Airtel Africa (AAF) shares ticked up 4.9% to 87.7p as subsidiary receives $200m investment
The Group, which provides telecommunications and mobile money services, announced the signing of an agreement under which Qatar Holding LLC, an affiliate of the Qatar Investment Authority ("QIA"), will invest $200 million in Airtel’s subsidiary, Airtel Mobile Commerce BV.
Airtel Mobile Commerce BV, or AMC BV, is the holding company for several of Airtel Africa's mobile money operations; and ultimately is intended to own and operate the mobile money businesses across all of Airtel Africa's fourteen operating countries, Airtel explained.
The Transaction, which will see QIA will hold a minority stake in AMC BV upon completion, values Airtel Africa's mobile money business at $2.65 billion on a cash and debt free basis/
Airtel told investors that the proceeds from the proposed transaction will be used to reduce debt and invest in network and sales infrastructure in the respective operating countries.
Tower Resources (TRP) shares jumped 21.05% to 0.46p as oil prices continue to strengthen
Last month, the firm said in its preliminary results that it is expecting to achieve ‘much more tangible results’ this year as oil prices recover from lows of around $40 per barrel. In fact, it cited the price of Brent which at the time had risen to more than $70 per barrel again.
“The overall prognosis for oil prices has improved and, despite the understandable concerns about the long-term sustainability of the sector, there is a growing realisation that the industry still needs short-cycle, low-cost projects to sustain oil production over the next few years, as well as long term gas production. This is especially true in Africa,” it reported.
Today, oil prices continued to rise with Retuers reporting that the commodity remains on track to post weekly gains, ‘with demand growing faster than supply, while vaccinations are expected to alleviate the impact of a resurgence in COVID-19 infections across the globe.’
Tlou Energy (TLOU) shares rose 15.38% to 2.95p as it secures clean energy-focused deal
The Group, which is focused on developing power solutions in Sub-Saharan Africa, said it has signed a binding Heads of Agreement (HOA) with Synergen Met Pty Ltd (Synergen Met).
The Company explained that the HOA envisages the construction and commissioning of a hydrogen and solid carbon prototype to be installed at the Lesedi Project in Botswana.
Tlou said design work has commenced to modify this unit to produce hydrogen and solid carbon using Tlou's existing gas flows and approvals. Meanwhile, the prototype will be constructed and tested in Queensland prior to transport to Tlou's Lesedi Project in 1Q22.
The post-prototype objective is to grow this segment of Tlou's clean energy business via a JV with Synergen Met throughout the Southern African Development Community (SADC) region and potentially beyond, subject to mutual agreement, it told shareholders.
URU Metals (URU) shares rose 13.33% to 425p as the group disposes of its nickel project
On Tuesday, URU Metals announced the disposal of the Zebediela Nickel Project via the sale of its Zebediela Nickel Company Ltd. ("ZEB"), a former wholly owned subsidiary of URU.
The Company said Blue Rhino Capital Corp had received conditional acceptance from the TSX Venture Exchange for its proposed acquisition of the Zebediela Nickel Company.
Following the acquisition, Blue Rhino intends to change its name to "ZEB Nickel Corp." and it is the intention of Blue Rhino to continue to carry on the business of ZEB, it outlined.
Babcock International (BAB) shares fell 16.25% to 255.1p after posting £1.72 billion loss
Shares in the engineering services company fell on Friday after the company plunged to a £1.72 billion loss for the financial year ended 31 March 2021 from £89m loss in FY20.
CEO, David Lockwood, said the group’s 2021 performance reflected both the new financial baseline for the business as well as the impact of COVID-19 on its operations and markets.
‘The last few years have seen a move to in-source civil nuclear work in the UK, increased customer demands on each new programme, the need for a more agile supply chain and the requirement for more innovative solutions to the evolving threats in international defence. We did not adapt to the changing world around us quickly enough,” Babcock said.
“Looking forward, Babcock will be a simplified and more focussed group with a renewed emphasis on the exceptional engineering skills of its people. We will be well placed to take advantage of the many opportunities we see in both UK and international markets, leading to improved cash generation and profitability in the medium term,” added Lockwood.