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6 African Business October 2018

Business intelligence Deals s

The value of MTN Ghana’s record listing on the Ghana

Stock Exchange

1.15bn cedis

MTN GHANA COMPLETES RECORD LISTING Telecom firm MTN secured the largest ever Initial Public Share Offer (IPO) on the Ghana Stock Exchange, selling a 12.5% equity in the company and raising 1.15bn cedis ($240m). The listing, which was launched in May 2018, missed the company’s target of selling 4.6m shares, which constitutes 35% of the company. Despite the disappointment of not reaching its target, MTN still trounced the previous biggest IPO on the exchange when the Agricultural Development Bank raised C326m in December 2016. The news comes as MTN Ghana reported a very strong performance in the first half, benefiting from Ghana’s strong economic growth. Meanwhile, MTN Nigeria plans to list on the Nigerian Stock Exchange before the end of the year.

The output of Chevron South Africa’s Cape Town oil refinery


Brenntag acquires Desbro German chemical distribution company Brenntag has agreed to acquire Desbro Group. The group supplies industrial chemicals to companies in Kenya, Tanzania and Uganda to be used in various sectors including plastics, coatings and construction, textile, water treatment. Desbro Group generated sales of €70m ($81.2m) in 2017. The closing of the transaction is subject to certain contractual closing conditions and regulatory approvals and is expected to occur in the first quarter 2019.

Glencore in lead to take over Chevron SA South African regulators have approved a $973m bid to purchase Chevron South Africa (CSA) by a joint venture between Glencore and domestic investment firm Off The Shelf Investments 56. The Swiss conglomerate and its black economic empowerment (BEE) partner, which already owns 25% of CSA, is seeking to acquire the remaining stake, and also full control of Chevron Botswana. A $900m rival bid by Chinese statecontrolled Sinopec for CSA was also approved in March this year. The joint venture hopes to acquire CSA’s assets which include a 100,000 barrels a day crude oil refinery and hundreds of petrol stations in South Africa and Botswana. The regulator’s approval means that Sinopec must increase its offer or fail in its attempts to purchase the CSA.

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