Legacy USD Bond Fund, a mutual fund managed by the Nigeria-based investment firm First City Asset Management Limited (FCAM), gets listed on the Nigerian Stock Exchange (NSE). It recorded a 244.4% subscription rate for initial public offering and had mobilized $6 million. James Ilori, FCAM’s CEO indicated that this listing of Legacy USD Bond Fund now allows investment in the asset...

ABC Tunisia, a subsidiary of Bahrain-based Bank ABC group, announced the placement of a bond loan worth TND20 million ($ 8.2 million) broken into 200,000 bonds valued at TND100 each. This bond placement will focus on three categories. Category A with an interest rate of 8.20% over a 5-year period, category B with a slightly higher interest rate (8.40%) and a maturity of 7 years while Category C...

Peak Resources, active on Ngualla rare earth project in Tanzania, announced yesterday April 23 a fundraising worth AUD6.3 million through a two-tranche share placement. The company will issue a total of 157.5 million of share worth 4 cents each. The fund will be directed to finance the company’s contribution to Ngualla project and Teesside refinery and advance the permitting process. It will...

Kentucky Fried Chicken (KFC), the fast food restaurant chain that specializes in fried chicken, opened its first restaurant in Abidjan, Marcory commune, yesterday April 23. This project is the result of a collaboration between the company and Vivo Energy, Côte d’Ivoire-based company active in Shell-brand oil products distribution. Ivorian company Coqivoire, one of the regional leaders...

The billionaire Vincent Bolloré, President of Bolloré group has just been taken into custody by the French justice, for an investigation on the conditions of concessions granted to his group in several African ports. The transport and logistics tycoon was reportedly taken into custody with two other executives of the group as part of a judicial investigation mainly for “corruption of foreign...

In Rwanda, the brewer Bralirwa recorded a drop in activities during the 2017 financial year which ended on 31 Dec. 2017. The beer market’s leader recorded a 12.4% decrease in sales volume to 1.56 million hectoliters and a turnover of 86.3 billion Rwandan francs ($101 million), down 2.8% from 2016. This slowdown is the result of an increase in soft drink and beer price which penalized...

Morocco could produce 9.82 million tons of cereal by the end of the ongoing season (2017-18). This was announced yesterday April 23 by the agriculture minister Aziz Akhannouch (photo). This volume is slightly above (+3%) that of last season and significantly beyond the recent forecasts (8 million tons). It is mainly attributable to abundant and frequent rainfall (up 16% from one year to...

The consortium of Sogea-Satom (a subsidiary of VINCI Construction), Egis, Baudin-Châteauneuf, and Alcor, won a contract to design and construct a stadium in Yamoussoukro, Côte d'Ivoire, as the country will host the 2021 African Cup of Nations (CAN). Apart from the construction, according to the agreement worth €72 million (CFA47.2 billion), the consortium will also renovate the...

In 2017, the volume of trade between Egypt and European Union (EU) reached €28 billion while it was €27.3 billion a year earlier. This was revealed last April 20 by the Egyptian ministry of trade and industry, Tareq Kabil (photo). The official indicated that this increase is partially the result of an increase by 21% in the country’s exports towards the EU, standing...

Fidelity Bank Ghana plans to launch an initial public offering (IPO) for its listing on Ghana Stock Exchange by 2020. The operation should allow the financial institution to raise nearly 70 million Ghanaian cedis ($16 million). The bank's shareholders approved the fund-raising exercise on April 20, 2018. Moreover, Jim Baiden, the bank's MD indicated that Fidelity Bank would strengthen its...