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2015 Africa Capital

Markets Watch

IPOs in 2015
105 IPOs between 2011 and 2015

IPO and FO proceeds raised in
$41.3bn proceeds raised between
2011 and 2015

Corporate and sovereign/
supranational debt issuances in
489 issuances between 2011 and

Corporate and sovereign/
supranational debt capital raised
in 2015
$110.2bn raised between 2011
and 2015

January 2016
Overview of African stock exchanges at
31 December 2015

Algeria Libya Egypt


Cape Verde


an Kenya


Legend :

> $100bn market cap Zambia
$30 - $100bn market cap biq

$6 - $30bn market cap Zimbabwe


$1-$6bn market cap Namibia

Other active exchanges (no Botswana
data available)
Inactive/No exchange
BRVM members *
BVMAC members ** South Africa
* Bourse Rgionale des Valeurs Mobilires:
Benin, Burkina Faso, Cte dIvoire, Guinea-
Bissau, Mali, Niger, Senegal and Togo Swaziland
** Bourse des Valeurs Mobilires de lAfrique
Centrale:Central African Republic, Chad,
Equatorial Guinea, Gabon, and Republic of

Sources: World Federation of Exchanges, Thomson Reuters

About 2015 Africa Capital Markets Watch

This report surveys all new primary market equity initial public offerings (IPOs) and further offers (FOs) by listed companies, as well as high-yield
(HY) and investment-grade (IG) debt capital markets activity, in which capital was raised on Africas principal stock markets and market segments
(including exchanges in Algeria, Botswana, Cameroon, Cape Verde, Cte dIvoire, Egypt, Libya, Gabon, Ghana, Kenya, Malawi, Mauritius,
Mozambique, Namibia, Nigeria, Morocco, Rwanda, Seychelles, Somalia, South Africa, Sudan, Swaziland, Tanzania, Tunisia, Uganda, Zambia and
The report also includes IPO, FO, HY and IG activity of African companies* on international exchanges or non-African companies on African
exchanges, on an annual basis. Movements between markets on the same exchange are excluded.
This report covers activity up to 31 December 2015 and captures deals based on their pricing date. All market data is sourced from Dealogic,
Bloomberg, The World Federation of Exchanges, Thomson Reuters and the stock markets themselves, unless otherwise stated, and has not been
independently verified by PwC.

Companies incorporated in Africa or with primarily African operations or an African parent.

Foreword 4
Trends in African capital markets in 2015 5
Trends in global equity markets 2006 2015 7
African equity markets 9
African IPO market 10
African FO Market 17
African IPOs and FOs: Analysis of cross-border activity
2011 2015 21
African debt markets 23
African high-yield debt market 25
African investment-grade debt market 30
Contacts 33
Acknowledgements 33

Welcome to PwCs 2015 Africa Capital Markets Watch. In our second annual
publication, we have expanded the scope of our IPO Watch Africa to include an
analysis of African equity and debt capital markets transactions that occurred over
the past five-year period (2011-2015).

Equity capital markets (ECM) Growth across the continent, the Accessing local or international
transactions included in our report outlook for which varies based on capital markets, especially for first
comprise capital raising activities, the diverse and specific cultural, time issuers, involves a steep learning
whether IPOs or FOs, by African economic and political circumstances curve with complex regulations and
companies on exchanges worldwide of each country, will require continued considerations for many areas of
or those made by non-African investment in various sectors including the business. When contemplating
companies on African exchanges. Debt infrastructure, agriculture, consumer a move towards the capital markets,
capital markets (DCM) transactions products, telecommunications and companies can begin to prepare by
analysed include debt funding raised financial services, alongside the conducting a thorough readiness
by African companies and public other industries more traditionally assessment from clarification of
institutions, whether high-yield (HY) associated with Africa. the market proposition to financial
or investment-grade (IG) debt. reporting readiness and internal
In 2015, the capital markets, both controls, to tax planning and
Between 2011 and 2015, African ECM local and international, continued to governance matters to ensure a
activity consisted of 105 IPOs and 336 feature as a primary funding source successfully planned, monitored and
FOs, with 2015 accounting for the for this growth, in conjunction with executed transaction. Companies may
largest number of IPOs and FOs in the private equity investment and mergers also find that independent capital
period with 28 and 91, respectively. & acquisitions (M&A), reflecting the markets advice can help in navigating
continued appetite from investors the maze of complexities when looking
African DCM activity on African with key portfolio allocations targeted to raise capital.
exchanges was comparatively muted towards emerging and frontier
in 2015, with a decline from 2012 and markets. Though this upward trend We hope you find the insights of our
2013, years which saw a peak in terms in activity has now been observed expanded capital markets analysis to
of volume and value of debt capital over the trailing five-year period, we be both interesting and useful.
raised, respectively. recognise that uncertainties in the
market and economic trends may see a
At 31 December 2015, African more challenging 2016.
exchanges had a market capitalisation
of approximately $1 trillion, with 23%
of this value residing on exchanges
outside of South Africa. Though
statistics cannot be interpreted in
isolation, certain metrics commonly
used to analyse global market
performance, such as the market
capitalisation-to-GDP ratio, suggest
that untapped value remains in
Africa, with the potential for further
sustained growth in African market

Nicholas Ganz Clifford Tompsett

PwC Africa Capital Markets Group Leader PwC Global IPO Centre Leader

4 | 2015 Africa Capital Markets Watch

Trends in African capital markets in 2015

Africa remains resilient Active equity markets

amidst lower growth
expectations Equity issuances by African companies There is an indication that some
continued to show strong activity activity may currently be impeded
The decline in commodity prices, in 2015, hitting five-year highs in by outdated trading, clearing and
particularly the oil price; concerns both volume and value. Industry settlement systems, improvements to
about levels of demand from China, a subsectors such as real estate and which are now on the agenda for many
major trading partner for many African food and beverage showed a robust exchanges to handle sizeable capital
countries; and the relative weakening performance in the year, continuing inflows. This improved efficiency
of local currencies resulted in slower to reflect the megatrends affecting the will lower barriers and enhance the
growth projections across a number of African continent. attractiveness of African stock markets
economies in 2015. However, Africa for equity investors.
continues to have more than just one While persistent, record-breaking
story, with certain countries expected activity in 2016 is less certain, some During 2015, for instance, the
to continue on a stronger growth significant listings both primary Zimbabwe Stock Exchange
trajectory in 2016. and secondary have already been transitioned from a manual trading
announced, and ECM activity is platform to an automated trading
In terms of the continents largest expected to reflect the continued platform and has already attracted a
economy, Nigeria, PwCs January 2016 desire of local companies seeking new listing in 2016.
Global Economy Watch suggests growth financing to grow into regional players,
will rebound to almost 5% in 2016 as as well as private equity investors In addition, evolution in local
tight fuel supplies and power outages seeking to capture return through an regulation has provided the
abate and a more accommodative IPO exit. opportunity for pension funds to
monetary and fiscal stance takes hold. diversify their expanding portfolios
Renewed focus on tackling corruption Technical advances, beyond equity investments in
should also help to increase inflows strengthened regulation traditional sectors, such as banking
and oil & gas.
of foreign direct investment (FDI), and harmonisation
supported by improved security and have improved size and
better governance.
liquidity of markets
South Africa, the continents most
Harmonisation of East African
advanced economy, experienced
exchanges and structured
its own challenges at the year end,
collaboration between exchanges
brought on by surprise political
(such as the London and Nigerian
manoeuvres, which have shaken local
Stock Exchanges), among others,
and global investor confidence, at
have allowed these markets to become
least for the moment. Nevertheless,
more liquid and active and to improve
the Johannesburg Stock Exchange
turnover ratios.
(JSE) ended the year up nearly 2%,
potentially reflecting the depth of
liquidity in the market to absorb
negative events and the prevalence of
traded shares that act as a hedge to
South African rand returns.

PwC | 5
Sovereign bonds End to the record low
dominate debt markets interest rate environment
As in each year over the period Record low interest rates globally
analysed, sovereign bonds dominated created an issuer-friendly debt market
debt markets, accounting for 47% over the past five years with sovereign
and 44% of the total bond market issuances leading the field. However,
measured by value in 2015 and over the increase in interest rates following
the five-year period, respectively. the end of the US Federal Reserves
quantitative easing programme has
As an alternative to high debt servicing distinctly cooled bond markets.
costs for local currency debt, African
countries have specifically tapped Furthermore, weakening of local
international debt markets over the currencies relative to the US dollar and
past years to obtain funding of less other major funding currencies has
costly foreign currency. made risk management and repayment
of these foreign currency denominated
However, the development of bonds more expensive, suggesting that
sovereign yield curves as a means this method of funding may be less
of formally quantifying country risk attractive during 2016.
for these issuances has also driven
foreign participation in and pricing
of corporate instruments in these

Although the market for corporate

bonds remains small and most popular
in the financial services and oil & gas
sectors, a shift to other sectors may be
emerging. In March 2015, for example,
East African Breweries became the
first non-banking corporate in East
Africa to issue a bond in international

6 | 2015 Africa Capital Markets Watch

Trends in global equity markets 2006 2015

Globally, the number of IPOs in 2015 by 26%. IPO trends in Africa were
remained fairly stable as compared more positive in 2015 than globally,
to 2014, whereas the total amount of though African FOs were more aligned
money raised through IPOs decreased to global trends.
Global money raised via IPOs and FOs
The1: number
Figure ofraised
Global money IPOs viain 2015
IPOs remained
and FOs, 2006 2015fairly stable as compared to 2014 whereas the
total amount of money raised through IPOs decreased by 26%

Global money raised via IPOs and FOs (10-year overview) Top countries 2015
IPO money raised & # of deals

1,621 US, 19%
$371.2bn 1,248 1,154 1,144
719 858
$295.8bn 567 $295.8bn Other,
$272.5bn 39%

$194.6bn $200.7bn China,

$178.3bn 13%
$105.7bn $120.3bn

Japan, Kong, 11%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 8% UK, 10%
FO money raised & # of deals

3,677 3,550 3,546

3,001 3,038 3,170 3,281
1,965 $841.6bn Other, US, 31%
$641.2bn $612.8bn
$569.4bn $557.3bn $586.4bn

Australia, China,
UK, 8% Hong Kong, 12%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 10%

Note: included deals > $5m, excluding PIPOs and transactions on Over-The-Counter exchanges. Top countries have been selected based on money raised in 2015. If IPOs or FOs take place in two or
more countries, total money raised is attributed to all countries
Source: Dealogic, PwCs Q4 2015 Equity Capital Markets Briefing
Quarterly ECM Briefing Source: Dealogic as of 31 December 2015 Q4 2015
PwC 2

PwC | 7
Global indices 2013 2015

Since the beginning of 2013, until market gloom began to push it

performance of the FTSE/JSE Africa lower in 2015, together with the drop of
All Share Index* has tracked a similar African currencies against the US dollar.
course to the FTSE 100 and S&P 500, All indices presented in figure 2 share a
while the S&P All-Africa Index** clear increase in volatility throughout
tracked the Hang Seng more closely the course of the past year.

Figure 2: Global indices, 2013 - 2015




1 Jan 2013

1 Jan 2014

1 Jan 2015

31 Dec 2015
1 Jul 2013

1 Jul 2014

1 Jul 2015
FTSE 100 Hang Seng S&P 500

FTSE/JSE Africa S&P All Africa**

All share index*

* The FTSE/JSE Africa All Share Index is a market capitalisation-weighted index and reflects South African rand values. Companies included in
this index comprise the top 99% of the total pre free-float market capitalisation of all listed companies on the JSE.
** The S&P All Africa Index is designed to serve as a comprehensive benchmark for the African market, covering companies listed on exchanges
in 13 countries Botswana, Cte dIvoire, Egypt, Ghana, Kenya, Mauritius, Morocco, Namibia, Nigeria, South Africa, Tunisia, Zambia and
Zimbabwe as well as companies listed in developed markets that derive the majority of their revenue from the African continent. The index is
weighted by float-adjusted market capitalisation and reflects in US dollar values.

Source: Bloomberg

8 | 2015 Africa Capital Markets Watch

African equity markets

In line with global trends, 2015 was a agriculture, health care and consumer to 2014. However, 72% of 2015 IPO
challenging year for the African equity goods, have also become more value and 54% of IPO volume were
markets, with the return of market significant to the growth of African transacted during the first half of
volatility and emergence of renewed economies. the year, reflective of the relatively
global economic uncertainties, some of higher levels of consumer confidence
which have been closely linked to the We continue to analyse trends both compared to the second half of 2015.
Africa Rising narrative. on an annual basis, as well as over a
five-year time frame, as an indication Proceeds from ECM activity are
While many economies have faced of broader trends. displayed in US dollars and the 2015
challenges in traditional sectors, a increase shown in figure 3 is tempered
number have responded by shifting Over the past five years, there have by the decreasing US dollar value
focus and strategy to more stable been 441 African ECM transactions of proceeds raised in South African
sectors, as illustrated in our ECM raising a total of $41.3bn. rand and other currencies, such as
industry sector analysis. African the Egyptian pound. We estimate
ECM activity in 2015 was driven The African IPO market also hit a five- that on a constant currency basis, the
by continued capital growth in the year peak in 2015, with a record 28 2015 increase in US dollar-equivalent
financials sector (including closed-end listings. proceeds would have increased over
funds and real estate). the prior year by 28% for IPOs and by
2015 showed a steady overall increase 36% for FOs.
Other non-commodity sectors, in ECM activity of 18% in terms of
such as renewable energy, real transaction volume and 14% in terms
estate, infrastructure, construction, of transaction value as compared

Figure 3: ECM activity, 2011 2015

15 000 120

10 712 100
12 000
83 9 478
73 80
9 000 65


6 000
5 455 5 102
4 475 40

3 000

1 101 401 891 1 701 1 991

0 0
2011 2012 2013 2014 2015

Value FOs ($m) Value IPOs ($m) Number of ECM


Note: Data presented in our IPO Watch Africa 2014 report has been adjusted for an additional 2014 IPO (Total Senegal) of $6.6m and two
additional 2014 FOs (Curro Holdings of $55m and Taste Holdings of $16m), which were added to the Dealogic dataset after publication.

In addition, our methodology for this report has been amended to include outbound capital markets activity in the data for ECM and DCM
analyses. Prior periods have been amended to reflect this change in methodology.

Source: Dealogic

PwC | 9
African IPO market

African IPO trends Figure 4: IPO trends, 2011 2015

2011 2015
2 000 28 30
Over the past five years, there have
been 105 IPOs by African companies 25 1 991
on both African and international 25
22 1 701
exchanges and non-African companies 1 500
in African exchanges, raising $6.1bn. 20
Despite the volatility in global equity 1 101

1 000 13 15
markets, companies continue to
be attracted to African markets, as 891
demonstrated by the steady growth in 10
first-time listings as compared to 2014. 500
401 5
There has been an overall increase of
12% in terms of the number of IPOs
and 17% in terms of capital raised. 0 0
2011 2012 2013 2014 2015

During 2015, the top four IPOs by Value ($m) Number of IPOs
proceeds involved companies or
exchanges in North Africa. Each of
these listings was oversubscribed, Source: Dealogic
suggesting healthy investor demand in
the region in the first half of 2015.

10 | 2015 Africa Capital Markets Watch

African IPO data by exchange 2011 2015
In 2015, capital raised from IPOs by Over the five-year period as a whole,
companies on the JSE in US dollar a similar value of 63% of total IPO
terms decreased by 11% as compared volume and a higher 68% of total IPO
to 2014, largely impacted by the value were raised in exchanges in SSA
weakening of the South African rand countries; the rest was derived from
during the year; the rand value of IPO North Africa and outbound IPOs.
capital raised increased 11% over 2014
levels. Capital raised from IPOs by The JSE remains a reliable anchor
companies on other African exchanges of African capital markets activity,
increased slightly by 3% as compared ranking second in the world for
to 2014. In terms of volume, the JSE exchange regulation and first for
saw a 33% increase in the number ease of raising debt or equity capital,
of IPOs as compared to 2014. 2015 according to the World Economic
was also a good year for the JSEs Forums Global Competitiveness Report
Alternative Exchange (AltX), with an 2015 2016. Since 2011, capital raised
increase in listings value of more than from IPOs by companies on the JSE
double the previous year. represented 45% of the total African
IPO capital and 33% of the total
2015 saw a six-fold increase in the transaction volume.
value of IPO activity on the Egyptian
Exchange, though the bulk of these Over this period, in second place in
listings occurred during the first half terms of IPO volume after the JSE was
of the year, against a backdrop of 5% the Bourse de Tunis with 23 issuances,
anticipated economic growth and while in second place by capital
favourable price-to-earnings ratios raised was the Egyptian Exchange
across the market. After three years with $861m. In third place in terms
with no IPO activity, the Rwanda of volume was the Casablanca Stock
Stock Exchange welcomed the IPO of Exchange with seven issuances, and
the Bank of Kigali in a privatisation of third by capital raised was the Nigerian
governmental interest in the bank. Stock Exchange with $751m, over 70%
of which relates to the 2014 SEPLAT
In contrast, elsewhere on the IPO.
continent, 2015 saw a major decrease
in IPO capital raised on the Nigerian On average during this period, capital
Stock Exchange and on the Bourse raised per IPO in total over the past
de Tunis as compared to 2014. This five years was $58m, with an average
decline from 2014 on the Nigerian of $77m on the JSE and $46m on other
Stock Exchange is due in large part African exchanges.
to the significance of the 2014 IPO
of SEPLAT, which was among the
top IPOs in 2014 in Africa by value.
Similarly, the variance in the Bourse
de Tunis activity from 2014 relates
to a single significant IPO of Delice
Holding, also among the 2014 top 10
African IPOs by value.

During 2015, 68% of total IPO volume

transacted and 39% of total IPO
value were raised on exchanges in
sub-Saharan Africa (SSA), with the
remainder made up by North Africa
and outbound IPOs.

PwC | 11
Figure 5: IPOs by African exchange*, 2011 - 2015

2011 2012 2013 2014 2015 Total

raised ($m)

raised ($m)

raised ($m)

raised ($m)

raised ($m)

raised ($m)
Number of

Number of

Number of

Number of

Number of

Number of
Exchange country










South Africa 5 790 5 258 4 261 9 742 12 658 35 2709
Johannesburg 5 790 3 247 4 261 8 734 9 640 29 2672
Johannesburg AltX 0 0 2 11 0 0 1 8 3 18 6 37

North Africa
Egypt 0 0 0 0 0 0 1 109 4 752 5 861
Tunisia 1 9 2 8 12 191 6 125 2 43 23 376
Morocco 3 50 1 3 1 122 1 127 1 74 7 376

Africa excluding
South Africa
Nigeria 0 0 0 0 1 190 1 538 1 23 3 751
Kenya 2 76 2 75 0 0 1 7 1 35 6 193
Rwanda 2 91 0 0 0 0 0 0 1 39 3 130
Botswana 2 68 1 47 0 0 0 0 1 9 4 124
BVMAC** 0 0 0 0 1 66 0 0 0 0 1 66
Uganda 0 0 1 66 0 0 0 0 0 0 1 66
Mauritius 1 10 0 0 0 0 1 29 0 0 2 39
Tanzania 1 7 0 0 1 2 2 6 1 15 5 30
Mozambique 0 0 0 0 1 11 0 0 0 0 1 11
Zambia 0 0 0 0 0 0 1 9 0 0 1 9
BRVM*** 0 0 0 0 0 0 1 7 0 0 1 7
Ghana 0 0 0 0 0 0 1 1 2 1 3 2

* Data includes IPOs listed on African exchanges and therefore excludes outbound IPOs. Companies listed on two exchanges or more are
accounted for on each exchange.
** The BVMAC serves the Central African Republic, Chad, Congo, Equatorial Guinea and Gabon.
*** The BRVM serves the countries of Benin, Burkina Faso, Guinea Bissau, Cte dIvoire, Mali, Niger, Senegal and Togo.

Source: Dealogic

12 | 2015 Africa Capital Markets Watch

Top 10 African IPOs by value 2015 and 2014

The top 10 African IPOs by value in IPOs of real estate and property
2015 took place in South Africa, Egypt companies (within the financials
and Morocco. sector) specifically represented a
greater share of top 10 IPOs during

Figure 6: African top 10 IPOs by value, 2015 and 2014

Name Capital Sector Country of Stock exchange

raised $m operation
Top 10 IPOs 2015
Integrated Diagnostics Holdings plc 334 Health care Egypt London
Emaar Misr for Development SAE 299 Financials Egypt Cairo
Edita Food Industries SAE 267 Consumer goods Egypt Cairo/London
Orascom Construction Ltd 185 Industrials United Arab Emirates Cairo/Dubai
Schroder European Real Estate Investment Trust 162 Financials United Kingdom Johannesburg/
plc London
Balwin Properties Ltd 131 Financials South Africa Johannesburg
Novus Holdings Ltd 98 Industrials South Africa Johannesburg
Stor-Age Property REIT Ltd 80 Financials South Africa Johannesburg
Capital Appreciation Ltd 75 Financials South Africa Johannesburg
Total Maroc SA 74 Oil & gas Morocco Casablanca

Top 10 IPOs 2014

SEPLAT Petroleum Development Co Ltd 538 Oil & gas Nigeria Lagos/London
Alexander Forbes Group Holdings Ltd 348 Financials South Africa Johannesburg
Residences Dar Saada SA 127 Financials Morocco Casablanca
Arabian Cement Co (Egypt) 109 Industrials Egypt Cairo
Rhodes Food Group Holdings Ltd 100 Consumer goods South Africa Johannesburg
Pivotal Fund Ltd 92 Financials South Africa Johannesburg
Delice Holding SA 67 Consumer goods Tunisia Tunis
Equites Property Fund Ltd 61 Financials South Africa Johannesburg
Tharisa plc 47 Basic materials South Africa Johannesburg
Cartrack Holdings Ltd 44 Industrials South Africa Johannesburg

Source: Dealogic

PwC | 13
Share price performance of 2015 and 2014 top 10 African IPOs

The Egyptian Exchange experienced impacted heavily as a result, leading to Meanwhile, Rhodes Food Group
a fourth-quarter decline amid an announcement in January 2016 of exhibited strong results, reflecting its
heavy selling by foreign investors Orascoms intention to delist. growth through acquisition and the
and Egyptian financial institutions, overall attractiveness of the food sector
reflecting heightened geopolitical Of the top 10 African IPOs in 2014, in 2015.
tensions introduced by attacks on SEPLATs share performance was
tourist targets in October 2015. hit heavily as a result of the global Other JSE shares with global revenue
downturn in oil prices. Tharisa plc streams, such as Schroder European
Unsurprisingly, some of the stocks also lost ground from its offer price, Real Estate Investment Trust (REIT)
hardest hit in trading were those in potentially reflecting global mining and Equities Property Fund, based in
the tourism and real estate sectors, sector sentiment, coupled with Europe and South Africa, respectively,
with focus drawn to the outlook for negative publicity, governance issues continued to perform well, as local
the Egyptian tourism industry as a and a regulatory shutdown following investors continue to seek exposure
whole. Both Orascom Construction workplace fatalities. to companies with non-rand
and Emaar Misr share prices were denominated income streams.

Figure 7 Share price performance of 2015 and 2014 top 10 African IPOs as at 31 December 2015

2015 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%

Integrated Diagnostics Holdings plc 11.1

Emaar Misr for Development SAE -27.9

Edita Food Industries SAE 41.7

Orascom Construction Ltd -51

Schroder European Real Estate Investment Trust plc 10

Balwin Properties Ltd -11.7

Novus Holdings Ltd -9.4

Stor-Age Property REIT Ltd -3

Capital Appreciation Ltd 10

Total Maroc SA 3.8

2014 -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100%

SEPLAT Petroleum Development Co Ltd -64.9

Alexander Forbes Group Holdings Ltd -20.9

Residences Dar Saada SA -40.5

Arabian Cement Co (Egypt) 10.6

Rhodes Food Group Holdings Ltd 95

Pivotal Fund Ltd -0.7

Delice Holding SA -7.6

Equites Property Fund Ltd 27.5

Tharisa plc -86.9

Cartrack Holdings Ltd 17.7

Source: Dealogic

14 | 2015 Africa Capital Markets Watch

African IPO breakdown by sector 2011 2015

Over the past five years, the financials When looking at global trends over
sector led the African IPO market with the same period, the financials sector
43% of total volume and 51% of total topped the sector list by total IPO
value, driven in part by an increase value. In terms of the sector profile
in property company listings, which of IPOs, Africa shared the greatest
are expected to continue in popularity similarity with the Asia-Pacific region
in 2016, especially given the recent (with the exception of oil & gas).
introduction of listed REITs on the In both of these regions, financials,
Nairobi Securities Exchange. The oil industrials and consumer goods
& gas and consumer goods sectors contributed significantly to total IPO
followed in second place, each with a value.
total value of 11%.

Figure 8: IPO breakdown by sector by value, 2011 2015 Figure 9: IPO breakdown by sector by volume, 2011 2015
2011 2015 2011 2015

2% 1%
3% 1% 3%
5% 6%
6% Financials
Oil & gas
Consumer goods 8%
9% Industrials
51% Health care 43%
Consumer services
Basic materials
11% Technology

11% 5%

Source: Dealogic

PwC | 15
African IPO breakdown by sector in 2015

During 2015, the financials sector Health care ranked second at 17% and
continued to dominate the African IPO consumer goods third at 16% in terms
market at 46% of total value and 50% of IPO value in 2015.
of total volume, followed by the health
care, consumer goods and industrials Compared to the average over the last
sectors in terms of value. This is five years, 2015 saw a slight decrease
consistent with global IPO trends, in the financials sector and an increase
where the financials sector proved to in industrials, consumer goods and
be the most active sector in 2015. health care in terms of value; and
the industrials and consumer goods
sectors in terms of volume.

Figure 10: IPO breakdown by sector by value, 2015 Figure 11: IPO breakdown by sector by volume, 2015
2015 2015

4% 7%

17% 4%
Oil & gas 4%
Consumer goods
46% Health care
14% 50%
Consumer services
14% Basic materials

4% 3%

Source: Dealogic

16 | 2015 Africa Capital Markets Watch

African FO Market

African FO trends
2011 2015
Over the past five years, there have Figure 12: FO trends, 2011 2015
been 336 FOs by African companies,
raising $35.2bn on both African and
international exchanges. 12 000 120

10 712
Though the growth rate of 2015 FO 10 000 100
activity did not match that of the 9 478
prior year, the trend was distinctively 76
8 000 80
positive. During 2015, FO activity
increased by 20% in terms of
transaction volume and by 13% in
$million 6 000 60
52 51
terms of value, compared to 2014.
5 455 5 102
4 000 4 475 40
Additionally, total FO capital raised
was bolstered by a $2.5bn offer on the
2 000 20
JSE by Naspers Ltd in December 2015,
which ranked among the top 10 FOs in
the entire EMEA region in 2015. 0 0
2011 2012 2013 2014 2015

FO Money raised ($m) Number of FOs

Source: Dealogic

PwC | 17
African FO data by exchange 2011 2015
In 2015, capital raised from FOs by significant decrease in the Egyptian JSE represented 85% of total African
companies on the JSE increased by Exchange by 62% was due to the non- FO capital raised and 67% of total
17% (in US dollar terms), whereas recurrence of a few large FOs in 2014. transaction volume.
proceeds from FOs on other African
exchanges increased by only 8%** from Both during 2015 and over the trailing Over this period, in second place in
$1.2bn in 2014 to $1.3bn**, reflecting five-year period, the vast majority terms of FO volume was the Egyptian
the value placed on the depth of an of FO activity, including outbound Exchange, followed by the Nigerian
established market during challenging FOs, was from sub-Saharan African Stock Exchange.
economic times. countries, representing 76% and 86%
in total FO volume, respectively, and On average during this period, FO
There was a significant increase in 96%** and 92%** of total FO value, capital raised in total over the past
FO activity in terms of value on the respectively. five years was greater than the IPO
Bourse de Tunis during 2015, driven average capital raised at $105m, with
by a large FO in the third quarter of a Between 2011 and 2015, capital an average of $134m on the JSE and
state-controlled bank. Conversely, a raised from FOs by companies on the $81m** on other African exchanges.

Figure 13: FOs by African exchange*, 2011 - 2015

2011 2012 2013 2014 2015 Total

raised ($m)

raised ($m)

raised ($m)

raised ($m)

raised ($m)

raised ($m)
Number of

Number of

Number of

Number of

Number of

Number of
Exchange country










South Africa 30 2992 37 4828 35 4458 52 8156 70 9579 224 30013
Johannesburg 30 2992 34 4800 34 4458 48 8086 65 9432 211 29768
Johannesburg AltX 0 0 3 28 1 0 4 70 5 147 13 245

North Africa
Egypt 7 346 1 3 1 88 1 522 3 199 13 1158
Morocco 4 555 0 0 1 47 1 71 1 25 7 698
Tunisia 1 1 0 0 3 60 1 12 2 391 7 464

Africa excluding
South Africa
Nigeria 0 0 2 224 2 424 2 359 4 512** 10 1519
Kenya 1 117 3 239 0 0 2 46 0 0 6 402
Tanzania 1 73 0 0 0 0 0 0 1 74 2 147
Zambia 2 73 0 0 0 0 1 62 0 0 3 135
Mauritius 3 14 1 13 0 0 1 7 3 87 8 121
Ghana 2 115 0 0 0 0 0 0 0 0 2 115
Uganda 0 0 0 0 0 0 1 98 0 0 1 98
Zimbabwe 1 10 0 0 0 0 0 0 0 0 1 10

* Data includes FOs listed on African exchanges and excludes outbound FOs. Companies listed on two exchanges or more are accounted for on
each exchange.
** Notice of errata: The 2015 FO capital raised on the Nigerian Stock Exchange has been adjusted from the amount included in the original
version of this publication released 1 February 2016.

Source: Dealogic

18 | 2015 Africa Capital Markets Watch

African FO breakdown by sector 2011 2015
FOs exhibited a sector composition The consumer goods, health care
similar to that of IPOs over the past and basic materials sectors each
five years, with the financials sector contributed 10% of total FOs
comprising half of the FOs in Africa by value, while the basic materials and
volume and 45% by value. industrials sectors contributed 18%
and 8%, respectively, in terms of

Figure 14: FO breakdown by sector by value, 2011 2015 Figure 15: FO breakdown by sector by volume, 2011 2015
2015 2015

1% 2%

10% Financials
45% Oil & gas
1% Consumer goods 1%
8% Health care 6% 50%
Consumer services
Basic materials
10% Technology
Telecommunications 8%

10% 3% 5%

Source: Dealogic

PwC | 19
African FO breakdown by sector in 2015

During 2015, there was a slight shift The year saw a similar trend to the
in the sector composition of African FO sector breakdown by volume over
FO activity, with FOs in the financials the past five years, during which the
sector being lower than their five-year financials sector contributed more
average in terms of value. Conversely, than half of the total FOs volume,
there was a significant increase in the followed by the basic materials sector
technology sector from 7% on average at 14%.
to 23% in 2015, due in large part to
Naspers December rights issue of

Figure 16: FO breakdown by sector by value, 2015 Figure 17: FO breakdown by sector by volume, 2015
2015 2015

3% 2% 1%


23% Financials
Oil & gas
Consumer goods
Health care
36% 57%
Consumer services 7%
Basic materials
Telecommunications 8%
4% 3%
3% 2% 3%
17% 2%

Source: Dealogic

20 | 2015 Africa Capital Markets Watch

African IPOs and FOs: Analysis of cross-border activity
2011 2015
Perhaps the clearest trend that has During the same period, the JSE Cross-border activity will also be
persisted since 2011 is the interest remained popular for inbound IPOs, assisted by the Fast Track listing
of African companies in executing with only one other inbound listing in process for secondary inbound listings
dual listings or raising further offers Africa the debut of the United Arab on the JSE. Already in 2016, Belgian
on Londons stock exchanges, largely Emirates Orascom Construction on brewing giant Anheuser-Busch (AB)
the Alternative Investment Market the Egyptian Exchange. InBev launched a secondary listing
(AIM), which has proved a particularly on the JSE through introduction, and
attractive market for companies from The year saw both greater inbound Mediclinic International is expected
emerging economies in Africa and and outbound global cross-border IPO to complete a secondary listing
Asia. activity than 2014. However, of note transaction during the year.
was the lack of intra-African cross-
One such example is Lekoil, the border IPO activity in 2015 despite
Nigerian oil & gas exploration group moves towards regional exchange
that raised $49 million upon its harmonisation. This likely reflects the
flotation on the AIM in May 2013. more common response over the past
Less than six months later, the group year to use decreased listing barriers
returned to the market to raise a as an opportunity to deepen liquidity
further $100 million at a share price of shares via the introduction on
comfortably above its flotation price, other African exchanges, with a view
enabling further exploration work off towards future capital raising.
the Nigerian coast.

Figure 18: Outbound and Inbound IPOs and FOs, 2011 2015

Date Issuers name Country Sector Stock exchange Capital IPO/
raised FO
09 April 2014 SEPLAT Petroleum Nigeria Oil & Gas London; Nigerian Stock 538 IPO
Development Co Exchange
05 May 2015 Integrated Egypt Health Care London 334 IPO
Holdings plc
01 April 2015 Edita Food Egypt Consumer Cairo; London 267 IPO
Industries SAE Goods
15 May 2014 Aquarius Platinum South Africa Basic Materials Australian Stock Exchange; 235 FO
Ltd Johannesburg; London
08 August 2013 MiX Telematics Ltd South Africa Industrials New York 116 FO
03 November 2011 Coal of Africa Ltd South Africa Basic Materials AIM; Australian Stock 106 FO
Exchange; Johannesburg
01 November 2013 Lekoil Ltd Nigeria Oil & Gas AIM 100 FO
11 July 2014 Delta International South Africa Financials Bermuda; Johannesburg 87 FO
Property Holdings
12 February 2013 Madagascar Oil Ltd Madagascar Oil & Gas AIM 75 FO
01 April 2015 Fastjet plc Tanzania Financials AIM 74 FO
10 August 2011 Elemental Minerals South Africa Basic Materials Toronto 64 FO
27 June 2012 Namakwa South Africa Basic Materials London 56 FO
Diamonds Ltd
20 June 2011 Zambeef Products Zambia Consumer AIM; Zambia 55 FO
plc Goods
17 May 2013 Lekoil Ltd Nigeria Oil & Gas AIM 49 IPO

PwC | 21
Date Issuers name Country Sector Stock exchange Capital IPO/
raised FO
28 October 2015 Lekoil Ltd Nigeria Oil & Gas AIM 46 FO
06 August 2012 Coal of Africa Ltd South Africa Basic Materials AIM; Australian Stock 45 FO
Exchange; Johannesburg
28 October 2013 Wentworth Tanzania Oil & Gas AIM; Oslo 40 FO
Resources Ltd
19 April 2011 Masawara plc Zimbabwe Financials AIM 38 FO
21 May 2014 Lekoil Ltd Nigeria Oil & Gas AIM 38 FO
08 August 2011 Blackstar Group SE South Africa Financials AIM; Johannesburg 15 FO
26 March 2012 Bushveld Minerals South Africa Basic Materials AIM 9 IPO
21 October 2015 KKO International Cte DIvoire Consumer Brussels - Alternext; Paris - 7 IPO
SA Goods Alternext
10 December 2012 Premier African Togo Basic Materials AIM 2 IPO
Minerals Ltd
17 November 2014 Central Rand Gold South Africa Basic Materials AIM; Johannesburg 2 FO

Date Issuers name Country Sector Stock exchange Capital IPO/
raised FO
04 March 2015 Orascom United Arab Industrials Cairo; NASDAQ Dubai 185 IPO
Construction Ltd Emirates
03 December 2015 Schroder European United Financials Johannesburg; London 162 IPO
Real Estate Kingdom
Investment Trust plc
14 October 2013 Investec Australia Australia Financials Johannesburg 107 IPO
Property Fund

Cross-border within Africa

Date Issuers name Country Sector Stock exchange Capital IPO/
raised FO
12 November 2012 Umeme Ltd Uganda Utilities Nairobi; Uganda Securities 66 IPO

Source: Dealogic

22 | 2015 Africa Capital Markets Watch

African debt markets

African debt markets overview

In our inaugural analysis of the African As recently as 2007, South Africa, views on both sides of this discussion,
debt markets, we have focused on Egypt and Tunisia were the only but what is clear is the role this
the analysis of corporate HY and IG African countries with sovereign bonds funding has played in encouraging
debt, which contributed 99% of the in issue in international markets. debt market activity on the continent.
total corporate debt capital raised Since then, 15 countries have entered
since 2011, and a brief discussion on the debt markets, introducing formal Over the past five years, 489 debt
supranational and sovereign debt credit analysis to guide country transactions have taken place on
during this five-year period. risk assessment and paving the way African debt markets or by African
for expanded issuance by African companies on international markets,
It should be noted that DCM activity corporates in these countries. Other raising $110.2bn, of which 72% was
represents only a portion of the total advances in debt markets included the US dollar-denominated.
debt raising activity in Africa, with 2013 launch of a Nigerian over-the-
a large component of debt funding counter trading platform, creating a Though African debt markets were not
sourced from traditional bank secondary market for local debt. as active in 2015 as in the previous two
finance or other bilateral lending years, the average of proceeds raised in
arrangements with investment funds While debt issuances have declined 2015 was $411m per transaction, 26%
that take place outside of the capital in volume and value since 2013, higher than 2014s average of $326m
markets. sovereign and supranational and 83% higher than the average per
(including government agencies) transaction over the past five years of
African DCM activity has declined debt, particularly foreign currency- $225m.
since its peak in 2013, when African denominated debt, continues to
governments and corporates accumulate, introducing the discussion
responded to initial signals of during the past year about the
impending US monetary policy sustainability of the indebtedness of
tightening by tapping debt markets. some countries. There are a number of

Figure 19: DCM activity*, 2011 - 2015

30000 160
142 10 100
129 120
103 6 233
20000 7 932
8 352 5 707 100
18 554
15 964

15000 80
13 593
12 346 68 60
11 397
47 40

0 0
2011 2012 2013 2014 2015
Corporate debt value ($m)
Sovereign and Supranational (including government agencies) debt value ($m)
Number of transactions

* Tranches within a deal are counted as a single issuance.

Source: Dealogic

PwC | 23
Figure 20: Breakdown of corporate debt by value, 2011 - 2015 Figure 21: Breakdown of sovereign and supranational
(including government agencies) debt by value, 2011 - 2015


Local Authority**
Corporate Bond 68%
High Yield*

Corporate Bond Supranational***

Investment Grade* 28%

* Investment grade and high-yield designation per Dealogic

** Sovereign includes all debt issued by national or provisional governments, and local authorities.
*** Supranational includes all debt issued by institutions organised at a world or regional level.
**** Agency refers to issuers that carry out government objectives while not being legally owned by a government itself. Agency debt usually
carries an actual or implied government guarantee.

Source: Dealogic

24 | 2015 Africa Capital Markets Watch

African high-yield debt market

Trends between 2011 2015

Between 2011 and 2015, there were 38 Figure 22: African high-yield debt value and volume, 2011 2015
African corporate HY debt issuances,
raising $11.7bn, of which 62% was US 3 500 16
dollar denominated and half of which
was raised under the US Securities and 3 000 14
Exchange Commissions (SEC) 2 823
2 639 3 196
Rule 144A*, reflecting the strong 2 500
demand for high-yield debt securities 10
by US investors during this period. 2 000
1 879

In 2015, there was a significant 1 500
decrease of 57% in HY debt issued 6
1 210
by value as compared to 2014, with a 1 000 5 5
similar level of average proceeds raised 4
per transaction of $303m, as compared 500 2
to $309m on average over the past
five years. This decline likely reflects 0 0
a degree of caution in the market 2011 2012 2013 2014 2015
in response to increased volatility Value ($m) Volume
during the year, especially from those
companies looking to raise debt for
planned acquisitions. Figure 23: African high-yield debt by SEC Rule 144A and volume, 2011 2015

HY debt proceeds have been raised

predominantly in US dollars during
the past five years, comprising 62% of
all proceeds, followed by the euro at

Unlike HY debt raised in more

developed markets, characteristics Rule 144A Not Rule 144A
of African HY debt instruments 50% 50%
(excluding South Africa) are more
commonly vanilla in nature; HY
ratings for such debt are largely driven
by the ceiling on corporate credit
ratings imposed by a home countrys
own sovereign rating.

Figure 24: African high-yield proceeds by currency, 2011 2015

*SEC Rule 144A provides a non-exclusive
safe harbour from the registration Others
requirements of the United States Securities NGN
ZAR 4%
Act of 1933 for sales of securities to 3%
qualified institutional buyers (QIBs), a GBP
term that encompasses banks, insurance
companies, certain trust funds, pension
plans, corporations and broker-dealers (but
not individuals), who meet certain ownership
and investment thresholds. Rule 144A EUR
offerings have become popular among 23%
foreign issuers as they provide a means
to raise capital in the US capital markets 62%
without being subject to the registration and
reporting requirements of a public offering
with the SEC.

Source: Dealogic

PwC | 25
African high-yield debt credit rating and average yield-to-maturity 2011 2015

Figure 25: African high-yield debt credit rating and average yield-to-maturity, 2011 - 2015

Bond ratings* Number of Average yield-to-

transactions maturity (%)
BB+/Ba1 3 6.9
BB 4 6.3
BB-/Ba3 3 9.3
B+ 4 11.7
B 8 8.9
B- 4 10.3
CCC 1 13.4
Data not available 11 9.1
Grand Total/Total Average 38 9.0

* Selection of bond ratings in the table above reflects the availability of ratings information
for these issuances. S&P ratings have been used when available, followed by Moodys
when available, followed by Fitch. 11 of the debt issuances have no publicly available rating

Source: Dealogic, Bloomberg

26 | 2015 Africa Capital Markets Watch

African high-yield debt
by exchange nationality Figure 26: African high-yield debt by exchange nationality, 2011 2015
2011 2015
3 500
Over the past five years, the majority
of African HY debt was issued by South 3 000
African and Nigerian companies, at
42% and 41% by value, respectively. 2 500

Our data highlights that a variety 2 000
of structuring methods and listing 3 070
650 2 669
destinations have been used in recent 1 500
issuances. We observe from this data 1 885
that during the period 2011-2015, HY 1 000 1 149
debt, unlike equity capital, was largely 939
raised outside the continent, with the 500
exception of issuances by Botswanan, 80 126
220 154 271
Nigerian and South African companies 0
on local exchanges, which accounted 2011 2012 2013 2014 2015
for 7% of total proceeds raised, and United States Europe Africa
the Nairobi listing by East African
Breweries, accounting for less than 1%
Source: Dealogic
of total proceeds.

PwC | 27
Figure 27: African high-yield debt by deal issuer and exchange nationality, 2011-2015

Deal Issuer Exchange nationality Currency Number of USD

nationality* nationality of code transactions equivalent
incorporation proceeds ($m)
EUR 1 825
Irish Stock Exchange
USD 1 250
Frankfurt Stock Exchange EUR 1 573
South Africa
New York Stock Exchange EUR 1 534
South Africa Johannesburg Stock Exchange ZAR 6 343

SIX Swiss Exchange CHF 1 115

USD 1 1 050
Austria Luxembourg Stock Exchange
EUR 2 841
United Kingdom London Stock Exchange GBP 1 454

Irish Stock Exchange USD 7 2 426

Oslo Brs USD 1 575
Nigerian Stock Exchange NGN 2 374
London Stock Exchange USD 1 350
Irish Stock Exchange USD 2 893
London Stock Exchange USD 1 250

Liberia** New York Stock Exchange USD 1 650

Mauritius Mauritius NASDAQ OMX Nordic (Stockholm) SEK 3 312

Morocco France Luxembourg Stock Exchange USD 1 297

Ghana Ireland Irish Stock Exchange USD 1 253

Togo Nigeria Irish Stock Exchange USD 1 248

Botswana Botswana Johannesburg Stock Exchange ZAR 1 80

Kenya Kenya Nairobi Securities Exchange KES 1 54

Grand 38 11 747

* Deal nationality is a calculated nationality that combines the business nationality of the issuing entity with that of the originator or, if
undisclosed, the nationality of risk.
** The US deal relates to Royal Caribbean Cruises Ltd, a company incorporated in Liberia with global operations.

Source: Dealogic

28 | 2015 Africa Capital Markets Watch

Figure 28: African country credit ratings*, 2011 2015

A- Botswana
BBB+ Mauritius


BBB- South Africa




B+ Nigeria

B- Ghana

2011 2012 2013 2014 2015

*Only countries with a sovereign credit rating, which also had HY debt activity during 2011 2015, have been presented above.

Source: Thomson Reuters

African high-yield debt by

industry 2011 2015
Over the period 2011-2015, African Figure 29: African high-yield debt by industry, 2011-2015
HY debt was mainly raised by
companies in the financials sector,
which comprised 58% of total HY debt Industry Volume Value
volume and 47% of total value. ($m)
Financials 22 5 544
Sector composition for HY debt over
Consumer goods 5 2 236
this period is similar to that observed
Basic materials 3 1 891
for ECM activity during this time.
Industrials 3 704
Oil & gas 1 575
Utilities 2 514
Telecommunications 1 250
Technology 1 33
Total 38 11 747

Source: Dealogic

PwC | 29
African investment-grade debt market

Trends between 2011 and 2015

Over the past five years, the African IG debt activity by African companies The currency composition of IG debt
DCM saw 215 African corporate during 2015 was event-driven, proceeds is similar to that of HY
investment-grade debt transactions, decreasing by 17% as compared debt, though with slightly less US
raising $26.2bn, of which 66% was to 2014 in terms of volume, while dollar-denominated proceeds and
denominated in US dollars. Unlike HY increasing in value by 32% as a somewhat larger share of rand
debt raised during this period, only compared to 2014. Of the $4.5bn proceeds, due to domestic activity by
6% of IG proceeds were raised under raised, 53% relates to significant South African companies.
SEC Rule 144A, which is consistent transactions by Eskom and Naspers Ltd
with the relatively higher US investor during the year.
demand for yield.

Figure 30: African investment-grade debt value and volume, 2011 2015

8 000 100

84 90
7 000
6 686 80
6 000
5 944 65 70
5 683
5 000

4 466
4 000 44 50

3 375 40
3 000
2 000
12 20
1 000

0 0
2011 2012 2013 2014 2015

Value ($m) Volume

Figure 31: African investment-grade debt by SEC Rule 144A Figure 32: African investment-grade proceeds by currency,
and volume, 2011-2015 2011 2015

Rule 144A Others

6% EUR 4%

Others ZAR


Not Rule 144A


Source: Dealogic

30 | 2015 Africa Capital Markets Watch

Figure 33: African investment-grade proceeds by currency and average yield-to-maturity, 2011 2015

Currency code Average yield-to-maturity

NGN 12.76
ZAR 8.67
GBP* 7.38
USD 4.87
EUR 4.11
CNH 3.95
CHF 3.04
Average yield-to-maturity 7.63

Yield-to-maturity data for debt raised in pounds sterling reflects the subordinated nature of
the specific debt instruments.

Source: Dealogic

African investment-
grade debt by exchange
nationality 2011 2015
The story of African IG debt over the
Figure 34: African investment-grade debts by exchange nationality and value, 2011-2015
past five years is, predictably, a largely
South African affair, with issuance
across global exchanges dominated by 8 000
South African companies or subsidiary
entities. Exceptions include $2.8bn 7 000
1 340
raised by Moroccos Groupe OCP on
6 000
the Irish Exchange.
5 000 2 099

4 000 2 735
4 113 2 669
3 000
4 298
2 842
2 000
2 959
1 000
1 570 1 003 2 611 128 168
2011 2012 2013 2014 2015

United States Europe Africa

Source: Dealogic

PwC | 31
African investment-grade
debt by industry
2011 2015
Figure 35 African investment-grade debt by industry, 2011-2015
Over the past five years, 35% of
African IG debt proceeds were raised
in the financials sector, represented
almost entirely by local and Industry Volume Value ($m)
international divisions of major South
Financials 166 9 253
African banks and insurers, followed
by the utilities sector at 15%, reflecting Utilities 3 3 957
capital raised by South Africas state- Oil & gas 4 3 058
owned power utility, Eskom. Basic materials 6 2 970
Telecommunications 4 2 952
Eskom subsequently lost its IG credit
Industrials 23 2 693
rating in March 2015, following
months of power interruptions and a Consumer services 2 562
series of executive suspensions that Consumer goods 5 439
cast doubt on corporate governance Health care 2 270
structures at the utility. Total 215 26 154

Outside of financials, a fairly equal

share of proceeds was raised by Source: Dealogic
companies in the oil & gas, basic
materials, telecommunications and
industrials sectors, most of which are
household names in South Africa.

32 | 2015 Africa Capital Markets Watch


For a deeper discussion about our capital market offerings in Africa, please
contact one of our practice leaders below.

East Africa West Africa Global IPO Centre

Andr Bonieux Omobolanle Adekoya Clifford Tompsett
+230 404 5061 +234 (1) 271 1700 ext 3102 +44 20 7804 4703

Anthony Murage Darrell McGraw
+254 20 285 5347 +234 706 401 9361

Francophone Africa & Southern Africa

Craig Du Plessis
Philippe Couderc +27 11 797 4055
+212 5229 99801
Andrew Del Boccio
+27 11 287 0827
North Africa
Nicholas Ganz
Steve Drake +27 11 797 5568
+971 4 304 3421
Peter McCrystal
+27 11 797 5275

Coenraad Richardson
+27 11 797 4713

We extend our thanks to everyone who contributed to PwCs 2015 Africa
Capital Markets Watch. This marks the first year in the life of the Africa Capital
Markets Watch series, and our second look at equity capital markets in Africa. In
particular, we would like to thank Andrew Del Boccio, Laure Fine, Chi Le,
Alice Tomdio and Christine Van Den Bos for their important contributions.

PwC | 33
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