ABN Business Briefs

AMCON Nigeria


The Asset Management Corporation of Nigeria says it will appoint financial advisers later this month to kick off the process to sell its interest in nationalised lenders Keystone, Mainstreet and Enterprise Banks.
AMCON injected over N600 billion into the banks in August last year after the central bank withdrew the banking licences of Afribank, Bank PHB and Spring Bank.




East Africa Bonds


Bond investors in East Africa are seeking more sales of longer-term government paper to secure
high yields and benefits from capital gains spurred by rate cuts seen later this year. Yields on government securities in Kenya, Tanzania and Uganda surged in 2011 as inflation and benchmark interest rates
rocketed. Longer-term bonds are to be sold as governments seek to raise more funds after demand at many Treasury bill sales fell short at the end of last year.




Kenya World Bank Loan


The World Bank has committed $1.9 billion for various development projects in Kenya over the next two years and $400 million has already been disbursed.
Rachel Kyte, World Bank vice president for sustainable development said they are optimistic about Kenya sustaining high growth rates.
Through its lending arm, the International Development Association, the bank has already invested over $2 billion in sectors like water, energy and transport infrastructure in east Africa's biggest economy.




Tanzania Fuel Prices


Tanzania's energy regulatory body has raised the price of petrol by 1.8 percent while diesel prices remained unchanged.
Director general of the energy regulatory board, Haruna Masebu, said that the changes stemmed from world market price moves and the Tanzanian shilling's appreciation against the US dollar.
The price of  kerosene in East Africa's second biggest economy has been trimmed by 0.6 percent.




Investec


Investec's operating profit for the nine months to December slipped 5.6 percent.
The International asset manager's total operating income increased by 4.6 percent while net interest income was almost 8 percent higher than in the previous year.




Tullow Oil Uganda


Tullow Oil has signed two new production licences with Uganda and is now able to proceed with a farmdown deal with Total and CNOOC, which will pave the way for commercial oil production.
In a statement the company said that it is pleased to announce that it has signed two new production sharing agreements with the government of Uganda.
The group also said that as a result of the signing, the company will now finalise arrangements with CNOOC and Total for completion of the farmdown and related transfer of monies as soon as possible.




 MTN Facing Potential Lawsuit 

Africa's largest telecom group, MTN is facing a potential lawsuit from rival Turkcell. The dispute arose after MTN allegedly asked South Africa to back Iran's nuclear development in return for a cellular licence in the country. Johannesburg-based MTN said in a statement that the Turkish mobile operator, which unsuccessfully bid for the same license, will also claim that MTN asked South Africa to aid Iran's military and that it bribed officials of both governments. MTN said that none of the claims had been substantiated and the charges lacked legal merit. However it has established an independent committee to probe the allegations.



 Exxaro 

Exxaro expects full year headline earnings per share to be between 27 and 43 percent higher.
Headline earnings per share were at 1495 cents during the previous comparative period. The miner said that this year's headline figure will exclude the impact of the impairment of the carrying value of Zincor and the partial impairment reversal of the carrying value of KwaZulu Natal Sands.
Exxaro will release its results on the 23rd of February.



 Eqstra 

Eqstra expects first half headline earnings per share to increase by between 19 and 24 percent. The construction equipment leasing company and contract miner reported headline earnings per share of 30.4 cents in the corresponding period. Eqstra's interim results will be released on 21 February.



 Yum Brands Expansion Plans in Africa 

KFC is looking to open around 130 new stores in Africa this year, according to Business Day newspaper. Yum the owner of brands like KFC, Taco Bell and Pizza Hut has more than 36 thousand restaurants in more than 110 countries. South Africans can also look forward to eating at Pizza Hut by the end of the year.