Frank | Africa Inc.

Sibanye-Stillwater to acquire French nickel refinery Eramet for US$77m as it advances its battery metals strategy

July 30, 2021July 30, 2021 Frank

SOUTH AFRICA – Precious metals miner Sibanye-Stillwater has taken the next step in expanding its footprint in the battery metals sector by entering into an exclusive put option agreement with French mining group Eramet to acquire the Sandouville nickel hydrometallurgical processing facility, in France, for €65 million (US$77.4 million) according to Mining Weekly. The companies expect the deal to conclude by the end of 2021, pending regulatory approvals. Eramet can exercise the put option upon the completion of the consultation process with the relevant Eramet works councils, which is standard for…

IHG Hotels & Resorts launches four new Hotel Indigo branded properties in Egypt

July 30, 2021July 30, 2021 Frank

EGYPT – IHG Hotels & Resorts, one of the world’s leading hotel companies, is expanding its presence in Egypt with four new Hotel Indigo branded properties. As part of a Management Agreement signed with real-estate specialists Mountain View, IHG will introduce the world’s first globally branded boutique hotel brand, Hotel Indigo, to Egypt with Hotel Indigo Mountain View North Coast, Hotel Indigo Mountain View iCity New Cairo, Hotel Indigo Mountain View iCity 6th of October City and Hotel Indigo Mountain View Ain El Sokhna. The four new hotels will reflect…

TotalEnergies to buy back shares as fuel prices boom

July 30, 2021July 30, 2021 Frank

WORLD – Energy company TotalEnergies says it would use part of its cash flow for share buybacks worth at least US$800 million, as rising oil and gas prices boosted profit, offsetting the hit from selling out of one of its Venezuelan ventures, reports Reuters. TotalEnergies has been investing heavily in clean energy projects and electricity production so it can eventually rely less on oil and gas, mirroring moves by European rivals. On 29th July 2021, it announced a collaboration with Amazon, through which it will supply the online retail giant with…

Sound Energy signs 10 year LNG sales agreement in Morocco

July 30, 2021July 30, 2021 Frank

MOROCCO – Sound Energy, a gas company, has entered sale and purchase agreement with Afriquia Gaz for phase 1 development plan for the TE-5 Horst development at the Tendrara Production Concession, onshore Morocco. Pursuant to this agreement, Sound Energy will sell not less than 171,000 cubic metres of LNG per year (approx. 100 million cubic metres a year of gas to be produced and liquefied from the Phase 1 Development) on behalf of the Concession joint venture (the LNG SPA). ”We are delighted to announce the signature of a binding…

UK’s Caracal Gold Plc to list at the Nairobi Securities Exchange

July 30, 2021July 30, 2021 Frank

KENYA – Caracal Gold Plc, a gold mining company, based in the UK, has picked Faida Investment Bank as its financial adviser and joint broker as it plans to do a Kshs 2 Billion (US$18.4 million) listing at the Nairobi Securities Exchange (NSE). Caracal Gold Plc listing at the Nairobi Bourse will make it only the second Company to have a dual listing at both the NSE and London Stock Exchange (LSE). The Economic Partnership Agreement (EPA) that was ratified between Kenya and the UK in May 2021 to boost trade between…

Bboxx, Geocoton Advens Group partner for access to clean energy in Burkina Faso

July 30, 2021July 30, 2021 Frank

BURKINA FASO – Bboxx, a Pay as you go solar provider, and Geocoton Advens Group, have entered into a partnership to facilitate access to clean energy in Burkina Faso and other countries. This is the first step in a long-term strategic partnership that will see the two companies expand access to clean energy to other African countries in future. This new partnership allows Bboxx and Geocoton Advens Group to impact the lives of two million people in Burkina Faso, through access to clean, reliable and affordable energy. The partnership will…

Mergence Investment Managers Lesotho launches two unit trusts

July 30, 2021July 30, 2021 Frank

LESOTHO – Mergence Investment Managers Lesotho has launched two unit trust investment products – the Mergence Lesotho Equity Unit Trust Fund and the Mergence Lesotho CPI + 4% Fund. Both unit trusts are available for retail and institutional investors. Semoli Mokhanoi, Managing Director of Mergence Lesotho, said that the unit trusts will go a long way to opening up investments for the Basotho people who wish to save for their future. “The main saving that most people make is into their company’s retirement fund, but if you have spare cash…

Equity Bank Tanzania introduces remittance services

July 30, 2021July 30, 2021 Frank

TANZANIA – Equity Bank Tanzania has introduced two new remittance services in an effort to boost inter-country and regional remittance transactions in Tanzania. The two platforms introduced in the market are Equity Bank Interbank transfers and Sadc Integrated Regional Electronic Settlement System (Siress) Services. The former allows real-time transactions for Equity Bank customers in any Equity Bank group branches while the latter opens up remittance transactions within the 16 Southern African Development Community (SADC) member states. Equity Bank managing director Robert Kiboti said in Dar es Salaam that the services…

African airlines’ traffic fell 68.2% in June 2021, cargo demand goes up -IATA

July 30, 2021July 30, 2021 Frank

AFRICA – The International Air Transport Association (IATA) announced has passenger demand performance for June 2021 showing a very slight improvement in both international and domestic air travel markets even though demand remains significantly below pre-COVID-19 levels owing to international travel restrictions. As comparisons between 2021 and 2020 monthly results are distorted by the extraordinary impact of COVID-19, unless otherwise noted, all comparisons are to June 2019, which followed a normal demand pattern. Total demand for air travel in June 2021 (measured in revenue passenger kilometers (RPKs) was down 60.1%…

IDH Farmfit Fund’s US$118.7m gets contribution from FMO, Rabobank for small-scale farmers in Africa

July 30, 2021July 30, 2021 Frank

AFRICA – IDH Farmfit Fund, the catalyzing smallholder finance facility of IDH has received financial support from the Dutch development bank FMO and Rabobank, each investing €10 million (US$11.8m). The IDH Farmfit Fund, with backing from public and private organizations, makes it possible to provide financing for small-scale farmers in developing countries. By covering any initial losses on loans, the fund allows banks to provide financing for this sector with ease, acting as a bridge between small-scale farms and financial services. It also invests in innovative companies that develop solutions…