Kenya Electricity Generating Co., the country’s biggest power producer, will more than quadruple its shares in issue with a $1.65 billion rights offer to fund an expansion program, acting Managing Director Simon Ngure said.
The South African rand extended its longest quarterly losing streak in 12 years as a boost provided by the Federal Reserve’s delay in paring its stimulus program faded amid concern labor strikes are curbing economic growth.
Absa Capital said sub-Saharan Africa’s largest economies will expand about 5 percent over the next few years, retaining the region’s position as the world’s fastest growing market behind emerging Asian nations.
The Central Bank of Nigeria will probably hold its benchmark lending rate unchanged at a record high today to support the naira as oil revenue slumps and spending pressures increase before 2015 elections.
Transnet Ltd., South Africa’s state- owned rail and port operator, delayed a sale of dollar bonds after meeting with U.S. and European investors last week because of adverse market conditions, according to Barclays Plc-owned Absa Capital, which advised on the transaction.