Africa

South Africa's Remgro Ltd said on Thursday it will buy hospital chain operator Mediclinic International in a consortium with Switzerland's MSC Mediterranean Shipping for 3.7 billion pounds ($4.49 billion), Reuters reported. The offer, which was the consortium's fourth after the earlier ones were rejected by Mediclinic's board, values the company at 6.1 billion pounds ($7.41 billion), Remgro and Mediclinic said in a joint statement. Mediclinic is South Africa's third biggest operator of hospitals and billionaire tycoon Johann Rupert's Remgro already owns up to 45% of the company.

Zambia's sovereign dollar-denominated Eurobonds gained more than 1 cent in the dollar on Monday, after a pledge on Saturday by bilateral creditors to negotiate debt relief cleared the way for a $1.4 billion deal with the IMF, Reuters reported. Its 2024 maturity was up 1.417 cents at 8.46 GMT, according to Tradeweb data, while the 2027 issue was up 1.242 cents. Bonds were bid between 58.5 cent and 59.2 cents - still trading at distressed levels - but at their strongest in a month. There was no trading data available for the issue that matures in September 2022.

The sale of Central African Republic's first digital coin got off to a slow start, with just over 5% of the target bought in the hours after its launch, amid questions about the project's transparency and a wider downturn in the industry, Reuters reported. Central African Republic (CAR), one of the world's poorest countries, became the first African state to make bitcoin legal tender in April, baffling many cryptocurrency experts and prompting the International Monetary Fund to warn it was not a "panacea" for Africa's challenges.

Clem Oladehin, an economist and investment banker, has warned that Nigeria is edging toward bankruptcy, regretting that President Muhammadu Buhari’s government is making political decisions at the expense of the economy, Hallmark News reported. Oladehin pointed out that the continued payment of fuel subsidies is having grievous effects on the economy, even as he noted that policy inconsistencies on the part of the government are hampering investor confidence. “Subsidies are undermining the little growth achieved before,” said Oladehin.

Liberian Businessman Amos Brosius is requesting that Chief Justice Francis Korkpor make sure that his company’s US$3 million is returned by the Judiciary before Korkpor's retirement in September of this year, the Liberian Observer reported. The disputed US$3 million was placed in an escrow account at the Liberia Bank for Development and Investment (LBDI), managed by the Judiciary through the Commercial Court, after both Brosius and the Monrovia Oil Trading Company (MOTC) could not agree to the management of Ducor Petroleum Incorporated.

South Africa’s minister in charge of embattled state-owned companies gave an impassioned defense of the sale of a majority stake in the national carrier for about $3 — a deal that’s subject to a lawsuit from one of the spurned bidders, Bloomberg News reported. The privatisation of South African Airways (SAA) is a vital reform for the country’s battered economy, Public Enterprises Minister Pravin Gordhan, 73, said in an interview at Bloomberg’s Johannesburg office.

Zambia is cancelling more than $2 billion worth of projects financed by commercial loans to reduce the risk of accumulating more non-concessional debt, the ministry of finance said, Reuters reported. In 2020, Zambia became the first nation to default in the COVID-19 era. At the end of 2021, its external debt stood at $17.27 billion, of which China held $5.78 billion, and it is in negotiations with creditors and the International Monetary Fund (IMF) to lift itself out of this debt hole.

Ghana slashed its plan to borrow as much as $750 million from international banks because of surging borrowing costs, according to a finance ministry official with knowledge of the matter, and will also tap the International Monetary Fund to bolster its finances, Bloomberg News reported. The West African nation will borrow $250 million from banks at an interest rate of about 8.4% to fund budget needs such as roads, railways, energy and health.

Zimbabwe’s central bank raised interest rates to a record and the government officially reintroduced the US dollar as legal currency to rein in surging inflation and stabilize the nation’s tumbling exchange rate, Bloomberg News reported. The monetary policy committee more than doubled the key rate to 200% from 80%, Governor John Mangudya said in a statement on Monday. That brings the cumulative increase this year to 14,000 basis points -- the most globally. “The monetary policy committee expressed great concern on the recent rise in inflation,” Mangudya said.

South Africa’s government and national airline are being sued by a little-known investment firm, which wants the sale of a majority stake in the carrier scrapped and re-run due to a lack of transparency, Bloomberg News reported. This year’s acquisition of 51% of South African Airways by the Takatso Consortium -- made up of a local jet-leasing company and a private-equity firm -- for just $3 was “unlawful and constitutionally invalid,” according to documents filed at the High Court in Cape Town by Toto Investment Holdings Pty Ltd.