Africa's Youth

Africa Brief: Calgro sees growth in African markets & more…

Calgro sees growth in African markets

Calgro M3 Holdings, the listed affordable housing company, anticipates further growth into the African markets after making its first venture beyond South Africa’s borders into Namibia with the Otjomuise project in Windhoek. Further growth in the rest of Africa by the group would commence only once it had proved its ability to operate beyond South Africa’s borders. This project, awarded by the National Housing Enterprise of Namibia, comprises of the construction of 2 523 residential units and is scheduled to be completed in three-and-a-half years. Ben Pierre Malherbe, Calgro M3’s chief executive, said Calgro’s management believed that R10bn of Calgro’s secured pipeline of R17bn could be rolled out in the next five to six years, while Calgro yesterday reported 16 percent growth in headline earnings a share to 83.16c in the year to February from 71.84c in the previous year.

Revenue fell by almost 2 percent to R784.9 million from R798.4m. Operating profit dropped 41 percent to R52.85m from R89.37m. Profit after tax increased by 16 percent to R10S.69m from R91.3m. Malherbe said that the year under review was exciting but challenging for the group, with accelerated infrastructure investments during the period resulting in margin and cash flow pressure but these investments would facilitate sustained growth over the next 24 months.

by Roy Cokayne published by The Star Business Report on 13/05/2014

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Kagiso concludes Ghana deal

Approval Kagiso Tiso Holdings said yesterday it had successfully concluded a $35m deal to acquire a minority equity investment in Fidelity Bank Ghana after receiving approval from the Bank of Ghana.

Excerpt from: Kagiso concludes Ghana deal by Staff Writer published by Business Day on 13/05/2014

Mozambique: Coal, oil licence bids open soon

Mineral Resources Minister Esperanca Bias said yesterday that Mozambique will open fresh bidding for coal exploration licences in the central Tete province by next week, with oil and gas tenders to follow soon, as some of the licenses currently issued will be revoked. The minor hold up in the issue of the licenses is the wait for the mining law to be approved by Parliament.

by Bloomberg published by The Star Business Report on 13/05/2014

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Firstrand: Nxasana looks to Ghana in near term

Chief executive of FirstRand, Sizwe Nxsana, stated that FirstRand would like to set up operations in Ghana, and is also looking at Angola and Kenya. This is after 3 deals to buy assets in Zambia, Ghana and Nigeria have failed in as many years.

by Bloomberg published by The Star Business Report on 13/05/2014

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Barclays has capital for Africa as it beats target

UK lender Barclays, who is shedding 7 000 jobs in the next 2 years, is choosing to invest more heavily into its African business after returns for the continent exceeded expectations. The return of 18 – 19% is far above the expectation of returns of 12% by 2016. Due to this, Africa will not suffer from the cutting of jobs. Barclays bought a controlling stake in the Absa Group in 2005, and through this stake, has the opportunity to access growth opportunities in countries such as Ghana, Kenya, Uganda and Zambia. After dropping 19% in 2013, Barclays Africa has climbed 17% this year, making it the top performer on the seven-member FTSE/JSE Africa Banks Index.

by Renee Bonorchis published by Business Day on 15/05/2014

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Turkey :232 coal miners die in mine fire

Fires in a coal shaft have claimed the lives of more than 200 lives, and more than 100 miners are still trapped underground while rescue workers are battling flame and methane gas to try to reach them. They have been trapped since the fire broke out on Tuesday morning. Energy Minister Taner Yildiz said that 363 miners have been rescued.

by Bloomberg published by The Star Business Report on 15/05/2014

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Zambia: Maize harvest target raised

After Zambia’s maize output rose 30% to 3.3 million tons and after increasing the number of small farmers receiving subsidised fertiliser, Zambia has set the bar at 4 million tons of maize next year. Agriculture Minister Wylbur Simuusa was quoted as saying the number of subsidised small-scale farmers would be raised to 1 million from 900 000.

by Reuters published by The Star Business Report on 15/05/2014

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Egypt :Debt to foreign oil firms mounts

Tarek El Molla, the chairman of state-run Egyptian General Petroleum, said yesterday that the country’s debt to foreign oil firms operating in the country was $5.9 billion (R61bn) by the end of last month, and that these debts totalled $4.9bn in December last year. This shows that the debt in Egypt is mounting even after $1.5bn were paid back to the firms at the end of last year in an attempt to restore investor confidence.

by Reuters published by The Star Business Report on 15/05/2014

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Nedbank targets growth in Africa

The Old Mutual controlled Nedbank group said the economic outlook in the South African market remains challenging. Financial improvements in the net interest income, non-interest revenue, loans and the credit loss ratio “re¬flect the quality of the ad¬vances portfolio and the more conservative credit lending policies implemented in the second half of 2012,” Nedbank said. The group is looking to expand into Togo and Mozambique. The company reiterated that full-year profit per share excluding one-time items will increase by more than growth in nominal gross domestic product (GDP), and said it expected GDP to grow 2.5 percent this year, while the company rose 13% in the year on the FTSE/JSE Africa banks index, the shares did drop by 1.35% at the close yesterday.

Excerpt from : Nedbank targets growth in Africa by Renee Bonorchis published by The Star Business Report on 15/05/2014

David Okwara

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