Page 17 - DMEA Week 45 2022

DMEA NEWS IN BRIEF DMEA

business new africa bna/IntelliNews

Fighting tribal groups and militias in southern
and central parts of the country usually clash to
exert pressure on the Tripoli-based government
of PM Abdulhamid Dbeibah to hand over power
to the new Parliament-appointed government of
Fathi Bashagha.
bna/November 7 2022

COMPANIES
Turkish refiner Tupras

reports Q3 2022 financials man. The group has companies in a wide range holders of the convertible bonds will, in accord-

Largest Turkish oil refiner Tupras realised 7mn of sectors, such as sugar, pasta, milk, gas and oil. ance with the conditions, receive on conversion
tonnes of production and 8.5mn tonnes of sales According to Bloomberg Billionaires Index, a cash amount equal to the value of the ordinary
on capacity utilisation of 98% in Q3 2022, the Dangote’s net worth is estimated at $18.6bn as shares,” said the Sasol release.
company said on November 3. Production and of October, making him the 65th richest person Sasol is active in the US, Qatar and Mozam-
sales were up 0.9% y/y and 6.8% y/y, respectively. in the world. bique, as well as South Africa.
Recorded revenues amounted to TRY151bn bna/November 7 2022 bna/November 4 2022
($8.12bn).
Said Tupras, a unit of Turkish conglomerate Sasol offers $750mn
Koc Holding: “The persistence of supply prob- PETROCHEMICALS
lems in oil producing countries caused the price worth of guaranteed
of Brent crude oil to rise, while fears of recession Takeover battle for
were effective in keeping the price at $93.3 per convertible bonds
barrel in the third quarter of 2022.” Egypt’s leading paints
The company also noted: “In the third quar- South Africa’s Sasol Financing USA LLC has
ter of 2022, as a result of the decrease in energy launched an offering of $750mn guaranteed maker heats up
investments and the natural gas shortage in senior convertible bonds, the proceeds of which
Europe, energy costs remained at historically have been earmarked for general corporate use The takeover battle for Egypt’s leading synthetic
high levels. Within this time period, Tupras’ and for refinancing its parent company, Sasol paints producer, Paints and Chemicals Indus-
energy expenditures increased to 5 times of the Ltd’s debt. tries (PACHIN), heated up this week with a new
same period of last year.” Sasol, a global energy and chemicals pro- offer coming from National Paints Holdings Ltd
bne/IntelliNews, November 4 2022 ducer headquartered in South Africa, said the valuing the company at EGP696mn ($28.7mn),
convertible bonds will be issued on or around media sources reported.
Nigeria’s Dangote closing November 8 and that it would guarantee pay- tre-registered National Paints Holdings Ltd
The Dubai International Financial Cen-
ments in respect of the instrument.
10-year bond to fund oil on Tuesday, November 1, the bonds are expected per share, valuing the company at EGP420mn
According to a company statement published is offering EGP16.5-EGP18.75 ($0.68-$0.77)
refinery on November 7 to pay a coupon of between 4.0% and 4.5% per ($17.3mn). This is EGP10 ($0.41) per share more
annum, payable semi-annually in arrear in equal than a previous offer from Universal Building
The application list for Dangote Industries’ instalments on May 8 and November 8 of each Materials and Chemicals Company (SIPES).
NGN112.4bn ($256mn) bond closes on Novem- year. SIPES’s bid itself competed with an earlier
ber 7, The Nation has revealed. The bonds, subject to the receipt of the requi- offer made by Saipad Industrial Investments
The bond lasts for 10 years, with a mini- site approvals at a general meeting of the share- in early July valuing PACHIN even lower at
mum subscription of NGN10mn, specifically holders of Sasol, will be convertible into new EGP384mn ($15.8).
designed to attract high-net-worth investors and and/or existing ordinary shares of Sasol, cash at Egyptian Stock Exchange-listed PACHIN is
investment firms. the election of the company, or a combination majority state owned, with Chemical Industries
The application process lasted for a week. thereof, in each case, pursuant to and in accord- Holding Company the largest single shareholder,
The money raised through the bond issue will ance with the conditions. owning a 44.6% equity stake in the paint maker,
be used to finance capital cost items for the Dan- . “The initial conversion price is expected to and state-owned Banque Misr holding a further
gote Refinery project, the company’s integrated be set within a premium range of 30% to 35% 10.52%.
refinery and petrochemical complex in Lagos. above the volume weighted average price of the PACHIN sunk into the red in the nine
The project is seen as being important for the ordinary shares listed on the main board of the months (July-March) 2021/2022, recording
Nigerian economy, due to the country’s lack of JSE Ltd [Johannesburg Stock Exchange] between an EGP856,000 ($35,300) loss on EGP663mn
refinery capacity. As things stand, the majority of opening of trading [on November 1] and pricing ($27.4mn) revenues, compared to a EGP50mn
Nigerian oil is sent abroad to be refined. which is expected later [the same day], translated ($2mn) profit on revenues of EGP639mn
Dangote Industries is part of the Dangote into [US dollars] using the USD-ZAR [South ($26.4mn) in the comparable period the previ-
Group, a multinational industrial conglomer- African rand] exchange rate at the time of pric- ous year.
ate, founded by Aliko Dangote, Africa’s richest ing prior to, and/or absent of such approvals, bna/November 4 2022

Week 45 10•November•2022 www. NEWSBASE .com P17