European governments aiming for mass conversion to electric car use by 2030 are divorced from reality and need to wake up to the need for more ... lithium exploration for battery use, AfriTin Mining CEO Anthony Viljoen tells The Africa Report.
The bank’s interest in IPO has “not gone away”, Afreximbank Chairman Benedict Oramah said at the African Investment Forum in Johannesburg.
- The plan was postponed because “major developments in the bank should be reflected in information to shareholders,” he said, without elaborating. “We plan to go ahead with an IPO in London.”
The bank had hoped to raise $250m and initially said that the shares would start trading in London in November.
It postponed the plan at the end of October, citing “unfavourable market conditions.”
Oramah spoke on 13 November after the signing a memorandum of understanding between Afreximbank and industrial group Thelo DB on railway and rolling stock financing.
- According to Harry Broadman, chair of the emerging markets practice at Berkeley Research in Washington, a dollar-denominated listing would have been more logical as Afreximbank’s investments are made in dollars.
- Broadman sees a signifciant risk that stock markets will decline in coming months, with the London stock market especially vulnerable to due to continued uncertainty over Brexit.
That pessimism is echoed by research published by Société Générale Cross Asset Research on October 25, which predicts sharp declines in emerging market currencies as the world economy slows and stock markets correct in coming months.
Bottom Line: With many investors predicting a correction or worse in stock markets in 2020, Afreximbank may find that its best opportunity to list has already passed.
Understand Africa's tomorrow... today
We believe that Africa is poorly represented, and badly under-estimated. Beyond the vast opportunity manifest in African markets, we highlight people who make a difference; leaders turning the tide, youth driving change, and an indefatigable business community. That is what we believe will change the continent, and that is what we report on. With hard-hitting investigations, innovative analysis and deep dives into countries and sectors, The Africa Report delivers the insight you need.View subscription options