Africa Equity
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After years of inactivity, recent months suggest a resurgence in Africa equity capital markets
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South African investment company Remgro has reduced its stake in FirstRand, one of the country’s largest financial services groups, via an accelerated bookbuild.
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Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer for half its outstanding rand-denominated convertible bonds.
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South African pulp and paper company Sappi has tapped the equity-linked market for financing with a new five-year R1.8bn ($120m) convertible bond.
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South African commercial landlord Growthpoint Properties has sold R4.3bn ($275m) of new shares to fund deleveraging, including repaying debt used to finance its acquisition of Capital & Regional at the end of 2019.
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Redefine Properties, the South African landlord, has completed a tender offer for all of its outstanding €117.2m bonds that are exchangeable into shares in RDI Reit, the London-listed real estate investment trust.
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Redefine Properties, the South African real estate company focused on commercial properties, has completed a buy-back of its outstanding €117.2m 1.5% exchangeable bonds due 2021, as part of a wider restructuring of the firm.
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Wednesday evening proved a busy night for equity bock trades, despite wider sell-offs in secondary markets over fears of a second wave of Covid-19.
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Pepkor, the South African retailer, raised R1.9bn ($110m) in a sale of new shares on Tuesday night to reduce leverage and to prepare it for the future impact of the Covid-19 pandemic.
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Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.
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Two block trades in Europe this week have shown that there is still a reasonable bid for some stocks, even during a global equity market meltdown, when many transactions have simply been called off.
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The three founders of Transaction Capital, the South African financial services firm, have sold down R1.62bn ($108m) of stock via an accelerated bookbuild.
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Ninety One, the asset management division of Investec, has announced its intention to float on the London Stock Exchange, formally launching what is likely to be one of the largest UK IPOs this quarter.
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South African gold mining company Gold Fields Ltd has raised R3.7bn ($252m) of fresh capital to fund the construction of a new mine in Chile.
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Brait, the troubled South African investment company, managed to issue a £150m five year convertible bond on Wednesday, an essential piece of its restructuring plan, which includes a new strategy, a recapitalisation, including a rights issue, to repay debt and the sale of two UK assets.
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BCME Bank, one of the largest banks in Morocco, has raised Dh1bn ($103m) by selling new shares on the Casablanca Stock Exchange.
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A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.
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Omnia Holdings, the South African chemicals company, has fixed the terms for its R2bn ($136m) rights issue to reduce debt, after securing underwriting from its top shareholders.
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In an otherwise barren summer week for equity block trades in Europe, UBS led the sale on Thursday night of R1.4bn ($95.4m) of stock in Mondi, the Anglo-South African paper and packaging company, on behalf of a group of shareholders left out of a recent reorganisation of Mondi’s listing.
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An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.
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Impala Platinum Holdings, the South African platinum mining company this week completed a tender offer to convert its 2.25% June 2022 $250m convertible bonds into stock, with a high near full acceptance rate from bond holders.
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Asset managers are looking to the emerging markets as a hedge against a slowdown in the US and Europe.
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Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer to convert its outstanding 3.25% $250m June 2022 convertible bonds into equity, after a massive rally in its share price over the last year.
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The £540m IPO of Airtel Africa, the African division of India’s Bharti Airtel, has been priced at 80p, the bottom of the initial range, following a $100m anchor order from an existing investor, according to a source close to the transaction.
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Investors are calculating the value of Airtel Africa, the African subsidiary of Indian telecoms conglomerate Bharti Airtel, as it is going ahead with a floatation on the London Stock Exchange (LSE).
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EPP NV, a Polish firm that owns malls and office buildings, raised over €90m of equity capital in Johannesburg on Wednesday last week.
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Sibanye-Stillwater, the South African commodities miner, sold a 108.9m share block in the market on Tuesday night to solidify its balance sheet as the company continues to weather a gold workers' strike and prepares for wage talks with unions for its platinum workers.
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A cluster of large pan-African companies are exploring listings on the London Stock Exchange, but many have delayed their plans because of political risk in both Africa and the UK.
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Steinhoff International continued to dispose of assets this week with a R4.8bn (€293m) sale in KAP Industrial Holdings, the South African industrial company, with the company expected to shed more holding to meet its subsidiaries' funding requirements.
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DWF, the UK law firm, has filed paperwork on an initial public offering in London, but many in equity capital markets are predicting that the the city’s largest deals will come from the emerging markets.
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African equity capital markets deals could bolster emerging market issuance figures this year and provide a post-Brexit boost for London where some firms are tipped to dual-list.
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Old Mutual has launched a sale of shares in Nedbank Group Ltd, one of South Africa’s largest banks, on behalf of some of its investors who could not receive them as part of the bank’s unbundling from the Old Mutual Group, which was announced last month.
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Hassan Allam, the Egyptian construction firm and utilities firm, intends to list shares on both the local Egyptian Exchange and in London through the sale of global depository receipts.
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The flotation of Cipla Quality Chemical Industries (CiplaQCIL) on the Ugandan stock exchange could persuade fellow African issuers to follow suit.
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Shares in Investec, the Anglo-South African banking group, rose 8.7% on Friday after it announced that it had decided to spin off and list its asset management unit, following a strategic review.
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Potential IPO issuers from across emerging markets are waiting for investor sentiment to calm so that they can sell new deals, but many fear that there is little chance of a renaissance for EM this year.