Quick Takes

Keystone Divests from Ugandan Subsidiary

Keystone Bank Limited has announced successful divestment from Orient Bank Ltd, its Ugandan Subsidiary.

A statement by the bank’s Head of Brand and Communications, Omobolanle Osotule, explained that the lender’s 80 per cent stake was acquired by the erstwhile minority shareholders as part of a consortium led by 8Miles LLP; AN Africa- focused Private Equity Fund.

Keystone Bank had earlier obtained the approval of the Central Bank of Nigeria (CBN) to conclude the divestment in order to focus on its growing share in the domestic market.

Vetiva Capital were the Transaction Advisors while the firm of Okagbue and Ikoli were Solicitors to the transaction.

Keystone Bank Managing Director/CEO, Mr. Philip Ikeazor had hinted on the planned divestment from the African Subsidiaries last year while fielding questions from journalists at a media parley.

China to Reduce Coal Consumption

China will reduce coal consumption and boost energy efficiency as part of efforts to lessen air pollution, according to an action plan released by the government on Friday.

The world’s top consumer will cut coal consumption by over 80 million tonnes by 2017 and more than 160 million tonnes by 2020 through efficiency measures, under the 2015-2020 plan from the Ministry of Industry and Information Technology.

China’s annual coal consumption, at about 3.7 billion tonnes, accounts for roughly 66 percent of the country’s energy demand.

The coal-dominated energy mix in China has been identified as a major cause of the hazardous smog that frequently shrouds cities such as Beijing and Shanghai as well as a significant source of climate-warming greenhouse gases.

China aims for a reduction of dust emissions by 500,000 tonnes and sulfur dioxide by 600,000 tonnes by 2017, according to the plan.

China is trying to strike a balance between improving its environment and restructuring away from an economy dominated by energy-intensive industries such as steelmaking.

Egypt Targets FDI Worth $60bn

Egypt wants to attract foreign direct investment worth $60 billion and to get an average growth rate of 7 percent over the next four years, the country’s planning minister said.

Ashraf al-Arabi also said Egypt was targeting lowering unemployment -- now at about 13 percent -- to below 10 percent over the coming four years.

Egypt is gearing up for a much-heralded investment conference in Sharm el-Sheikh later this week. It hopes to attract billions of dollars in investment to lift the economy, which has been battered by four years of turmoil since the 2011 uprising that toppled then-president Hosni Mubarak.

“We’re targeting foreign direct investments worth $60 billion starting from 2015/16 to the end of 2018/19,” Arabi told Reuters in an interview that took place on Saturday.

S.Africa Union to Oppose Eskom Asset Sales

South Africa’s National Union of Mineworkers (NUM) said it would oppose any attempt by cash-strapped power utility Eskom to sell assets, especially its finance company which helps provide home loans to employees.

Eskom chief executive Tshediso Matona told the Reuters Africa investment Summit that asset sales were being considered as a way to raise capital by the state-run utility to help bring new power stations online.