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Databank Group Research: Africa Markets, December 13, 2011
Databank Group Research: Africa Markets, December 12, 2011
Databank Group Research: Africa Markets, December 09, 2011
Databank Group Research: Africa Markets, December 08, 2011
Databank Group Research: Africa Markets, December 06, 2011
Databank Report, "Africa: Gradual Healing of Equity Markets". Databank has releassed a report on the global economic outlook, noting that despite weak global economic growth, equity markets worldwide are continuing to show signs of improvement. Databank remains optimistic that global markets will continue to recover noting strong growth in many African countries. They maintain Kenya, Ghana, Mauritius and Nigeria as preferred investment destinations in Sub-Saharan Africa and recommend broad diversification strategies into sectors such as financials, breweries, cement and construction and agribusiness. For the full report click here.
Trust Bank Reports Strong Earnings: Trust Bank registered another strong performance for the 2011 financial year. The US equivalent for their net profit was D220,075,00 ($3,706,029), up 58% from their net profit in 2010. Its market share went up 2% from the previous year with total deposits growing by 20%. The bank's total assets grew by 19% to D4.2 billion ( $141,406,504). Its Return on Assets was 2.6%. For the full article click here.
Video of the Feronia Investor Site Tour held in January 2012
http://www.youtube.com/watch?v=la8HhuMCH7w&feature=youtu.be
African Petroleum Strikes Oil in Liberia: African Petroleum Corporation (AOQ) announced this week a significant oil discovery in their offshore Narina-1 well in Liberia. They found a total 105 feet (32 meters) of net oil pay at two depth sections. Company CEO, Karl Thompson, commented “Narina-1 has identified a potentially large accumulation of light good quality oil at the Turonian level as well as excellent quality oil in the Albian”. While preliminary estimates by industry analysts suggest the discovery could yield between 500-1,000 million barrels, further appraisal of the find isn’t expected until September 2012 due to a lack of available drilling rigs. Despite this, the find is likely to have significant impact on Liberia’s young oil industry and its improving economy. Find the full report here.
Ken Ofori-Atta has stepped down as Executive Chairman of the Databank Group. Co-founder and former Executive Vice-Chairman of the Group, Keli Gadzekpo has been named the Chief Executive Officer. Mr. Ofori-Atta will remain as the non-executive Chairman of the Group. for the full Databank press release, click here.
Pan African Capital Group Senior Investment Officer, Stephen Murray Spoke at the UVA Darden School of Business at the Darden Africa Business Organization's Africa Business Conference on January 27, 2012. For some of his comments regarding the unseen opportunities on the African Continent click here.
Databank Executive Vice Chairman, Keli Gadzekpo on BBC:
http://www.bbc.co.uk/news/world-africa-15898477
Liberia's Oil Prospects: Investment in oil exploration in Liberia has grown substantially over the past four years. Since the Jubilee offshore oilfield discovery in Ghana in 2007 followed by more recent discoveries in neighboring Sierra Leone’s Mercury field, oil companies have jockeyed to secure deepwater concessions in the Gulf of Guinea, which has estimated oil reserves of 24 billion barrels. In March of this year, Chevron stated it will spend about $1 million per day when it begins drilling in late 2011, representing the largest investment in Liberia’s oil sector to date. This investment represents a long term commitment to Liberia: if oil is discovered, it could take up to ten years for production to begin. Find the full report here.
Liberia: Presidential Race Enters the Decisive Final Week. Five years ago Liberia inaugurated its first democratically elected president after 14 years of civil war. In one week it will hold its first independently organized Presidential and Legislative Elections. The Campaign season in Liberia is fully underway with all political parties campaigning heavily ahead of the October 11th Presidential and Legislative elections. Incumbent President Ellen Johnson Sirleaf and the Unity Party seem poised for a second term, but opposition candidates retain strong grassroots support and are running campaigns highlighting the shortcomings of the first Sirleaf administration. Find the full report here.
Feronia Inc. (TSX VENTURE:FRN) released its unaudited consolidated financial results for the three months and six months ended June 30 2011. Revenue was $1,614,262, an increase of 41% from $1,143,668 in the second quarter of 2010. Net income was $1,865,670 for the second quarter in 2011 compared to a loss of $1,596,428 in the second quarter of 2010. This was primarily due to a gain of $4,601,246 recognized in the second quarter for the revaluation of biological assets, compared to a gain of $493,363 in the second quarter of 2010. Please find the press release here.
International Bank (Liberia) Limited has released its Quarterly Report on Liberia. This month, Liberia’s National Election Commission authorized political parties to begin campaigning for the presidential and legislative elections due to take place this October. President Ellen Johnson Sirleaf will likely challenge Winston Tubman, who leads the Congress for Democratic change (CDC), and Charles Brumskine, who heads the Liberal Party. Liberia’s campaign season comes at a time of strong growth prospects. Liberia is projected to grow at 5.9% in 2011 and 9.8% in 2012, according to the IMF. The full report can be found here.
Databank has released its Quarterly Report on Ghana. The local economy grew 23% YoY in the the 1Q11, with inflation remaining under control. The Bank of Ghana successfully lengthened the local yield curve with three-year and five-year notes, both of which were oversubscribed. Expansionary monetary policy, coupled with crude oil production, is likely to push output growth beyond 13% for the full year. Please find the report here.
Co-Founder and Executive Chairman of Databank, Ken Ofori-Atta, speaks with leading international publication The Banker about the diversification of the Ghanaian economy and the development of Ghana's capital markets. Ken's comments can be be found in the articles below.
Ghana Keen to Diversify When the Going is Good
Consolidation Looms for Ghanaian Banks
Feronia Inc. (TSX-V: FRN) has appointed Mr. William Dry as
the Chief Executive Officer and a director of the Company. Mr. Dry was
previously the Company's Chief Operating Officer, Palm Oil and has over
30 years of experience with large-scale agriculture projects globally
in countries including Cote d'Ivoire, Guinea, Liberia, Nigeria, Papua
New Guinea, Sierra Leone, Tanzania and Uganda. Please find the press release here.
International Bank (Liberia) Limited
reported record net profits of US$1.0 million and gains across all major financial indicators for fiscal year 2010. Please find the press release here. If you have any questions or investment inquiries, please feel free to contact us at Pan African Capital Group.
Trust Bank Limited (The Gambia) reported strong earnings growth despite challenging global and local economic outlooks. For 2010, profit after tax increased by eight percent to D69.8 million. Please find the complete annual report here.
Feronia Inc. is
pleased to announce that on May 28, 2011 it celebrated 100
years of continuous operation at its oil palm plantations subsidiary,
Feronia PHC. Commencing operations on May 19, 1911, the plantations have been in continuous operation since this time. Feronia
PHC currently employs approximately 4,000 people making it one of the
largest private sector employers in Central Africa. Please find the press release here.
Databank Financial Services has released its Quarterly Report on the African markets entitled 2010: Africa Bounces Back. Please find the report here.
Pan African Capital Group has released an Outlook Report on the Sub-Saharan African markets. Please find the report here.
In June 2010, Liberia reached the completion point under the Heavily Indebted Poor Countries (“HIPC”) Initiative. PACG presents its viewpoints on this milestone, and its implications for Liberia’s future. To access “Liberia – Life After Debt”, please click here.
Stephen D. Cashin, Chief Executive Officer of Pan African Capital Group speaks with CNN during the Corporate Council on Africa’s US-Africa Business Summit. Please click here to see the interview.
In light of recent developments in the Nigerian banking sector, PACG presents an update to its The Financial Outlook for Nigeria published in December, 2008. Is the Nigerian Financial Sector Set to Reform? provides an overview of the recent push for reforms in Nigeria's banking sector and what these reforms can do for the country's political and economic outlook.
Liberia's commercial debt payment was finalized on April 16, 2009. Negotiations with the holders of the Republic of Liberia's $1.2 billion in commercial debt were successfully concluded, resulting in a payment of $38 million, or 3 cents on the dollar for nearly all of the outstanding commercial loans. For the full story please click here
for the PACG Outlook Note, which summarizes the current and future debt payments and explores the implications of this event for Liberia and how the country can build upon this momentum.
PACG presents its viewpoints on recent events and future possibilities in key West African markets. Liberia - 2009 and Beyond is a brief outlook note on what 2009 holds for Liberia as it moves into yet another year of rapid redevelopment. While The Financial Outlook for Nigeria research note describes the current Nigerian financial situation and explains the key reasons the country's financial sector is in its current plight.
CEO of PACG Delivers Speech to Corporate Council on Africa Forum
Stephen D. Cashin, CEO of Pan African Capital Group spoke at the CCA Africa Breakfast Forum, "The Global Financial Crisis and it's Implications for Africa" on December 4, 2008. The speech provides PACG's forecast for Africa and highlights some of the factors that we believe will help the continent weather the global financial downturn. PACG has produced a research report to accompany Mr. Cashin's speech, PACG Research - The Global Financial Crisis and Africa - December 4, 2008
PACG Partner Provides Op-Ed on Ghanaian Elections
Ken Ofori-Atta, Executive Chairman of the Databank Group has written a guest column for the Pan African news source, AllAfrica.com. Mr. Ofori-Atta emphasizes the need for continuing the political, economic, and social developments achieved under the current New Patriotic Party by supporting his Presidential candidate, Nana Akufo-Addo. The article can be read here.
International Bank Board Member Featured in the "The Economist"
Alexander Cummings, the President and COO of Coca-Cola Africa, and Board Member of the International Bank (Liberia) Limited, was quoted in the magazine in relation to the bell-weather nature of Coca-Cola's business activities in Africa. International Bank is the premier commercial bank in Liberia, a position it is working to maintain through the direction and leadership of eminent business persons, of which Mr. Cummings is a successful example. The article can be seen here.
The Liberia Review "A New Day," the Liberian Financial Sector and Investment Review for June 2008 was released by International Bank (Liberia) Limited. The Review provides donors, foundations, multi-lateral organizations, and private investors valuable insights into the current economic, social, and political climate, while looking towards the future of the Liberian financial sector and investment possibilities of today and tomorrow. Click here to read the Review.
Databank Highlighted in the Washington Post
Ken Ofori-Atta and Keli Gadzekpo, co-founders of Databank were featured in this Washington Post article from Sunday July 6, 2008, highlighting the positive investment climate in Africa. This follows upon their featured participation in the documentary "African Investment Horizons," which premiered at the NYSE in April of this year. We are especially proud to see our business partners recognized as leaders of the African investment community.
Internet Banking Launch in Liberia
International Bank (Liberia) Limited has launched its internet banking website to much fanfare in the Liberian marketplace. To read the full story, click here.
PACG and Partners Invest in Liberian Financial Sector
A group of American (Pan African Capital Group, LLC), Ghanaian (Databank Group), and Gambian (Trust Bank Ltd), investors have moved into the Liberian financial sector with the purchase of International Bank (Liberia) Limited. Read the announcement here.
Databank Group Achievements Recognized
Databank has been the recipient of multiple awards recently. Databank Financial Services has been named the 'Most Respected Company' in Ghana, and Ken Ofori-Atta was honored as the '2nd Most Respected CEO' for 2007 by the Business and Financial Times and PriceWaterhouseCooper (Ghana). A link to the press release is here. Also in 2007, Databank Group Research won the prestigious Africa Investor Award for providing the market with premium research and insight into the African markets.
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