Broadcom to Unveil New Bid for Qualcomm
Broadcom Ltd (AVGO.O) plans to unveil a new approximately $120 billion offer for Qualcomm Inc. (QCOM.O) on Monday, aiming to ratchet up pressure on its U.S. semiconductor peer to engage in negotiations, people familiar with the matter said on Sunday. The move comes ahead of a Qualcomm shareholder meeting scheduled for March 6, when Broadcom is seeking to replace Qualcomm’s board of directors by nominating its own slate for election. Broadcom is scheduled to meet with its advisers later on Sunday to finalize an offer that values Qualcomm between $80 and $82 per share, two of the sources said. Broadcom’s previous $70 per share offer consisted of $60 per share in cash and $10 per share in stock. Broadcom also plans to offer Qualcomm a higher-than-usual breakup fee in the event regulators thwart the deal, according to the sources. Typically, such break-up fees equate to approximately 3 percent to 4 percent of a deal’s size.
Nigerian Stock Exchange Introduces New Kobo- bases Pricing Rules
The Nigerian Stock Exchange (NSE) will today begin the implementation of its amendments to the pricing methodology and par value rules, which remove the stopgap that has supported stocks at their nominal value and will allow shares of quoted companies to trade as low as one kobo. After a long-drawn stakeholders’ engagement and training including a week-long hands-on training for stockbrokers, financial journalists and other analysts, which was rounded off at the weekend, the Exchange will this morning open trading with the revised pricing rules. Under the new pricing rules, share prices shall be allowed to trade as low as a floor price of one kobo. The new rules effectively remove the current rule which places minimum allowable price to trade for any stock at its nominal value, irrespective of the market forces.
Source, African markets
Mediterrania Capital Partners Makes First Investment in Egypt
Mediterrania Capital Partners, a private equity firm focused on growth investments for SMEs in North African and Sub-Saharan Africa, has acquired a stake in CAIRO SCAN, a private provider of medical imaging services and diagnostics in Egypt, through its third fund (MC III).
Source, Africa global funds
Rwanda: IMF Rwanda gets US $ 9.8 million Backing
The Rwandan subsidiary of I&M bank has received financing of Sh1 billion ($10 million) from the International Finance Corporation (IFC) for onward lending to small businesses. IFC, which is the private-sector lending arm of the World Bank, says that it may complement the funding with training on agri-business finance and agency banking. “The project will improve access to finance for SMEs and the agri-business sector, both priority areas for spurring economic growth and job creation in Rwanda,” says the IFC in its disclosures. Small businesses have been one of the key focus areas for I&M in Rwanda. However, Rwanda has been a risky market for lenders with data showing that the value of non-performing loans for the four listed banks hit $43 million in the first nine months of 2017. I&M Rwanda’s profit for the same period rose from $5.3 million to $5.6 million partly on account of high growth in interest on government securities.
Source, Business Daily
South Africa: Taxify and Orderin Partner to Take on Uber
On Tuesday 30 January 2018, South African food delivery service, OrderIn, and ride hailing app, Taxify, announced that the companies will enter into a partnership. The companies believe that the deal will significantly expand the reach and offering of both companies who are looking to grow their customer base in South Africa. The partnership will offer incentives to customers and additional earning power to Taxify drivers. “It all comes down to scale, with more scale we can offer greater efficiency to our customers and reduce our prices – even further,” said CEO and founder of OrderIn, Dinesh Patel.
Source, IT News Africa
Tanzania: Kilombero Sugar Company to Construct New Factory
Kilombero Sugar Company, a subsidiary of Illovo Sugar Africa, is planning to build a new factory as it increases acreage of farms under its operation in Morogoro region, Tanzania. The company is also targeting to increase sugar production from 126,000 tonnes to 250,000 tonnes per year. The new factory is expected to process 2.5 million tonnes of sugar cane from the current 1.2 million tonnes. Sugar in Tanzania comes from four companies — Kilombero Sugar (KSC), Mtibwa, Kagera and TPC, a unit of Mauritius sugar producer Alteo. The four produce 320,000 tonnes of sugar per year, leaving an estimated gap of 100,000 tonnes.
Source, The East African
AfDB and Phatisa Get into Partnership
A major initiative made possible by the Phatisa-Meridian partnership was the Productivity Improvement Program for Smallholders; instrumental in mobilizing the AAF’s TAF to provide funds and the necessary expertise to roll out the outgrowers’ program in Malawi through Meridian’s existing network of retailers in the country. Farmers Worlds, part of the Meridian Group, has hired 60 salesmen/women termed ‘agronauts’ to operate out of Meridian’s (> 100) retail outlets and reach 12,000 farmers in the central and southern regions of Malawi.
Source, Africa Global Funds
South Africa: Virgin Invests in Cape Town- Based Software Group wiGroup
Mobile software firm wiGroup has announced that it has secured investment from two leading global companies to fast-track its entry into emerging and developed markets. Virgin Group and retail solutions leader Smollan recently purchased a stake in the business for an undisclosed sum, the firm said in a statement on Tuesday. This follows similar investment from Investec Asset Management in 2015. WiGroup CEO Bevan Ducasse said that the investment comes as the company is looking to accelerate its global expansion program.
Source, Business Tech