UK’s Caracal Gold Plc to list at the Nairobi Securities Exchange

KENYA – Caracal Gold Plc, a gold mining company, based in the UK, has picked Faida Investment Bank as its financial adviser and joint broker as it plans to do a Kshs 2 Billion (US$18.4 million) listing at the Nairobi Securities Exchange (NSE). Caracal Gold Plc listing at the Nairobi Bourse will make it only the second Company to have a dual listing at both the NSE and London Stock Exchange (LSE). The Economic Partnership Agreement (EPA) that was ratified between Kenya and the UK in May 2021 to boost trade between…

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Unga Group to sell its subsidiary Ennsvalley Bakery in cost-cutting measure

KENYA – Unga Group, one of the big millers in Kenya, has announced the planned sale of Ennsvalley Bakery assets to cold storage and cold chain logistics company BigCold Kenya subject to satisfaction of certain conditions. The company will be selling its bread business to BigCold as it seeks to cut costs and improve efficiency. According to the Nairobi Securities Exchange-listed miller, Ennsvalley Bakery Limited entered into an agreement to sell all its assets to BigCold Kenya on 26th July 2021. BigCold is the only FSSC 22000 certified company in East Africa…

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Standard Chartered Bank Kenya adds two new directors to its board

KENYA – Standard Chartered Bank Kenya has appointed two new directors to replace Eng. Patrick Obath and Ian Bryden who left the board one month ago. The new directors are technology and innovation expert Nivedita Sharma and banking professional Birju Sanghrajka. Nivedita will serve as a non-executive director on the board chaired by Kellen Eileen Kariuki. She is a tech expert and currently serves as the Chief Operating Officer at BRCK, a software company that provides free public Wi-Fi to low-income neighborhoods in Nairobi. Nivedita Co-founded eLimu, a company credited for digitizing…

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Crown Paints raises US$5.95m from rights issue

KENYA – Leading paint and coating manufacturer Crown Paints, has raised Ksh.642.7 million  (US$5.95 million) from its just-concluded rights issue/additional shares issuance. Proceeds from the rights issue represent the acceptance of the issuance of 64.3 million more shares by the company. Shareholders nevertheless registered an over-subscription of bids for the rights issue under which they sought 81 million more shares for a combined Ksh.809.6 million (US$7.5 million). The new shares are expected to be processed on a day before their eventual listing and trading on the Nairobi Securities Exchange (NSE).…

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I&M creates wealth management unit for high-net-worth clients as Kibo Capital exits IMR

KENYA – I&M Group has set up wealth management and advisory business targeting high-net-worth clients in a bid to diversify its non-funded income portfolio. The tier-one lender says the services will be offered through I&M Capital, managing for the clients a range of products and services that include fixed income securities, portfolio restructuring and optimisation, investment loans for government securities, insurance products and equities. It will also offer offshore Investments in collaboration with Bank One Mauritius, which like I&M Bank and I&M Capital is a subsidiary of I&M Group. “The team…

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Family Bank eyes expansion after a successful corporate bond issue

KENYA – Family Bank plans to expand its presence to all 47 counties in Kenya as it gears up for tier-1 status in the next three years, with the drive being funded by the proceeds of its corporate bond that started trading on the Nairobi Securities Exchange (NSE) on 30th June 2021. The tier-II lender said it would use the funds to increase its branch network from the current 92 outlets in 37 counties, widening its presence and customer base as it also considers an initial public offering proposal. “We…

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Specialty retail chain Nairobi Business Ventures to acquire 4 businesses for US$27.8m

KENYA – leather accessories retail chain Nairobi Business Ventures (NBV) has announced plans to acquire four businesses in Kenya at a combined cost of Kshs3 billion (US$27.8 million). According to a public statement, NBV intends to purchase 100% ownership in Delta Automobile, a leading heavy commercial vehicle maintenance company in Kenya; 100% ownership in Air Direct, an aviation company set to begin operating in Kenya soon; 100% ownership in Aviation Management Solution Limited, a company that owns a hangar and a building close to Jomo Kenyatta International Airport; and an…

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Car & General invests US$3.65m in new motorcycle helmet plant as it aims to grow market share

KENYA – Automotive equipment distributor Car & General (C&G) has invested US$3.65 million in a new motorcycle helmet plant in Ruiru, Kenya as it looks to grow its share of the bike accessory market in Kenya. The Nairobi Securities Exchange (NSE)-listed firm, which has diverse operations including property investments, poultry and sale of motorcycles, said the plant sits on 40,000 square-feet employing about 150 workers. The plant has a capacity to produce 768,000 helmets per year, with plans to increase production to 1.2 million by 2022. “The plant situated in Ruiru…

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Nairobi Securities Exchange appoints two new non-executive directors

KENYA – The Nairobi Securities Exchange(NSE) Board has appointed  two new non-executive directors, Donald Wangunyu and Stephen Chege who will represent the interests of trading participants on the NSE Board and those of listed companies, respectively. Donald Wangunyu brings over 20 years of experience in finance and technology from both Kenya and the USA. He currently sits on the Boards of Standard Investment Bank, the Kenya Association of Stockbrokers and Investment Banks and the East Africa Forum for Alternative Investments. He is the founder and CEO of the Robo-Advisor, FourFront Management. On…

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Kenya’s Family Bank to issue US$37m corporate bond to drive its growth agenda

KENYA – Financial institution Family Bank is returning to the corporate bond market as it seeks to raise US$37 million to fund its growth. The Kenyan lender says it has received approval from the Capital Markets Authority to raise the funds by way of a public offer. The bank plans to raise another US$37 million within the next five years in multiple transactions, raising the potential total debt issuance to US$74.2 million. “We are positioning the bank for the second phase of growth as per our 2020-2024 strategy anchored on…

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