Category Archives: ADB

Domestic Resources Mobilization in Africa

African case studies on tax reform and domestic resource mobilization from Togo, Uganda and Ethiopia.

Togo 

  • IMF was not very happy when they merged the two offices of customs and revenue. But Togo accepted performance monitoring mechanism that was funded by the WB and when they saw that it was working, then the IMF came back on board.
  • Introduced reform in a country where the richest people are civil servants
  • Invested in computers, capacity building, software to have a system that tackles all aspects from declaration to dispute resolution.
  • Got 15,000 new taxpayers last year, while in past years they used to get 7,000.
  • Also improve speed and security. Previously, petroleum revenue used to be manually recorded. They now use PIN’s in different departments, and the software is connected to the banking system so no more direct payments (all are done at at banks).
  • While they initially retired a number of officers who did not want to learn or comply, those who remained had improved terms with performance targets for which they earn bonuses
  • 2015 target was 480 billion CFA and they managed to college 516 billion.
  • They have not fully used the system yet. It’s only two years old, but they rely on their neighbours for internet connectivity.

Afcop AfriK4RUganda: 

  • Is in the second phase of a 2019-20  plan which targets to  fully financing budget from domestic sources. The revenue authority started in 1991 but reforms started in 2005.
  • Even as the economy has grown, surprisingly the informal sector has also grown to take a larger share of the economy (49% of GDP, up from 43% in 2002. They have had to target the informal sector to keep up e.g via presumptive tax thresholds.
  • The revenue authorities treat the government as ‘private sector’ and removed their exemptions like VAT and income tax.
  • Have business bands, and a taxpayer identification number (TIN) is required for most transactions and permits, whether livestock movement, boda boda purchase, agriculture payments etc. All professionals – doctor engineers lawyers also have TIN’s, and they hope the introduction of national ID cards will enhance tax collection efforts.
  • They have a separate section for international taxation and have built capacity in oil & gas taxation. But as they train staff, other companies hire away their top performer, so they have to be retained.
  • They have simplified the tax system so people can pay at their convenience e.g. via mobile money even when banks are closed.

Ethiopia:

  • Set out to mobilization domestic resources for the largest hydroelectric dam in Africa after foreign donors and partners who had supported previous smaller dams, balked at participation.
  • The GERD (Great Ethiopian Renaissance Dam) will generate 6,500 MW. It is 1,680 Sq.KM, and 120 kilometres by 14 kilometers and 146 metres high – and it took off  in April 2011, is 70% done, to be completed in July 2017.
  • Because of political impact river to other countries (shared Nile), external funding was blocked by the international community and they turned to own people to meet the $4.8 billion cost (11% of their GDP or about 60% of the country’s 2012 budget).
  • Got contributions from individuals and companies –  local and diaspora –  through direct contributions, lotteries, music events.
  • They also had a diaspora bond which has raised $500 million. People bought the 1.5% bond that matured in 5,7, 10 years. The dam will generate income from electricity sales to pay back the bond – and is expected to generate $1 billion per year.
  • They also got support from banks, who expanded branches to reach more of the rural population (one bank now has 1,000 outlets) and mobilized deposits. The banks were required to allocate 27% of every loan they make to buy the bond.

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Mobilizing Domestic Resources for Africa’s Transformation

This is the theme of the third Africa for Results Forum (AfriK4R) forum that’s taking place in Nairobi from July 13 to 15, and organized by the African Capacity Building Foundation (ACBF) and the African Development Bank (AfDB).

The first one was held in  2013 in Harare, and the next  in 2015 in Abidjan. One of the main concerns has been that, with the diminishing official development assistance (ODA)  to Africa, estimated to be 27% in 2014, and down from 38% in 2004., the budget needs of African governments need to be matched by a growth in local resources like taxes, exports and natural resources.

Kenya’s Devolution CS Mwangi Kiunjuri cited some of the resources available to Africa including $520 billion annually from domestic taxes that Africa generates, $168 billion from minerals & fuels,  $400 billion that Africa holds in international reserves, rise in Stock market Capitalization from $200 billion in 1996 to $1.2 trillion in 2007 and $160 billion in sovereign wealth funds (10 African countries have established these)

Challenges of African government face to mobilize domestic resources include: a very narrow tax base and a huge informal sector; high levels of capital flight; tax evasion & avoidance; proliferation of tax exemptions; lack of legitimacy of tax administrations; relatively low penetration of the formal banking sector; and lack of human, technical, legal, regulatory, and financial capacity to deal with illicit financial flows – Thomas Munthali, Director, ACBF.

Munthali, also cited good examples of domestic resource mobilization including the  Central Bank of West African States (BCEAO) reform on e-money; the Uganda border-post anti-smuggling trade measures; the Zambian direct deposit of fees into one government account; Zimbabwe’s tapping on the informal sector by introduction of presumptive tax; and Malawi’s use of Electronic Fiscal Devices in VAT collection.

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M&A Moment: June 2016

Various deals in the last few weeks and months in East Africa

Banking:

  • Barclays sold 12% of Barclays Africa for $873 million, reducing its’ stake to 50.1%. In Kenya, the Central bank said their feel like `flower girls’ in the Barclays exit for which Barclays says it has attracted ‘over 100’ offers.
  • At Chase Bank suitors are lining up to buy the bank that’s now out of receivership. KCB and QNB of Qatar are tipped as leaders, but there are a few other mid-size banks said to be interested.
  • Cooperative Bank plans to do joint ventures to expand into Ethiopia and Rwanda following in the model that was successful in South Sudan. This will be in partnerships with co-operative societies in those countries.
  • Credit Bank is seeking an additional Kshs 5.4 billion from an investment group. The bank is wooing Fountain Enterprises Programme (FEP) to buy to 70% of the bank via a private offer priced at Kshs 180 apiece and limited to members of the chama (investment club) which has a large following in the UK and US. (via Biz Daily)
  • CBK has rejected takeover bids by 7 suitors of collapsed Dubai Bank, as the proposed investors have not provided bona fides.
  • Equity Bank is completing the acquisition of 79% of Congo (DRC), the 7th largest bank – ProCredit Bank for w Africa. It has 170,000 customers and only about 4% of their 85 million citizens  have bank accounts.
  • The Mwalimu SACCO/Equatorial Commercial Bank combination is going to be called Spire Bank (via Mwirigi)
  • Fidelity Bank is set to receive an investment from Duet Private Equity who will pay Kshs 1.9 billion to buy into the bank (no shareholders are exiting).
  • I&M is set to acquire 100% of Giro bank in a deal in which the owners of Giro will get 5% of I&M. Also, CDC is set to become the fourth-largest owner of I&M after it agreed to fully buy out DEG and Proparco, who hold an 11%  stake. The Competition Authority of Kenya has authorized the acquisition of 65% of Burbidge Capital by I&M.
  • Jamii Bora is looking to raise an additional Kshs 3.8 billion, comprising 800 million of debt and Kshs 3 billion from a strategic partner/investor.
  • Kenya Government: The National Bank of Kenya (NBK), Consolidated Bank and the Development Bank of Kenya will be consolidated into one or two institutions to make them stronger in coming months,  to make them stronger, Treasury secretary Henry Rotich has said.
  • The Kenya government also plans to create Biashara Bank form merging the Youth, Women’s & Uwezo enterprise funds) to cater for start-ups
  • Tanzania’s Bank M is set to acquire Kenya’s Oriental Commercial Bank, and be listed at the NSE. Bank M, a recent winner of best corporate bank in Tanzania has set up a holding company in Kenya (via Kenyanwalstreet)

Beauty & Pharma

  • The Competition Authority authorized the acquisition of 100% of Canon Chemicals by Godrej East Africa Holdings
  • Earlier the Competition Authority cleared the acquisition of the brands of Sigoria t/a Beuty Plus East Africa by Flame Tree Africa – this was part of the acquisition of the ‘Suzie Beauty’ brand and inventories for Kshs  45 million.

Food & Beverage

  • Centum made an offer to buy shares from some minority Almasi bottling shareholders.
  • The Competition Authority authorized the acquisition of Sab Miller by Anheuser-Busch Inbev.
  • Naked Pizza Kenya has been bought out by Pizza Hut (more here)
  • Coca-Cola Company  announced a new streamlined international structure. The company will form a Europe, Middle East and Africa (EMEA) Group, consisting of the business units that currently make up the Europe and the Eurasia and Africa Groups. And, in Africa, two business units will be reconfigured to more closely align operations with bottling operations on the continent, with the formation of a new South and East Africa business unit and a West Africa business unit. (Edit)

Finance, Law, & Insurance

  • Helios did a deal for Crown Agents key units marking the first time an African-managed fund acquired a UK financial institution.
  • Ringier Africa Deals group (ex-Rupu) acquired Nigerian online shopping platform DealDey
  • The Competition Authority authorized the acquisition of an additional 16% of AON Kenya Insurance Brokers Limited by AON UK Holdings  giving it a controlling interest of 56%.
  • The Competition Authority authorized the acquisition of 63% of First Assurance Company by First Assurance Holdings  on condition that the merged entity shall retain all 120 employees of First Assurance Company
  • Resolution Insurance was set to raise Kshs 2.5 billion in a series of transactions that will see new investors join private equity firm Leapfrog Investments in the list of the company’s shareholders (via Biz. Daily)
  • Two of the oldest Kenyan law firms, Daly & Figgis (1899) and Inamdar & Inamdar (1926) will now practice as Daly & Inamdar.
  • Plum LLP plans to buy a 23% of insurer British-American Investments(Britam) that had been seized by the government of Mauritius from a disgraced businessman in 2015. (Edit)

Logistics, Engineering, & Agri-Biz

  • Google agreed to buy a 12.5% stake in Africa’s largest wind project, Kenya’s Lake Turkana, from Danish wind turbine manufacturer Vestas Wind Systems A/S. The 310-megawatt Lake Turkana wind park, controlled by Lake Turkana Wind Power, is set to produce about 15% of Kenya’s electricity needs (via Marketwatch).
  • The Competition Authority authorized the acquisition  of 100% of  Schreurs Naivasha by Kongoni River Farm.
  • The  Competition Authority authorized the acquisition of 49% of, and or 100% preference shares in, Seruji Limited by QG African Infrastructure 1L.P.
  • The Competition Authority  authorized the acquisition of assets of Lima by Panafrican Equipment – (Biwott)
  • The Competition Authority authorized the acquisition of 51% Transmara Sugar by Sucriere Des Mascareignes
  • The Competition Authority  authorized the acquisition of the assets of Afro Plastics Kenya  by Ashut Engineers.
  • Finlays Horticulture Kenya  was granted approval by the Competition Authority to buy Skytrain Limited, which provides the essential service to cargo airlines at JKIA (via Biz. Daily)
  • Swiss logistics giant Panalpina completed the buyout of a majority stake in Nairobi-based air freight forwarder Airflo for an undisclosed amount. (via Biz. Daily)
  • Craft Silicon will launch the Little Drivers service starting with 2,000 drivers — formerly of Easy Taxi, which exited the Kenyan and African markets last month after a decision by one of its investors, American firm Goldman Sachs, to direct all its investments towards Uber. (via Biz. Daily)
  • A British engineering firm that designed the iconic Burj Al Arab hotel in Dubai has acquired a Kenyan company, making Nairobi its African headquarters for property, energy and infrastructure deals. Atkins will build on the strong regional market presence of Howard Humphreys East Africa to grow its consultancy business lines including design, engineering and project management. (via Biz. Daily)
  • TransCentury Group reached a settlement with its majority convertible bondholders, reducing the debt from $80M to $40M as the company has secured an equity injection of $20M from Kuramo Capital, bringing the outstanding bond debt to USD 20M. (Edit)

Real Estate & Supermarkets 

  • The Competition Authority  authorized the acquisition of 100% of Vipingo Estate  by Centum Investments.
  • The Competition Authority  authorized the  acquisition of a further 40% of Two Rivers Lifestyle Centre  by OMP Africa Investment Company (Old Mutual.) Also at Two Rivers,  Carrefour has signed a 7-year lease that  guarantees some exclusivity.
  • The  Competition Authority authorized the acquisition of  Yako Supermarket by  Nakumatt Holdings, on condition that the merged entity shall retain all 283 employees of Yako Supermarkets.
  • Suppliers adopted Uchumi’s revival plan that included convert half of the debt owed to them into equity but Uchumi’s largest shareholder,  Jamii Bora Bank, said they were duped in investing in the chain two years ago.
  • Botswana supermarket chain Choppies finally succeeded in its quest to enter Kenya’s retail space through the acquisition of Ukwala

Telecommunications, Media & Publishing

  • The Competition Authority authorized the acquisition of 70% of Telkom Kenya  by Jamhuri Holdings (Helios)
  • Times Media Group paid a lot for half of the Radio Africa Group, but it mostly went to settle their debt that was $11 million (via #JKL #thismanpike)
  • Centum increased its stake in Longhorn to 60% in a recent rights issue (it was 31% before).
  • Bamba TV and Standard Group signed a Kshs 300 million partnership that will see KTN acquire a 50%  stake in Lancia Digital Broadcasting, the trademark owner of Bamba TV. (via The Star) (Edit)
  • Trace TV acquires African VOD Service Buni.Tv which is one of the 3 largest VOD services in Africa alongside Iroko TV and Naspers Showmax (Edit)
  • Longhorn Publishers is set to acquire 74% Law Africa Publishing for an undisclosed price. (Edit)

Other

  • The Competition Authority authorized the acquisition of 30% of KEG Holdings by Africa Bovine.
  •  The Competition Authority  authorized the acquisition of 51% of Universal Corporation  by Strides Pharma (Cyprus)
  • The Competition Authority of Kenya authorized the acquisition of shares in Stellar Investment Holdings by Catalyst OCL Investment LLC , pursuant to the provisions of a convertible debt instrument.
  • Marriott International have rebranded Protea Hotels to capitalize on the travel aspirations of Africa’s growing middle class and the increased presence of international hotel brands in Africa. The brand is now officially Protea Hotels by Marriott (Edit)
  • GardaWorld acquires KK Security: The international protective service firm had added KK Security to its global network which now includes 18 African countries, up from 11 before. (Edit)

Rumours

  • Tigo to buy out of Airtel Kenya?
  • Gossip blog Ghafla Kenya gets acquired by Ringier (via Techweez)

Industry Stuff

  • An investment banker’s worst nightmare .. buyers in $ billion deals didn’t use financial advisers 26% of the time.
  • African private-equity deals shrink to lowest level in three years as funds reach record closes?!
  • Africa private equity exits reach a nine-year high?!
  • UK business aviation feels that a Britain split from the European Union would be a very bad thing.
  • The African Development Bank is putting up a fund with $5 billion, specifically to incubate ideas from young Africans.

$1 = Kshs 100
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Bank Capital Raising Season

Away from the Chase Bank saga, banks continue to raise money to support their fast growth in recent years. It’s a bit harder to raise money and it’s clear the Imperial Bank fallout affected other bond and stock offerings that came in its wake.

In the News

  • Family Bank has a rights issue coming up, to be approved by shareholders.
  • Duet Private Equity Limited, part of the Duet Group, will inject Ksh1.9 billion into Fidelity Commercial Bank to strengthen the Bank’s core capital, and support its local and regional growth strategy.
  • EDIT Jamii Bora Bank just raised $12 million through two Private Equity funds – Equator Capital Partners  (through its managed fund, ShoreCap II) and Progression Capital Africa  (through through its managed fund, Progression Eastern African Microfinance Equity Fund). 
  • KCB Group shareholders are to approve a rights issue and (another) name change to KCB Plc. KCB is also paying shareholders a Kshs 2 dividend, with Kshs 1 in cash, and the other Kshs 1 as a scrip dividend. The intent of this is to allow its Shareholders to derive value on account of higher dividend in future due to increased shareholding. This is automatic, but shareholders have the option to receive the Kshs 1 in cash by  filling and returning a scrip election form to the bank by June 17. If all shareholders opt for the scrip, and get new shares at a price of Kshs 38 per share, this will increase the number of KCB shares by 2.5%.
  • National Bank was expected to have a rights issues in 1Q2016, and the government expected to raise Kshs 4.99 billion from a the issue in February 2016. The process has been delayed and it now appears that NBK may still be combined with two other smaller state-controlled banks –  Consolidated Bank and the Development Bank of Kenya.
  • Sidian Bank (formerly K-Rep), is expecting its minority shareholders to  provide Kshs 400 million capital to support its growth plans.The new capital comes after the majority shareholder, Centum Investment, injected its share of Kshs 1.2 billion last year after raising its stake in the lender to 67.5%.. Sidian chief executive officer Titus Karanja said  “They gave us their commitments and we are expecting the money by end of May.”
  • SMEP Microfinance Bank shareholders are expected to have a rights issue to increase their  share capital, issue a bonus (1 for every 6 held), and also create an employee share option program (ESOP). They  will target less than 100 people or institutions for the privately placed capital raising.
  • EDIT Credit Bank expects that Fountain Enterprises Programme (FEP Holdings) will pay Kshs 5.4 billion for an additional 70% stake in the bank..via a private offer priced at Kshs180 apiece and limited to members of the chama (investment club) which has a large following in the UK and US.

Away from right issues, some banks have recently signed funding deals:

  • CfC Stanbic Bank signed a $135 milllion dual tranche term loan facility in which Emirates NBD Capital Limited (ENBD) and Mashreqbank PSC were the Initial Mandated Lead Arrangers and Bookrunners of the financing. The financing, which will be used for general corporate purposes, including, trade-related finance, was oversubscribed from the initial launch amount of US$ 100,000,000.
  • Commercial Bank of Africa (CBA) and Standard Bank of Southern Africa (SBSA) executed a $25 million cross-currency repo transaction.  The deal, facilitated and guaranteed by Frontclear, is a first of its kind transaction and paves the way to a more robust, stable and inclusive interbank market in Kenya. In the transaction, CBA receives $25 million in 1-year funding from SBSA and provides Government of Kenya Bonds as collateral.
  •  The African Development Bank (AfDB) recently extended a $40 million, 10-year line of credit to the East African Development Bank (EADB) towards support of regional infrastructure, manufacturing, agribusiness and education sectors with a bid to increase economic and government revenue growth in the member countries.
Not forgetting Chase Bank:
  • The Chase Bank bond that was oversubscribed last year was suspended. The bank had also undertaken a private placement in which high net worth investors bought shares at Kshs 2,760 each. Chase Bank had said that proceeds of the private offer would be used to shore up the lender’s thinning capital ratios, grow the loan book and invest in technology.

What other bank rights issues are there?

 $1 = Kshs 102.

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Kenya gets Coal Power

Amu Power is a consortium of Gulf Energy on the technical side and Centum Investments who will do the funding side aims to be the only locally owned independent power producer and will produce 960MW  via coal power at the Kenyan coast.

The plant will be designed and built Chinese partners, supported by the ICBC, the world largest bank, with partial guarantees of the African Development Bank and built to World Bank standards for coal plants. The total cost of the project will be $2 billion and about  Kshs 36 billion will be spent in 21 months of construction around Lamu i.e. about Kshs 1.8 billion in a county that has an annual budget of Kshs. 1.6 billion

The backers are trying to work with the local community where there’s a local unemployment problem; they will need, train, and employ local certified welders plumbers, masons, bricklayers etc. Amu is planning to lease land from the Kenya Ports Authority in Kwasasi on the mainland (not on any of the Lamu islands) for their 100-acre plant that they will operate for 25 years. Coal plants are always set up next to large bodies of water and they plan for excess water they desalinate to be shared with the town people.

The Intention is to use coal from Kitui, Kenya once production there starts but the plant will be built to use South African grades of coal that may be imported in the interim. The founders say coal is necessary for industrial growth to a scale that hydro and renewable energy can’t match. South Africa is 94% powered by coal, the US 43%, China 81% and India 68%.
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