with a...
Willis: $3.5 Billion Losses in Mining Market Prompt 30 Percent Insurance Capacity Reduction
Posted by Accountancy Africa on Feb 06, 2012 | Leave a Comment
From Businesswire
In 2011, the mining insurance market was not only hit by $2.7 billion in natural catastrophe losses, but over 60 operational losses totaling $835 million. The $3.5 billion total estimate of losses facing mining insurers has prompted a 30 percent withdrawal in insurance capacity since the start of 2011. This is according to the latest Mining Market Review released today by Willis Group Holdings plc, the...
Policy change helps JSE to entice foreign listed mining companies
Posted by Accountancy Africa on Feb 06, 2012 | Leave a Comment
From 4-Traders
A recent policy change by South Africa’s National Treasury makes it easier for South African investors to trade in foreign domiciled companies and the Johannesburg Stock Exchange now considers these companies eligible for inclusion in domestic indices. “This means that inward or dual listed shares on the JSE will be classified as domestic assets and they will attract increased investment interest,”...
Tangiers Petroleum starts trading on AIM
Posted by Accountancy Africa on Feb 04, 2012 | Leave a Comment
By Andre Lamberti, Proactive Investors
Tangiers Petroleum (ASX:TPT) has started trading on London’s Alternative Investment Market under the ticker code TPET (LON:TPET), complementing its Australian listing.
Together with its ASX listing, the AIM listing provides the company with a strong platform from which to strengthen its shareholder base and increase its international profile, it said in a statement.
Following its...
Afrinvest lauds Nigerian Stock Exchange over reforms
Posted by Accountancy Africa on Feb 04, 2012 | Leave a Comment
By Providence Obuh, Vanguard
Afrinvest West Africa Limited has commended the Nigerian Stock Exchange (NSE) over the various reform initiatives adopted to enhance investor’sa confidence in the nation’s capital market.
Afrinvest believe that the factors that influence investors’ confidence in the market transcend macroeconomic and socio-political considerations.
In the Afrinvest 2012 Nigerian Market Outlook “Diamond...
Standard Bank Group remains Africa’s most valuable banking brand
Posted by Accountancy Africa on Feb 03, 2012 | Leave a Comment
From 4-Traders
Standard Bank Group has for the second year in a row been independently ranked the most valuable banking brand in Africa, according to the 2012 global Top 500 Banking Brands report.
The definitive report is published in the leading global banking journal The Banker and is compiled by the valuation consultancy and asset management company Brand Finance.
According to the report, the Standard Bank brand is...
Umeme set for dual listing after cross-border IPO
Posted by Accountancy Africa on Feb 03, 2012 | Leave a Comment
By David Mugwe, Business Daily Africa
London-based private equity fund Actis intends to sell shares of Uganda’s power company, Umeme, through a double initial public offering (IPO) in Nairobi and Kampala.
This could mark the region’s first cross-border IPO listing, though the transaction is still in the early planning stages and the fund is yet to file applications with the capital market regulators.
Paul Fletcher,...
NEPI buys majority stake in Timisoara City Business Center developer
Posted by Accountancy Africa on Feb 03, 2012 | Leave a Comment
From Business Review
South African investment fund New Europe Property Investment NEPI has taken over the majority stake in ModaTim Investment Properties, the developer of the City Business Center CBC in Timisoara. Businessman Ovidiu Sandor, the initiator of the project, will continue to administer the project untill 2015, and will be in charge with managing the development of buildings D and E from the project.
City...
European funding boost for Kenyan small businesses
Posted by Accountancy Africa on Feb 01, 2012 | Leave a Comment
From IEWY News
Kenyan companies will benefit from improved funding essential for growth and investment following a EUR 20 million finance agreement between the European Investment Bank, the long-term lending institution of the European Union, and two Kenyan banks, ABC Bank and Consolidated Bank, with proven experience in understanding business needs.
The European Investment Bank’s Private Enterprise Finance Facility...
Zambia: LuSE expresses interest in agri-commodity exchange
Posted by Accountancy Africa on Feb 01, 2012 | Leave a Comment
By Tryness Mbale and Nkole Chitala, Zambia Daily Mail
THE Zambia Agricultural Commodity Exchange (ZAMACE) has revealed that the Lusaka Stock Exchange (LuSE) has expressed interest in the commodities exchange.
ZAMACE suspended trading activity in August 2011 to pave way for a process of demutualisation, which is the delinking of shareholding from brokerage ownership. ZAMACE chief executive officer Brian Tembo, however,...
JSE-listed Investec in Irish acquisition
Posted by Accountancy Africa on Jan 30, 2012 | Leave a Comment
From Southafrica.info
South African banking and asset management group Investec’s Irish arm is to acquire NCB Group, an Irish financial services provider specialising in wealth management, corporate finance, capital markets, venture capital and investment funds, for about �32-million.
NCB is one of Ireland’s leading financial services groups, and employs 120 people at its Dublin headquarters, from where...
Kenya: CIC Insurance Group applies for NSE listing
Posted by Accountancy Africa on Jan 30, 2012 | Leave a Comment
From Business Daily Africa
CIC Insurance Group on Monday submitted an application to the Capital Market Authority (CMA) for approval of its proposed listing at the Nairobi securities Exchange (NSE).
This follows suspension of Over The Counter (OTC) trade, in CIC shares and official closure of the share register, paving way for the share split that was approved at the company’s 33rd AGM in May 2011.
“In effect all...
Hershey to invest $10M in Africa, buy sustainable cocoa
Posted by Accountancy Africa on Jan 30, 2012 | Leave a Comment
By Jim T. Ryan, Central Penn Business Journal
The Hershey Co. plans to invest more than $10 million over five years into programs to reduce child labor and improve farming communities in West African cocoa-producing countries, as well as begin buying certified, sustainable cocoa for its products, it today announced.
“(The investment) helps address long-term cocoa trends to make sure supply will continue to meet...
Kenya rated second to Nigeria in frontier investors’ survey
Posted by Accountancy Africa on Jan 29, 2012 | Leave a Comment
By Moses Michira, Business Daily Africa
Nearly half of international fund managers and investment bankers see Kenya as a top frontier investment market only second to Nigeria in Africa.
A survey of 158 international investors conducted by the Economist Intelligence Unit (EUI) showed that 76 of them believed that Kenya offered the best prospects for institutional investors over the next five years, compared to 81 per...
Uganda: oil firms disagree over tax
Posted by Accountancy Africa on Jan 29, 2012 | Leave a Comment
By Emmanuel Gyezaho, Sunday Monitor
The proposed sale of multimillion dollar stakes by British-based explorer Tullow Oil to France’s Total and China’s CNOOC has been delayed by disagreements over tax compensations, President Museveni has said.
Mr Museveni told reporters at a news conference in Kampala yesterday that the companies involved in the deal had requested to include a stabilisation clause to shield them from...
South Africa’s All-share tops 34,000 for first time ever
Posted by Accountancy Africa on Jan 27, 2012 | Leave a Comment
From The Economic Times
JOHANNESBURG: South Africa’s All-share index closed above 34,000 for the first time in its 17-year history on Thursday, after news the US Federal Reserve will continue to support economic growth lifted stocks and commodities around the world.
Gold miners such as Gold Fields surged as bullion touched its highest in more than 6 weeks after the Fed said it planned to keep interest rates at rock...
Orange and the Wikimedia Foundation partner to offer Wikipedia in Africa and the Middle East at no extra cost
Posted by Accountancy Africa on Jan 25, 2012 | Leave a Comment
PARIS, France, January 24, 2012/ – In the first partnership of its kind, Orange and the Wikimedia Foundation will provide more than 70 million Orange customers in Africa and the Middle East (AMEA) with mobile access to Wikipedia – without incurring data usage charges.
Orange (http://www.orange.com) and the Wikimedia Foundation today announced a major partnership designed to make knowledge more easily available...
Pioneering African Business Initiative Launched by Tullow Oil
Posted by Accountancy Africa on Jan 25, 2012 | Leave a Comment
ACCRA, Ghana, January 24, 2012/ – This morning Africas largest independent oil company, Tullow Oil plc (Tullow), kicked off a new business initiative aimed at attracting and facilitating further investment in the continent.
Invest in Africa aims to encourage long-term investment across the continent to help build and develop local capacity, boost domestic job markets, develop skills and stimulate economic growth.
The...
Orascom to list tech company on Egyptian stock exchange
Posted by Accountancy Africa on Jan 24, 2012 | Leave a Comment
Egypt’s Orascom Telecom has revealed that their new subsidiary, Orascom Telecom Media and Technology Holding (OTMT), will be listing on Egypt’s stock exchange.
The goal for Orascom with the new company is to split certain aspects of its investments and to enable the company to push into Egypt’s media sector.
“Following receipt of approvals from the Egyptian Financial Supervisory Authority and the Egyptian Stock...
Analysts predict brighter 2012 on Botswana Stock Exchange
Posted by Accountancy Africa on Jan 23, 2012 | Leave a Comment
By Brian Benza, The Monitor
Coupled with the perceived cheap valuation of the counters, the prevailing low interest rate regime is likely to push up investors’ appetite for shares this year on the Botswana Stock Exchange, analysts reckon.
In a market report, stockbrokers Motswedi Securities say after recording modest growth in 2011, the local bourse is likely to perform better this year because investors will look...
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