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Week commencing 11 June 2018
Ethiopia, Africa’s second-most-populous country and the continent’s fastest growing economy, is inviting big business to cash in. For so long a closed shop, the Horn of Africa nation last week invited foreign investors to buy stakes in state-owned telecoms, shipping, power-generation and aviation companies, a rare opportunity to access such a large market. The bonanza will extend to railways, sugar mills and industrial parks, with the top brass of the ruling party embarking on long-awaited market reforms.
Business Day 7 June
Tanzanian billionaires Aunali and Sajjad Rajabali have bought 10-million shares of Safaricom worth US$2 926 579, becoming the third-largest individual investors in the telecommunications firm listed on the Nairobi Stock Exchange. Safaricom is the most profitable company in Kenya, having dominated the various segments in the telecommunications market including voice, mobile data and mobile cash transfers.
Daily Nation 11 June
With financial backing from the US government, solar developer Gigawatt Global Cooperatief signed a deal with the 15-nation Economic Community of West African States (Ecowas) to build $1bn worth of renewable energy projects in the region. The US is supporting the project through its Power Africa initiative set up in 2013 under President Barack Obama’s administration.
Business Day 8 June
Eaton to distribute products through Schiele
Eaton, a world leader in electrical power management, and Schiele Morocco, a distributor of electrical and electronic products and an industrial engineering firm, have signed a strategic partnership agreement. The agreement will allow Eaton to sell its products and solutions throughout Morocco, primarily to the service and industrial sectors, for distribution of electrical products and low voltage power plants.
Morocco World News 1 June
JPMorgan Chase & Company is having one of its busiest years yet for African companies looking to trade their shares in both London and local equity markets such as the Johannesburg Stock Exchange. The New York-based investment bank has seen interest from at least six companies considering dual listings
Bloomberg 7 June