News and developments on African capital markets, includes: African securities, African stock exchanges/stock markets, African equities, African bonds, African private equity/venture capital, and African social impact investment
The Initial Public Offer by power company Umeme closed on 7 November and results are expected before the listing on 30 November. Before the close, commentators said there was a turnup of applications and that the International Finance Corporation had invested, but parliamentarians called for an inquiry.
The Initial Public Offering (IPO) of 58,841,750 shares at TSh 475 (US$ 28 cents) each in Tanzania’s Precision Air Services is set to start on 7 October and continue to 28 October, aiming for a listing and trading on the Dar Es Salaam Stock Exchange from 8 December.
Morocco’s Casablanca Stock Exchange is offering grants to small and medium enterprises to encourage them to raise capital. The first listing of 2011 was 8.7x over-subscribed.
The Dar Es Salaam Stock Exchange aims to increase to 18 listed companies and is preparing for an initial public offering (IPO) for Precision Air during September and cross-listings of 2 mining firms listed in London. Tanzania is also set to ease controls on the amount of shares foreigners can buy.
Tullow Oil plc is to start trading on the Ghana Stock Exchange on 27 July after allocating 3,531,546 ordinary shares of 10p each in a successful offer. The company says this is the largest primary share offer completed on the GSE and will more than double the market capitalisation.
Tunisie Telecom has cancelled plans for a joint initial public offering on the Paris and Tunis stock exchanges after consultations with trade unions following several changes of Government in recent weeks and the resignation of the former president.
Results have recently been released of the share offer of insurance company Alliance Assurances on the Algiers Stock Exchange. The share offer was open from 2 November until 1 December and was oversubscribed, with private individuals flocking to receive the shares. Alliance aims to be the first private company to list on the Bourse d’Alger. A total of 1,804,511 shares were subscribed, the full amount offered, at a price of 830 Algerian dinars (USD11.17) each.
Tunisie Telecom has announced the first stage of registration with the aim of listing on the Tunisian stock exchange Bourse de Tunis and NYSE Euronext Paris with a reference document filed with regulators in Tunis and France on 17 December.
Templeton fund manager Mark Mobius picks China and Nigeria as tips over the next 12 months, according to an interview with Reuters. Mobius oversees more than $40 billion as chairman of Franklin Templeton’s Emerging Markets Group.