Tag Archives | Nedbank

Africa Brief

Africa Brief: Local banks join power plant deal in Ghana and more…

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.

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Africa Brief: Nedbank fixed-income funds in Africa, diabetes threat, Kenya’s KenolKobil and more

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.

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Africa Brief: Illovo’s record tons of cane, PPC in Africa, Nedbank eyes East Africa and more

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.

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Africa Brief: Nedbank enters Mozambique market, Nigeria-SA relationship and more

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.

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