CIC Insurance corporate bond begins trading at NSE
CIC Insurance Group Corporate Bond began trading yesterday at the Nairobi bourse. The insurer announced it would take up the whole KES 6.34 billion realized from the issue, which was oversubscribed by 111% over the initial KES 3 billion. […]
EAC partner States to harmonise tax regimes
The East Africa Community ( EAC ) Partner States will have a harmonised tax system by April 2015. Cabinet Secretary in the Ministry of East African Affairs, Commerce and Tourism Phyllis Kandie told a media briefing in Nairobi that negotiations are currently ongoing at the ministerial level. “We shall begin by harmonising the Value Added Tax ( VAT ) and the excise taxes,” she said. […]
Odinga family targets oil market with KES 300m depot
East Africa Spectre, a gas cylinder manufacturer owned by Mr Odinga’s family, has applied to the environment regulator for approval to build the facility on a five-acre plot in Embakasi held by Newpoint Limited, a sister company. “Once we are through with the National Environment Management Authority (Nema) process, we will apply to the Energy Regulatory Commission (ERC) for a permit to construct the facility,” Hudson Chitala, the general manager at East Africa Spectre, told the Business Daily on telephone. […]
oil demand on the increase?
Kenya seeks over 835,000 tonnes of fuel for November to January
Oil importers are seeking 835,560 tonnes of oil products for delivery for November to January, about 40% more than volumes purchased in September to October. The Petroleum Institute of East Africa ( PIEA),the industry’s lobby group yesterday explained that the move is meant to guarantee supply during the Christmas season. […]
NSSF fights Shah Munge court bid to block shares sale
The National Social Security Fund (NSSF) wants the High Court to disregard an application by collapsed stockbroker Shah Munge that seeks to block the sale of its Nairobi Securities Exchange shares to settle KES 258 million it lost in the 2002 Eurobank scandal. […]
Kampala plans Sh534bn bonds issue
Kampala plans to issue a municipal bond in the next eight months in a move that could provide a blueprint for Kenyan counties seeking to raise development funds. “Uganda’s capital city, Kampala, plans to issue the country’s first municipal bond by June 2015 to finance infrastructure development needed to change it into a modern commercial hub,” the African Securities Exchanges Association (ASEA) said in a statement issued through the NSE. […]