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...
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...
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...
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...
South Africa: Banks chase R29bn prepaid-card market in SA
Posted by Accountancy Africa on Jan 23, 2012 | Leave a Comment
By Jeanette Clark, Moneyweb
RETORIA – In the US, prepaid cards represent a booming growth market that celebrities are queuing to endorse these cards. Last week, finance personality Suze Orman launched her prepaid card as a way to stay debt-free and avoid high banking costs. In launching the card, she follows in the footsteps of hip-hop mogul Russell Simmons and the famous Kardashian sisters.
In South Africa we haven’t...
Business joins call for lower executive pay in South Africa
Posted by Accountancy Africa on Jan 20, 2012 | Leave a Comment
Institute of Directors Southern Africa says remuneration policies have to be improved to reward managers correctly
By Alistair Anderson, BusinessDay
Business itself has joined the call for executive pay to be curbed in South Africa.
The Institute of Directors Southern Africa (IODSA) on Wednesday said remuneration policies had to be improved to reward managers correctly and so that shareholders could understand how pay...
Equity Bank woos SMEs with low-cost dollar loans
Posted by Accountancy Africa on Jan 13, 2012 | Leave a Comment
By Mugambi Mutegi, Business Daily Africa
Equity Bank has received a Sh2 billion loan from a German development lender that will allow it to offer low-cost credit to small and mid-sized businesses in dollars to cushion them from currency risks.
Borrowers, mainly involved in cross-border business, will get long term loans at between five per cent and 12 per cent—which is lower than Kenya’s average lending rate of 18.5...
Mergers expected to pick up in Africa IT
Posted by Accountancy Africa on Jan 10, 2012 | Leave a Comment
From The Citizen
Johannesburg. Merger and acquisition (M&A) activity in the information and communications technology sector in Africa is likely to pick up, experts said.Factors pointing to increased M&A activity included increased competition between mobile phone operators, a surge in demand for broadband services and a continued desire to expand and grab opening opportunities in the emerging economies.
Mr Oliver...
Kenya: Companies seeking to raise funds in 2012 face interest rate risks
Posted by Accountancy Africa on Jan 08, 2012 | Leave a Comment
By Emmanuel Were and Peterson Wanjiru, The East African
Kenyan companies looking to raise capital face a tough year as high interest rates push up the cost of borrowing, with analysts warning that rising political risks could force firms to postpone their offers or seek alternatives.
Transaction advisors said those companies looking at the bond market may have to wait until the second half of 2012, when interest rates...
Why Chinese companies are successful in Africa
Posted by Accountancy Africa on Jan 08, 2012 | Leave a Comment
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From TradeMark South Africa
Johannesburg: Chinese companies now dominate the African construction sector, with a market share larger than those of France, Italy and US combined. This strength of Chinese firms in Africa’s construction sector has continued to grow over the past few years despite the global construction market taking a downturn in the aftermath of the credit crunch.
Revenues of...
Misys eyes Zimbabwe
Posted by Accountancy Africa on Dec 12, 2011 | Leave a Comment
By Kudzai Chimhangwa, The Standard
LONDON Stock Exchange-listed MISYS plc says it has identified a niche in the Zimbabwean market which needs to be filled as the country’s high literacy rate guarantees a return on investment. The banking software maker, founded in 1979, is currently in the process of setting up a local MISYS information communication technology (ICT) training academy worth £3 million pounds (US$4,7...
BEE accounting company now biggest in SA
Posted by Accountancy Africa on Dec 12, 2011 | Leave a Comment
By Rusana Philander, The New Age
The mayor of Cape Town, Patricia de Lille, congratulated the first black female chartered accountant in the country as she merged her firm with another to become the biggest black-owned accounting company in South Africa.
Nonkululeko Gobodo recently merged her company with SizweNtsaluba VSP and became SizweNtsalubaGobodo.
At a launch in Cape Town recently, Gobodo, who became the first...
American Tower Corporation and MTN Group Limited Announce the Formation of New Joint Venture in Uganda
Posted by Accountancy Africa on Dec 09, 2011 | Leave a Comment
From Business Wire
American Tower Corporation (“American Tower”) and MTN Group Limited (“MTN Group”) today announced that they have entered into a definitive agreement to establish a new joint venture tower company in Uganda (“ATC Uganda”), which will acquire all of the existing tower sites from MTN Group’s operating subsidiary in Uganda (“MTN Uganda”), numbering approximately...
How to invest on the Zimbabwe Stock Exchange
Posted by Accountancy Africa on Dec 08, 2011 | Leave a Comment
By Ryan Hoover, Trade Invest Africa
Zimbabwe dominated the list of sub-Saharan Africa’s top-performing stocks of 2011. In light of this, I thought it might be helpful to run through the details of actually buying and selling stock on the Zimbabwe Stock Exchange.
Before I begin, however, let me state clearly that investing in Zimbabwe, in my view, entails a significantly higher degree of political risk than does investing...
L’Oreal subsidiary signals turf war in personal care market
Posted by Accountancy Africa on Dec 07, 2011 | Leave a Comment
By Wangui Maina, Business Daily Africa
Paris listed L’Oreal has opened a subsidiary in Kenya, targeting the East African common market and part of plans to grow its marketshare in emerging countries.
The Nairobi office will oversee Uganda, Tanzania, Rwanda, Burundi and Ethiopia where it will push its Softsheen Carsons, L’Oreal Paris and Garnier brands among the 23 international brands in its portfolio.
The firm has...
Finance Bank Zambia to offload shares on the stock market
Posted by Accountancy Africa on Dec 07, 2011 | Leave a Comment
From Lusaka Times
Finance Bank Zambia Chairman Rajan Mahtani has disclosed that the bank intends to offload shares on the stock market by 2013.
Dr. Mahtani says the listing will be simultaneous on the Lusaka, Johannesburg and London Stock exchanges.
He told journalists at a media briefing that the intention of the listing is to empower Zambians who will be allowed to own a stake in the bank.
Dr. Mahtani says the Zambian...
Transcorp Moves to Strengthen Corporate Governance
Posted by Accountancy Africa on Dec 06, 2011 | Leave a Comment
By Goddy Egene, This Day Live
Transnational Corporation of Nigeria Plc (Transcorp) last week moved to further strengthen its corporate governance by holding a two-day retreat that provided induction and training for the directors of Transcorp.
A statement from the company said that the directors had sessions with capital market regulators and industry leaders. They include: Executive Commissioner, Operations, Securities...
Ghana’s tax plan may cut mining expansion of US$1 billion
Posted by Accountancy Africa on Dec 06, 2011 | Leave a Comment
From Mining Review
Gold Fields Limited ‒ the fourth-biggest producer of the precious metal in the world ‒ says Ghana’s plan to raise tariffs on mines and to introduce a windfall tax could force the company to halt expansion projects worth US$1 billion in the country.
“The tax situation is a big concern,” CEO Nick Holland said at a presentation here. “Frankly, unless we can see some flexibility on tax, I don’t...
Stockbrokers to get single EA licence
Posted by Accountancy Africa on Dec 06, 2011 | Leave a Comment
By David Mugwe, Business Daily Africa
East African stockbrokers will be required to apply for a single operating licence if proposed regional market regulations are passed into law.
The East African Securities Exchange Association (EASEA) is working on proposals that could see brokers in the region apply for a single license to open offices in any of the five member countries.
The association is drawing minimum benchmark...
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