USA to grant aid of USD602 million to Mongolia

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Finance Minister S.Bayartsogt, US Ambassador to Mongolia Jonathan Addleton and representative of US Agency for International Development (USAID) Chuck Hovell signed change of intergovernmental agreement of the USA and Mongolia in the Government House on Friday.
The USA will additionally grant USD6.2 million in frame of development aid to Mongolia. The change of the agreement has focused to aid USD4,3 million to support of economic growth including help to private sector and increase its competitiveness intensifying economic strategic policy.
USD1.9 million will finance a project “To Strengthen Transparency and Governance” with the aim of increasing the Government transparency and responsibility along administration reform, corruption fight and judicial strengthening.
The U.S Government has been assisting Mongolia in deepening the democratic reform and forming the free-economic system. Since 1991, the USAID has granted financial aid of amount USD 214 million. The intergovernmental agreement on granting non-refundable aid of USD 285 million from the US Millennium Challenge Account was signed in 2007, and it has been realized so far.

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Kazakhstan was included into three high growth economics

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Kazakhstan now is in the top three fastest growing economies in 2000-2010, reported today "Kommersant," referring to the report of Ernst & Young (E & Y) "Outlook for emerging markets" (EM) prepared by the Institute with the assistance of Oxford Economics. As indicated, 25 major markets with the highest growth rates were selected as fast-growing markets. E & Y is confident that the EM role will only grow: by 2020 their share will account for 50% of world GDP at purchasing power parity, 38% of global consumer spending and 55% of the world's investment in fixed assets. It was indicated that in addition to countries BRICS (Brazil, Russia, India, China and South Africa) the top 25 includes some countries in Eastern Europe, Latin America, Asia Pacific, Africa and the Middle East. Over the past decade, annual growth in the EM has averaged 5.8%, which is three times higher than that in major economies (U.S., UK, Japan and the eurozone in the chart are shown for comparison). "It should be noted, however, that despite all the growth in the country with the BRR will long remain poor: GDP per capita at purchasing power parity in China is only 16% of the U.S., India - 7%, on average, EM - 27%", - was stated in the message. As noted, the fastest growing economy in the last ten years was Qatar, whose real GDP grew annually at an average of 13%. The next in the lead is China (including Hong Kong), Kazakhstan and India. Russia in the top 25 is in tenth place with almost 5% average annual GDP growth. Foreign direct investment in EM decade increased from $ 205 billion to $ 444 billion and now stands at around 50% of the world total. The leader of this indicator (per capita) is Qatar with nearly $ 1.6 thousand per capita investment. This is followed by Chile, UAE, Saudi Arabia, the Czech Republic and Kazakhstan. Russia is on eighth place with $ 300 of investment per capita. Significant reserve of EM are human resources. A total of 25 countries with rapid growth in living 4.2 billion people, or 60% of the total world population. A growing population - a reserve labor force and source of demand for goods and services. It is expected that from 2010 to 2020 the number of working-age population in the RDB will increase by 268 million people (9.4%). At E & Y noted that in contrast to developed economies RDB not faced with increasing costs for an aging population.

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NBU invests over 10.3bn soums to Nukus Textile LLC.Uzbekistan

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National Bank for Foreign Economic Activity of Uzbekistan (NBU) invested over 10.3 billion soums to Nukus Textile LLC.
Nukus Textile LLC was founded by NBU on the base of bankrupt enterprise Katex and handed over to management to NBU Invest Group OJSC.
The bank invested over 10.3 billion to improve solvency of the enterprises. In particular, it spent 8.7 billion soums to repair and purchase equipment and 1.3 billion soums to fulfill turnover funds.
In December 2009, the enterprise resumed production of medical bandages and in October 2010, it launched production of ready-made garments.
The enterprise produced medical bandages and ready-made garments for 768 million soums and exported products for US$258,000. The company has two shops, which realize 20-30 ready-made garments.
Currently, the modernization of equipment is underway and it is planned to launch production of cotton yarn with the capacity of 3,000 tonnes a year. The company signed agreement with Rieter Machine Works Ltd. to supply spinning equipment. It is expected that all equipment will be received in November.
Till the end of 2011, the enterprise is planning to create knitting and dyeing capacities, as well as expand sewing capacities. The company signed agreements for US$2.9 million to supply various equipments.
According to business plant, the annual capacity of cotton yarn production will be 600 tonnes, dyed stockinet – 530 tonnes and ready-made garments – 5 million units.

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Vietnam borrows $1b from US-based bank to develop wind power in Mekong Delta region

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Deputy Prime Minister Vu Van Ninh has recently approved Vietnam Development Bank (VDB) to sign a credit commitment letter to borrow $1 billion for wind power development in the Mekong Delta region in 2011-2015 period.
The loan will be financed by the Export-Import Bank of the United States (EXIM Bank).
Some coastal provinces in the Mekong Delta region such as Bac Lieu, Soc Trang and Kien Giang have potential for wind power development.
Till February 2011, Vietnam had 21 wind power projects studied to conduct in central provinces of Binh Thuan, Ninh Thuan, Binh Dinh and Lam Dong with designed capacity of over 2,000 MW.
Recently, the prime minister issued a decision on preferential mechanism for wind power development, including incentives on investment capital, taxes and fees, land infrastructure and electricity price support for grid connected wind power projects.
In the master electricity plan VII, the total capacity of electricity sources using renewable energy will be 5.6% by 2020 and 9.4% by 2030.
                                                                                       
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Zimbabwe to experience more mergers and acquisitions

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Zimbabwe could soon experience an avalanche of mergers and acquisitions as companies seek to recapitalize while foreign-owned firms also restructure to meet indigenisation requirements.
As companies face challenges due to the liquidity crunch, many have resorted to mergers and acquisitions.
In the first seven months of the year, the Competition and Tariff Commission approved five acquisitions.
Analysts say some of the acquisitions are aimed at vertical integration, as a way of ensuring access to raw materials – without recourse to cash, as one way of beating the liquidity challenges.
Statistics indicate that acquisitions approved during the period under review included Mr Shingi Mutasa’s FMI Zimbabwe and BP Shell and another involving Pioneer, Unifreight and Swift.
During the period, FBC Holdings acquired 49,2 percent of Eagle Insurance. Engen Zimbabwe was acquired 100 percent by Chevron Zimbabwe.
The latest deal was the acquisition of Makro by OK Zimbabwe Limited.
The deal between FMI, the majority shareholder in AIM-listed Masawara, BP and Shell Zimbabwe, encompasses the latter’s entire local assets.
The assets include 73 fuel retail sites and storage facilities with a holding capacity of approximately 59,5 million litres of petroleum products across 10 centres.
In the Pioneer deal, the ZSE-listed firm will take over the US$900 000 Unifreight debt secured on trucks, US$1,5 million for the purchase of the Swift brand over five years and US$711 000 for Unfreight’s IT systems, payable over three years.
After completing the acquisition, the transport and logistics firm will see the value of its asset base increase by US$12 million to US$30 million.
The transaction between FBC and Eagle Insurance saw the banking firm increasing its stake to 72,5 percent. FBC Bank had a 30 percent stake in the insurance firm, sharing with Zurich of South Africa.
FBC’s involvement in insurance to date has been through FBC Reinsurance. However, the acquisition of Eagle Insurance gives it a direct foothold in the industry.
As part of indigenisation, a consortium led by businessperson Moses Chingwena acquired 51 percent of Engen in a corporate finance deal, which paved the way for Engen to own 100 percent of Caltex/Chevron in Zimbabwe.
OK Zimbabwe has already started to benefit from the Makro deal with the new OK Mart contributing 8,3 percent to total group revenues of US$89 million in the first quarter of the year.
OK Mart was expected to make losses for the first three months but managed to recover in the third month and was already breaking even.
The group is expecting growth as it continues with its refurbishment exercise financed from previous fund-raising initiatives and internal resources.

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Mergers and Acquisitions.Vietnam

Frontiersinsight                                                                                   Vietnam

                            Mizuho to Become Vietcombank Partner


Date: 3 October                                                Industry: Commercial bank
Target: Vietcombank                                          Deal Type: Purchase of stake
Bidder: Mizuho Corporate Bank Ltd.                   Share%: 15%
Seller: -                                                            Deal volue (USD): 567.3 M

Details: 

Mizuho Corporate Bank Ltd. Friday signed an agreement to buy a 15% stake in the Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, for roughly $567.3 million.
Under the deal signed in Hanoi, Mizuho Corporate Bank will buy 347.6 million new shares from Vietcombank for 34,000 dong a share.
The purchase makes Mizuho Corporate Bank the sole foreign strategic shareholder of Vietcombank, Vietnam’s largest listed bank by market capitalization. The Japanese lender is expected to make the payment for the share purchase in the first quarter of next year.
Mizuho Corporate Bank will offer Vietcombank technical assistance, training and business opportunities.”
 
Companies overview:

• Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is a Vietnam-based financial institution.

The Bank is engaged in the offering of commercial banking services for individual and corporate clients, such as account opening and credit card issuing. It is also involved in international clearing, foreign exchange dealing and money transfer.

Other activities of the Bank include documentary discounting, guarantee, clean collection, financial leasing and securities dealing.

As of December 31, 2010, it was a state-owned bank with three subsidiaries in Vietnam, two subsidiaries overseas, four joint ventures, two affiliates, one representative office in Singapore and 71 branches in Vietnam.

• Mizuho Corporate Bank, Ltd. is a financial institution registered with the Director of Kanto Local Finance Bureau No.6, and a member of Japan Securities Dealers Association, The Financial Futures Association of Japan and Type II Financial Instruments Firms Association.

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ADB president: Mongolia's development shold benefit everyone.Mongolia

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Mongolia has a bright future but needs to continue economic reform and to ensure that the fruits of development are extended to all its people, Haruhiko Kuroda, president of the Asian Development Bank (ADB) said Monday. A delegation led by Mr Kuroda is visiting Mongolia in conjunction with marking the 20th anniversary of the Mongolia-ADB cooperation and the 10th anniversary of the opening of the ADB Permanent Representative in Mongolia.
Mr Kuroda has given a speech at the ADB-Mongolia Partnership forum called "A Roadmap for a Happy, Healthy, and Harmonious Mongolia" in Ulaanbaatar to mark the anniversaries.
Mongolia is at “the threshold of prosperity”, Mr Kuroda said, noting that the Mongolian economy has grown by an average 7 per cent a year since 2003, with the USD 4 billion Oyu tolgoi mining agreement helping improve Mongolia's economic prospects. Per capita gross domestic product has more than tripled to USD 2,200 in 2010 from USD 638 in 2004 and foreign direct investment has soared.
“While high economic growth is desirable, further efforts must be made to make economic growth more inclusive. This means ensuring that the benefits from high economic growth are distributed more broadly, and that people have equal access to opportunities and basic social services,” Mr Kuroda said.
As of 2008, an estimated 35 per cent of the population was still living below the official poverty line. Inequality remains high within cities and between those living in urban areas and those in the countryside.
Mongolia's longer-term future depends on how well it manages its mineral revenues. Mongolia must also promote policy and institutional reform anchored in good governance, and pursue closer integration with the global economy. “This integration will help generate the private sector-led economic growth needed to sustain development,” Mr. Kuroda said. Since Mongolia joined ADB in 1991, ADB has extended 45 loans totaling USD794.7 million to Mongolia, as well as 12 Asian Development Fund grants of just over USD170 million. The ADB also provided technical assistance support amounting to USD86 million and grants under the Japan Fund for Poverty Reduction of USD31.5 million.

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UK firms to invest £2m in Nigeria

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TWO United Kingdom companies, in conjunction with their Nigerian counterpart, have pledged to invest a whooping £2 million to set up a manufacturing firm in the country.
The move, by the firms was part of the outcome of the recent visit by the British Prime Minister, David Cameron, to Nigeria, where he tasked British companies willing to invest in Nigeria, to came on board, because of the stability in investment climate and return on investment.
The British companies Europe-Ex Stock Limited and Multiplex Engineering Limited and Amizo Services Limited, yesterday, agreed to float a jointly owned business known as EES Manufacturing Nigeria Limited in Nigeria.
According to the Director of the EES Manufacturing Nigeria Limited, Graham Evans, the fund would be used to strengthen its market base in the country, adding that plans are afoot to ship in some of its technological equipments in Britain to the country, so as to start manufacturing locally.
He said the company’s target is to supply a wide range of products and onsite services to some core Nigerian companies operating in the manufacturing, power distribution, rail, water utilities, food and drinks, oil and gas sectors.
He added that the company would also undertake projects in construction, maintenance and equipment supply to major companies in the country.
Evans explained that the three companies also have an “efficient, reliable and cost effective proven global freight delivery system.”
The company’s director also stressed that the new company would be engaging in stocking of substantial amount of products, as well as manufacturing, assembling and installing additional products locally for United Kingdom companies.
He said the company has earmarked to supply and stock over 30 other brands and manufacturing some products for some companies in the country.
“When the workshop has finished, we would have already spent about 1.5 million pounds or 2 million pounds. That will take us to at least two years, because some of the very specialised tested equipment for high pressure valves and so on, need a lot of safety implications, so it will take us a lot of time, but quality takes time.
He continued: “We have already had discussions with some of the oil companies and several of our existing food producers in Nigeria. We want to still provide stocking service and service of product onsite, as well as new products to all of their sites scattered around Lagos and Port Harcourt and beyond. So, we are looking forward to start operating soon.”
Mike Purves, director, United Kingdom Trade and Investment said the UK and Nigeria bilateral trade relationship was very significant to his government for a number of reasons, adding that “We have had a long time trade relationship with Nigeria, and we are keen to broaden that in many variety of ways.”
He said the recent visit of David Cameron to Nigeria, would open a vista of opportunities for both countries, pointing out that President Goodluck Ebele Jonathan and David Cameron, signed a communiqué with the mission to doubled Nigeria’s bilateral trade with Britain by 2014.
He said the communique signed was a challenge to the two countries, but what the UK trade and investment was after is to see more British companies coming to establish businesses in Nigeria, because of the high return of investment.

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Local market resilient despite possible recession.Botswana

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The local bourse, the Botswana Stock Exchange (BSE) continued its rally despite the increased economic troubles hitting Europe in recent weeks. Though the European and American markets had unstable trends and the Johannesburg Stock Exchange (JSE) only being reignited momentarily last week, the BSE saw significant buying and selling of shares.
Volumes increased with 3.7million shares worth P9.8m exchanging hands during the week, an improvement from 3.5million shares worth P6.4m that were traded the previous week. Market analyst, Garry Juma says this is just another show of the slow reaction to world events that the market has. He is of the view that should there be any change, they will be hit only much later. “However the situation is fluid so we’ll wait and see.” On the investment side pertaining to the possible downturn, Bifm Chief Investment Officer, Stephen Mills noted that the issues in Europe are worrying for the world. “No, this is not merely a bump in the road. This is more serious,” said Millis.Mills further noted that however, “we believe, at this stage that a global recession should be averted but that the most likely outcome is for modest growth (below trend growth in the developed world) with the majority of the economic growth emanating from the developing world.
We need to keep an eye on commodity prices, particularly oil. The higher this key commodity remains, the more difficult decent global growth in the short term will be.” He said about the possibility of another global recession.
Meanwhile, according to the Motswedi Securities weekly assessment, the market has seen increased trading post independence holiday. “Notable volumes were in Letshego and the newly listed property stock NAP. Letshego traded 1.2million shares amidst higher bids and offer prices.” Motswedi says Letshego’s movement comes after the share prices tanked and a cautionary statement coming out which may have reassured some investors.
“Some institutional investors are placing some ‘buy’ orders as they are of the view that the stock has been over punished and is now underweight.” As such observers will watch the stock closely as Letshego will be presenting their interim results on 13 October 2011.
“The market will be hoping to get some clarity and direction on management strategy going forward given the removal of the salary deduction code with effect from 01 December 2011.” The assessment stated.
Meanwhile G4S continues its good run as the security company traded 154,543 shares on increased buying. “G4S which is generally regarded as a defensive stock is now up 25% since its 10:1 share split on the 26th of September.” The appetite for the G4S stock is still rising as investors seem not too worried about the high stock price. “The stock is now trading at a P/E ratio of 10.2x, against the market average of 9.8x and some investors are still attracted by its attractive dividend yield.” Motswedi’s assessment revealed.

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Sri Lanka-UAE trade ties gets stronger.Sri Lanka

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UAE has emerged as Sri Lanka’s main trading partner in the GCC for exports as the once war ravaged country emerges out of the shackles of internal conflict.
Sri Lanka has an annual trade of Dh 2.20 bn with the UAE and according to the country’s Consul General M. M. Raheem; plans are on to further boost the partnership. Addressing a section of the UAE based businessmen yesterday Raheem said his country has seen a notable rise in the arrival of foreign investors. In 2010 alone 14 per cent of all tourist arrivals in Sri Lanka was for business related activities compared to 8 per cent in 2009.
The country offers a significant growth potential at almost 8.2 per cent per annum, he said. “Our stock markets are considered as one of the safest in Asia during the last 12 to 24 months registering about 3 per cent growth,” he added.
In March next year the country plans to organise EXPO 2012, an initiative to promote trade investment and tourism.
According to Janaka Rathnayake, Chairman and CEO of Sri Lanka Export Development Board, the EXPO was last held about 17 years ago and is being resurrected as his country is aggressively moving forward to show the world that it means business.

Mergers and Acquisitions.South Africa

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Naspers, Heunis sell MXit stake

Date: 23 september                                               Industry: Information Technology
Target: MXit Lifestyle                                              Deal Type: Purchase of stake
Bidder: World of Avatar                                          Share%: 90%
Seller: Naspers, Herman Heunis                             Deal volue (USD): 60.39 M

Details:   
Media holding group Naspers [JSE:NPN] along with MXit founder Herman Heunis have sold their shareholding in the social networking service to Alan Knott-Craig Jnr's World of Avatar for an undisclosed amount.On Thursday MXit announced that World of Avatar, headed by Alan Knott-Craig Jnr, the son of the former Vodacom CEO, had signed a binding agreement to purchase 90% of MXit. The remainder would stay in a staff trust.
Knott-Craig Jnr said the deal just had one regulatory notification to meet before being finalised, and then he would take over as MXit CEO in early October.
"The deal is pretty much done. We have big plans in mind, but the first thing is to consolidate a little bit and make sure the ship is steady. Things are not going to change overnight, the idea is to grow MXit at 10% per month and to really go big into sub-Saharan Africa," he said.
Knott-Craig acknowledged that MXit was seeing increased competition from other mobile social networking services such as Whatsapp and BlackBerry Messenger, but that MXit would continue to evolve and grow.
"The main reason why we bought MXit is because it is the largest digital community in Africa. We will keep an eye on the competition and what we can learn from them," he said. Heunis said that the deal had the full support of Naspers due to a pact made between the two to sell their shareholdings together.

Companies overview:

• MXit Lifestyle (Pty) Ltd. operates an Internet community to discover and share chat rooms, games, movie clips, music, and sports. It offers Moola, a virtual currency to download music, play games, touch base with new and old friends in chat zones, get wallpapers and skins, and do shopping. The company’s services include Tradepost to buy skins, wallpapers, ringtones, and music; visit chat zones; play games; enter competitions and fill in questionnaires; and find out the latest weather, news, and sports results.
• Naspers Limited is a multinational media company with principal operations in electronic media and print media. The Company through its operating subsidiaries, joint ventures and associated companies, is engaged in the operation of pay-television and the provision of related technologies, the operation of Internet and instant messaging subscriber platforms, e-commerce platforms and the publishing, distribution and printing of magazines, newspapers and books. It has operation of Internet platforms (focusing on commerce, communities, content, communication and games).

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Services top list of fastest growing mid sized firms. Kenya

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The middle segment of Kenya’s economy shifted significantly in the past 12 months, leaving the services sector as the top-most driver of growth.A survey of more than 240 medium-sized firms found that services toppled telecommunication to become the sector with the highest number of fastest growing companies in the 2011 listing of Kenya’s Top 100 SMEs.
Service firms dominated this year’s list in terms of representation and revenue growth.
But construction maintained its position as the most lucrative segment of the economy with an average annual rate of return on equity (ROE) of 81 per cent.
It was followed by services with a ROE of 58 per cent while transport while hospitality were third and fourth with 52 and 41 per cent respectively.
ROE is a measure of how much profits a company generates with shareholder money.
The Top 100 SMEs survey, which entered its fourth edition this year, recognises the fastest growing medium-sized companies with annual turnovers of between Sh70 million and Sh1 billion.
It is conducted by the Business Daily, a publication of the Nation Media Group and KPMG — a consultancy firm.
Mr Philip Muema, a tax partner at KPMG and director of the Top 100 project, said transport firms posted the highest revenue growth at an average of 48 per cent, followed by ICT, hospitality, and service with 40, 34, and 34 per cent respectively.
“There is a lot of spend in the services sector,” said Mr Muema. “Demand for transport, ICT, hospitality, and professional services is rising in tandem with population growth, expansion of the middle class and the uptake of new gadgets and products,” he said.Mr Muema spoke during this year’s Top 100 Club members’ conference held at the Strathmore Business School in Nairobi.
Transport minister Amos Kimunya, who was chief guest at the conference, said the government was working on one-stop licensing shops to cut the cost of doing business in Kenya.
The shops should be ready and operational by end of next year and would be replicated in all counties.
A total of 246 firms went through the rigorous vetting process that includes presentation of three years audited financial results — same level as last year — though up to 300 entries were received.
Growth of the services and transport sectors is linked to rapid urbanisation and expansion of the middle-class in the past seven years that has created a huge demand for consumer goods.This year’s Top 100 survey confirmed the growing importance of medium-sized companies as key drivers of Kenya’s prosperity. The sector accounts for 60 per cent of the country’s labour market.“These companies represent a major part of the economy that play a critical role in job creation and a source of the tax revenues needed to finance development,” said Mr Linus Gitahi, NMG’s chief executive.
The Top 100 companies have an estimated combined annual turnover of nearly Sh100 billion or 10 per cent of the country’s Budget.
The survey found that the companies have an average staff size of 110, up from 103 last year.
Majority of the firms said they planned to hire more workers in the near term to support their expansion plans and growing demand for specialists such as auditors.
Most are looking to the region for expansion opportunities with Uganda as the most favourite destination, having attracted the interest of 54 per cent of the firms. Tanzania was second with 48 per cent, while Rwanda is third with 37 per cent.
The majority of the firms surveyed — or 74 per cent —have annual turnovers of between Sh70 million and Sh400 million, while four firms graduated to Club 101 — having crossed annual turnover threshold of Sh1 billion.
These are Express Automation, Prime Fuels, Manji Foods, and Vitafoam limited.
The top 100 winners in this year’s survey will be unveiled at a gala dinner at Carnivore Gardens Nairobi this evening.
The survey is sponsored by Standard Chartered Bank, software firm Sage Pastel, the Nairobi Stock Exchange (NSE), research firm Synovate and Strathmore Business School.

Mergers and Acquisitions.Vietnam

Frontiersinsight                                                                                         Vietnam 

Vinaconex sell stake in VCS

Date: 14 september                                               Industry: Construction & Engineering
Target: Vinaconex Advanced Compound Stone         Deal Type: Purchase of stake
Bidder: -                                                               Share%: 17%
Seller: Vinaconex                                                  Deal value (USD): 6.36 M


Details:

Construction company Vinaconex earlier this month sold 5.3 million shares in its subsidiary Vinaconex Advanced Compound Stone Company, reducing its holdings from 22 per cent to just 5 per cent.
Vinaconex also withdrew capital from a number of subsidiaries and affiliates, including Cam Pha Cement Joint Stock Company and Vinaconex Company.
VCG shares on Friday declined 2 per cent on the Hanoi exchange to VND14,500. Meanwhile, VCS shares closed unchanged at VND24,900.

Companies overview:

• Vinaconex Advanced Compound Stone Joint Stock Company is a Vietnam-based manufacturer of construction fixtures and materials. The Company manufactures compound tiles for construction and interior design purposes. Its products include tiles made from quartz-resin, marble-cement, or natural quartz-cement compound. The Company is also involved in the merchandise of industrial equipment and supplies, as well as construction and the provision of installation services to property projects. Through subsidiaries, it is engaged in mineral mining and stone masonry activities.

• Vietnam Construction and Import - Export Joint Stock Corporation (Vinaconex) is a Vietnam-based construction and engineering company. It constructs commercial, industrial and residential structures, as well as provides architectural, design and engineering services. The Company is also engaged in the trading of construction materials, fixtures, machinery and vehicles used in the construction industry. Apart from real estate operations, it is involved in electricity trading, water treatment, mineral mining, petroleum trading and financial investment. Through its subsidiaries and affiliates, it offers vocational training and educational services, and is engaged in hotel and supermarket operations, food and beverage trading transportation and farming activities.

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