Tag: Nairobi Securities Exchange

Shelter Afrique settles its commercial debts, eyes regional bonds

Frank

KENYA – Shelter Afrique, a Pan-African housing development financier, has fully paid commercial debts owed to eight lenders, giving the company the leverage to underwrite new debt. In 2018, Shelter Afrique signed a Debt Restructuring Agreement with the eight lenders – six DFIs and two commercial banks to restructure its debt with a new 5 – Year tenor to run from June 2019 to June 2024. The US$186 million including accrued interest owed to African Development Bank, Agence Française de Developpement, Commercial Bank of Africa, European Investment Bank, German KFW,…

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Infrastructure investment firm TransCentury in US$48m cash call from shareholders

Frank

KENYA – Infrastructure investment firm TransCentury Plc, is looking at its shareholders to inject an additional US$40.74 million of new capital through a cash call in less than two months and an additional US$7.8 million through the sale of non-core assets to avert a potential liquidity crisis that could adversely impact its operations as a “going concern,” reports The East African. The Nairobi Securities Exchange (NSE)-listed loss-making firm with operations across East, Central and Southern Africa, revealed through its delayed annual report for 2019 that it has embarked on a…

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ASEA signs deal to boost trading among African securities exchanges

Frank

AFRICA – Cross-border trading from one African securities exchange to another has come a step closer after the African Securities Exchanges Association (ASEA) signed a contract to procure an order-routing system. Seven of Africa’s leading securities Exchanges are working together in the African Exchanges Linkage Project (AELP) to boost pan-African investment flows and bring more liquidity to African markets. The contract is for the design and rollout of the AELP Link technology platform for routing orders and trade confirmations between stockbrokers on the seven Exchanges participating in the pilot phase…

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

Frank

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

Frank

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

Frank

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

Frank

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

Frank

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

Frank

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

Frank

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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