African capital market activity declines further in 2019

AFRICA – Professional services firm PwC reported in its ‘African Capital Markets Watch’ publication that Africa equity capital market (ECM) proceeds hit a new ten-year low in 2019. The new report by PwC shows that the African equity capital market activity declined sharply in 2019 both in volume, by 29%, and value, by 44%, compared with 2018. The report analyses equity and debt capital market transactions on an annual basis and lists all new primary market equity initial public offerings (IPOs) and further offers (FOs) by listed companies, in which…

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Chinese Cement company buys Maweni Limestone for $116m

TANZANIA – Maweni Limestone Ltd, a subsidiary of Athi River Mining (ARM) Cement Tanzania has been bought by a leading for $116 million, reports Business Daily. The acquisition by Huaxin Cement is subject to certain conditions including receipt of regulatory approvals. “This transaction will permit Huaxin immediate entry into one of the leading markets in East Africa and is integral to Huaxin’s broader strategy to expand its footprint across emerging markets,” joint ARM administrators George Weru and Muniu Thoithi of PricewaterhouseCoopers (PwC) Kenya said in a statement. The sale of…

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