Tag Archives | Nedbank
South African banks and construction companies have been expanding activities in the rest of Africa, where energy is one of the fastest-growing sectors. The $900m of debt and equity project finance for the Kpone Independent Power Plant and associated infrastructure in Ghana was closed by financiers and industrialists, including several South African banks.
Nedbank was considering starting Fixed-income funds in Mauritius and east Africa, similar to those it ran with parent Old Mutual in Namibia. The funds would hold securities of up to $300 million (R2.9 billion) with a maturity of less than 30 months. It would decide this year whether to open a fund in Mauritius. The funds would target short-term investors who wanted higher returns than local banks offered.
Illovo Sugar reported a 43% rise in headline earnings per share to 189.6c for the year ended March. Illovo delivered a record production of sugar cane from its own farms of 6.5-million tons, while independent fanners also did well. Between Illovo’s own farms and independent farmers, nearly 15-million tons of cane was crushed. And they’ve produced 14% more sugar from that cane than the year before with sugar production of 1.75-million tons.
Nedbank Group, which announced on Friday it was entering the Mozambican market, remains on target for a solid financial performance this year. Nedbank, Old Mutual Group’s bank subsidiary, is entering Mozambique by acquiring an initial 36.4% stake in Banco Unico for $24.4m. Nedbank plans to take a majority stake later. South African banks are targeting expansion opportunities elsewhere on the continent in line with strategies to tap faster-growing developing countries.