Market News Page No. 413| Africa Business News | Afrotrade

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Sappi Invests In Stanger Mill As World Class Office and Tissue Paper Producer

Sappi concluded the sale of its Enstra Mill near Johannesburg. The mill was transferred on 2 November 2015 to the new owners, Corruseal. The sale is not categorisable in terms of section 9.5 of the JSE Listings Requirements. The production of Sappi’s much loved Typek copy paper has moved to Sappi Stanger Mill in KwaZulu-Natal. The agreement with Corruseal regarding Enstra Mill includes the recycled container board and kraft papers.... Read more »

Posted on : Saturday , 7th November 2015

US$ 10.8m agreement signed for renewable energy projects in Kenya

Chase Bank and the French Development Agency have signed a US$ 10.8m loan to finance renewable energy projects in Kenya. Chase Bank Chief Executive Paul Njaga confirmed the reports and said that the money will be lent to businesses that want to invest in renewable energy technologies projects such as small hydro, biomass, biogas, solar, geothermal and other energy efficient measures. “This is a 12-year facility and will therefore.... Read more »

Posted on : Friday , 6th November 2015

Kenya: M-Pesa Registers Sh2.5 Trillion in Transactions at Safaricom's Half Year Results

Safaricom's money transfer service M-pesa transacted Sh2.5 trillion in the last six months. The firm's CEO Bob Collymore made the announcement during the half year financial results release at the Michael Joseph Center in Nairobi on Thursday. Collymore attributed the 24 per cent spike in revenue from M-pesa to an increase of customers using the platform. "We added 3.25 million users and now have 22 million people.... Read more »

Posted on : Friday , 6th November 2015

Tanzania: Panasonic Banks On New Smart Devices

Panasonic Corporation is betting on 12 of its new smart gadgets to drive its sales in the Middle East and Africa Region. The gadgets have been deliberately designed to improve the way Panasonic's business partners conduct their daily undertakings, the Panasonic Marketing Middle East and Africa (PMMAF) Managing Director, Mr Shinichi Wakita, said at the just ended- Gulf Information Technology Exhibition (Gitex) in Dubai. The.... Read more »

Posted on : Friday , 6th November 2015

Africa Growth, UK Business Boost Old Mutual Sales

Old Mutual [JSE:OML] on Wednesday posted strong third quarter results with gross sales up 31% to R172.53bn. Investors initially cheered the news, sending the share price up over 3% to reach a new record high of R47.15. However, by 16:30 the shares were changing hands up only 0.57% at R45.89 from the previous close. Old Mutual Emerging Markets delivered a strong performance, despite weaker economic conditions in South Africa,.... Read more »

Posted on : Friday , 6th November 2015

Olam's Investment in Production of Rice in Nigeria

Olam is one of the multinational companies involved in the production of rice in Nigeria. With a farm situated in Rukubi village in Doma Local Government of Nasarawa State, it is currently cultivating 4,000 hectares of rice. The total hectare according to the farm officials is 10,000. Mahesh Nimje, who led a team from the farm to the recent Daily Trust Agric Conference in Abuja said the farm is expanding.... Read more »

Posted on : Friday , 6th November 2015

Lake Chad Institute Targets 1.5 Million Metric Tons of Wheat in Two Years

Kano — Lake Chad Research Institute (LCRI), Maiduguri has revealed that the Federal Government's Agricultural Transformation Agenda (ATA) initiative has launched a nationwide scaling-up programme for expanding the wheat area from 70,000 hectares to 350,000 which is set to produce over 1.5 million metric tons of wheat in 2017. This was disclosed by the Executive Director of LCRI, Dr. Oluwasina Gbenga Olabanji, during the pre-season.... Read more »

Posted on : Friday , 6th November 2015

Tanzania: Firm Acquires Tanga Gas Block from Bankrupt Owner

Canada-based oil and gas issuer Octant Energy Corporation has completed acquisition deals with subsidiary companies of troubled British explorer Afren for three assets in Tanzania and Kenya, the Toronto listed junior said on Monday. The gas property in the country is an offshore and onshore block in Tanga, which Afren acquired in March 2011 after buying a 74 per cent stake from Petrodel that still has a 26 per cent interest in the.... Read more »

Posted on : Friday , 6th November 2015

Hyundai set to return to East Africa

Hyundai Motors abandoned the EA market a decade ago, but is now looking to return. The company’s Regional Marketing Director Sam Lee says that while “Hyundai has been absent from East African roads for over a decade”, they now “consider the region as a significant market and will be making strategic investments to make Hyundai cars the leading models in the region.” Hyundai will reportedly be making a.... Read more »

Posted on : Friday , 6th November 2015

TANZANIA MNAZI BAY PRODUCTION VOLUME AT 33 MMSCF/DAY IN OCTOBER

Production volumes to the new transnational pipeline in October to production facilities at Madimba, the Mtwara to Dar es Salaam pipeline and the Kinyerezi Gas Receiving Facility stood at 33 mmscf/day. This is from three of the five existing gas wells at Mnazi Bay that have been successfully brought on-stream with the fourth well expected to be tied in during the month of November 2015 and the fifth well is expected to be tied in and ready to.... Read more »

Posted on : Friday , 6th November 2015

MILIO INTERNATIONAL, PANCONTINENTAL OIL AND GAS PLANNING 2D SEISMIC KENYA�S ONSHORE BLOCK L6

Block L6 operator Dubai based Milio International is in the process of planning for the seismic acquisition and is currently coordinating with local authorities according to JV partner Pancontinental Oil and Gas. This is part of a farm-out agreement where Milio negotiated entry into the onshore area of block L6 in Kenya to earn a 60% interest in exchange for a 2D seismic programme of not less than 1,000km2, drilling and testing of an.... Read more »

Posted on : Friday , 6th November 2015

Mobius Motors to deliver Africa�s cheapest car

Nairobi-based Mobius Motors recently announced and started pre-selling its Mobius II model, which will offer drivers a highly robust vehicle capable of tackling Africa’s rough rural terrain and will, importantly, be the most affordable SUV on the market, selling for around US$11,000 (other new models usually sell for about US$23,000). It achieves this price by offering a simplified design, with non-essentials such as air-con,.... Read more »

Posted on : Friday , 6th November 2015

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