Standard Bank granted more time to buy Stanbic Bank Kenya shares

KENYA – Standard Bank of South Africa has been given more time to buy an additional 14.8 million shares with a current market value of US$10.95 million in its Kenyan subsidiary Stanbic Holdings . The multinational started accumulating more shares in the Nairobi Securities Exchange (NSE) listed firm in July 2018 and had raised its stake in the lender to 71.16 percent as of November last year. Standard Bank has been buying the shares in the open market through its investment vehicle Stanbic Africa Holdings Limited (SAHL). It is targeting to…

Read More

Businessman Chris Kirubi to acquire half of Centum Plc following nod by CMA

KENYA – Businessman and industrialist Dr. Chris Kirubi is set to pay about KSh3 billion (US$28.2m) for an additional 19.9 per cent shareholding and own half of Centum Investment Company PLC, following a go-ahead by the Capital Markets Authority (CMA) to acquire more shares. Mr Kirubi, who currently holds 30% shareholding in Centum, has received an exemption from the CMA to increase his shareholding at the firm to 49.9%, without having to make a mandatory takeover offer to other shareholders. He will buy the additional shares from other shareholders selling…

Read More

Cytonn to register a development investment trust to diversify real estate funding

KENYA – Cytonn Investment, an independent investments management firm has filed an application with the Capital Markets Authority (CMA), to register a Development Real Estate Investment Trust, (DREIT), seeking to raise KSh2billion (US$20m) of capital. The Investment Trust, which is structured to pay a coupon over the life of the development, will be deployed for the first phases of two of the firm’s real estate projects, The Ridge in Ridgeways, and RiverRun Estates in Ruiru. The capital raise is expected to assist Cytonn diversify funding sources for their real estate…

Read More