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The Politics of Equity Finance in Emerging Markets$
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Kathryn C. Lavelle

Print publication date: 2004

Print ISBN-13: 9780195174090

Published to Oxford Scholarship Online: April 2005

DOI: 10.1093/0195174097.001.0001

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Africa and the Middle East

Africa and the Middle East

(p.164) 9 Africa and the Middle East
The Politics of Equity Finance in Emerging Markets

Kathryn C. Lavelle (Contributor Webpage)

Oxford University Press

The examples in this chapter are chosen from the African region and diverge among countries as the Asian examples did. Firms on the Johannesburg Stock Exchange have responded to the opportunities presented by the international system to switch their listings to London; however, given the shareholding patterns of these firms, what little external pressure on management has occurred, has developed from the listing requirements of the London, and not Johannesburg exchange. The Cairo exchange in Egypt boomed in the 1990s along with other emerging markets, yet it boomed by selling minority shares of family-controlled firms. Finally, the two West African exchanges of Ghana and Senegal are examples of extremely small, thin markets dominated by issues of one or two privatized firms. The chapter examines the shareholder arrangements of Anglo-American, Olympic Group, Ashanti Goldfields, and Sonatel.

Keywords:   Africa, Johannesburg Stock Exchange, London Stock Exchange, Egypt, Ghana, Senegal, Olympic Group, Anglo-American, Ashanti Goldfields, Sonatel

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