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11 November 2015

Atta Africa Financial Update

Executive summary for the week: The sub-Saharan continent's first metro

Sub-Saharan Africa is dotted with regions of growth. Over the last 10 years, the 11 largest sub-Saharan countries by GDP have grown at more than double global growth. The fact the Ethiopia has built Africa’s first metro is illustrative of the both the continent's and country's development in recent years: Ethiopia has grown at rates of 10% per year for most of the last decade, partly thanks to infrastructure projects like this one.

Atlas Mara acquires Finance Bank of Zambia for US$60 million and script
 
  • Atlas Mara looks poised to complete a takeout of Finance Bank of Zambia, the country’s sixth largest bank
  • Atlas Mara plans to merge FBZ with its existing portfolio holding, BankABC Zambia, to create Zambia’s largest bank by branch network and 5th largest bank by assets with combined assets of about US$418 million
  • FBZ had approximately US$261 million of assets and US$127 million of loans
  • The deal is subject to regulatory approvals

Maersk Oil looking at many of Africa Oil’s stakes
 
  • Maersk Oil has bought half of Africa Oil’s holdings in five East African oil blocks comprising three onshore exploration licences in Kenya and two further blocks in Ethiopia
  • The deal, totalling US$845m, is part of the company’s strategy to rebuild “the exploration business with new acreage positions and pre-development discoveries to balance the risk profile in our portfolio”