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REFLEX ECO GROUP news list (July 21, 2014 at 10:50 am) –
• Banks raise 200 mln euros for second Abidjan container port
Banque Atlantique, SocGen and Afreximbank have raised 200 million euros ($272.81 million) to start a second container terminal at Abidjan port in Ivory Coast. Banque Atlantique has raised 100 million euros and Societe Generale and Afreximbank gave 50 million euros each, Souleymane Diarrassouba, director general of Banque Atlantique, told Reuters. His bank is a subsidiary of Banque Populaire du Maroc.”It’s to allow the port of Abidjan to start the work on a second container terminal,” he said, without giving a figure for the total cost of the project.
• Ivory Coast gold output to reach 22 tonnes by 2016
Ivory Coast gold output is expected to reach 22 tonnes in 2016, an increase of around 30 percent from 2014 estimates, due to the start-ups of two new mines. Ivorian gold production was 15.5 tonnes in 2013 and is due to reach 17 tonnes this year as the cocoa-growing West African nation seeks to encourage development of its long-neglected mining sector in an effort to diversify its economy from agriculture.
• Cameroon cocoa exports reach 152,941 T by end June
Cameroon, the world’s fifth cocoa grower, has exported 152,941 tonnes of cocoa beans from the start of the 2013/14 season to end-June, down from 203,220 tonnes in the corresponding previous season. The roughly 25 percent fall in total exports came despite higher shipments in June when 4,256 tonnes of cocoa left ports compared with 2,305 tonnes for the same month last year and 2,268 tonnes in May.
• Kenya’s Britam raises $68 mln via corporate bond
Kenyan financial services company British American (Britam) raised 6 billion shillings ($68.4 million) through a corporate bond issue, doubling its initial target. The firm runs insurance, asset management and property development businesses, with operations in neighbouring Rwanda, Uganda and South Sudan. Market participants said the bond paid an interest rate of 13 percent although the company did not include those details in a statement seen by Reuters on Thursday. Investors offered bids worth 7.4 billion shillings, a 147 percent over the subscription level. It will use the funds for further expansion in Kenya and in neighbouring countries, an acceleration of property development and to increase investment in private equity, the company said.
• Higher sales lift Kenya’s ARM Cement’s first half profit
Strong sales of cement and fertiliser boosted Kenya’s ARM Cement’s pretax profit 20 percent to 1.2 billion shillings ($13.68 million) in the first-half, it said on Friday. Total revenue jumped 16 percent to 7.6 billion shillings, after sales of cement rose by 10 percent and by more than a third in Kenya and Tanzania respectively, ARM said, attributing it to an improved distribution network. ARM said it expects earnings to grow further in the second half mainly due to improving margins driven by investments in its factories in Tanzania and Kenya. “The east African regional economies are growing briskly, and demands for cement, as well as the other products are expected to grow further,” the company said. Its fertilizer line also posted good sales growth after the Kenyan ministry of agriculture endorsed one of its brands.
SOURCE: AFRICAN MARKET