Southern Africa’s new leaders still have much to prove

The new presidents of Angola, South Africa and Zimbabwe could do better, but banks and investors will have plenty of due diligence to do when deciding whether or not and how to commit more resources to these countries.

 

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The £2 billion London listing of Shell retailer Vivo Energy, which raised £548 million in May, was the LSE’s biggest such deal so far this year. It is the largest IPO out of Africa to take place in London since 2005: but is it a sign that the Africa-rising narrative is back?

In fact, Vivo’s timing probably has less to do with an African resurgence on the back of a tentative commodities recovery – let alone thanks to occasionally favourable political trends – and more to do with the investment cycle of owners Helios (private equity) and Vitol (the oil trader).

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