• EGYPT’S BISCO MISR SHAREHOLDERS AGREE TO SELL $125 MLN WORTH OF SHARES TO KELLOGG

    CNBCAfrica – Shareholders controlling 86 per cent of shares in Egyptian biscuit maker Bisco Misr agreed to sell their shares to US firm Kellogg. They agreed to sell their shares for a total of 125 million dollars by the time bidding ended on Sunday, the Egyptian stock exchange said. US Kellogg became the only suitor

  • Uganda Central Bank Ready to Intervene on Shilling’s Retreat

    Bloomberg – Uganda’s central bank will intervene to restore stability in the shilling, which slumped to the lowest in more than three years today, when it sees speculative trading and “excessive movements” in the foreign-exchange market. “The Bank of Uganda will intervene to restore stability using available tools like forex intervention and monetary-policy tightening,” Christine

  • Nigeria’s Sterling Bank On Massive Expansion Of Cashless Infrastructure

    VENTURES AFRICA – Nigerian lender, Sterling Bank says it has concluded arrangements to deploy additional 5,000 Point of Sales (POS) terminals to boost transactions. Shina Atilola, the bank’s Head of Strategy and Communications, told the News Agency of Nigeria (NAN) on Friday that the POS machines, used by retail stores to accept ATM cards for

  • S’Africa’s Grindrod Sinks $500m Into Zambian Rail Project

    VENTURES AFRICA – South African based Grindrod Limited Group, which recently partnered Zambia’s North Western Rail Limited to construct a 580km railway line has poured $500 million into the first phase of the rail project worth $1 billion. The railway construction is meant to link Zambia and Angola, a visionary investment on the part of

  • AFRICA’S MOBILE SUBSCRIPTIONS SOON TO REACH 1 BLN MARK

    CNBCAfrica – Mobile subscriptions in Africa reached 880 million in the third quarter (Q3) of 2014, edging closer to the one billion mark. This is according to the latest Ericsson Mobility Report, which analyses mobile trends leveraging big data from live networks worldwide. The report stated that there were 26 million new subscriptions added in

  • Woolworths Says Sales Surge 48% After $2 Billion David Jones Buy

    Bloomberg – Woolworths Holdings Ltd. (WHL) said sales rose about 48 percent, boosted by the South African food and clothing retailer’s acquisition of Australia’s David Jones Ltd. Excluding the $2 billion purchase, sales increased 12 percent for the 20-week period ending Nov. 16 from a year earlier, the Cape Town-based company said in a statement

  • CHINA RAILWAY CONSTRUCTION WINS $12 BLN NIGERIA DEAL: XINHUA

    Reuters – China Railway Construction Corp has signed a deal worth nearly 12 billion US dollars with Nigeria to build a railway. The railway will be built along the West African nation’s coast, Chinese state news agency Xinhua said on Thursday. The announcement comes shortly after Mexico abruptly scrapped a 3.75 billion dollars high-speed rail

  • South African Retailers Stage Late Rescue for African Bank Unit

    Bloomberg – Ellerine Holdings Ltd., the furniture retail unit of failed African Bank Investments Ltd., said it may save more jobs and stores after South African competitors expressed interest in taking over some branches. Two “major” South African companies involved in furniture retailing may take the leases on more than 500 stores previously run by

  • Price Slash: Dangote Wants To See More Nigerian Home Owners

    VENTURES AFRICA – Group Managing Director of Dangote Cement, Devakumar Edwin has revealed that the company’s latest cement price crash in Nigeria was aimed at availing many more Nigerians the cost cushion need to develop their own houses. Last week, Dangote, Africa’s largest cement producer, crashed cement prices by almost 40 percent, from N1,700 ($10.3)

  • Aabar Acquires 5.1% Stake In Egyptian Developer Palm Hills

    VENTURES AFRICA – Aabar Investments, a subsidiary of the United Arab Emirates’ sovereign wealth fund, has purchased a 5.1 percent stake in Palm Hills, Egypt’s second-largest listed real estate developer. The acquisition further confirms the growing interest of the UAE in Africa’s key markets, especially investments in North Africa. Egypt has so far emerged the