Experts see economic growth at 6pc

According to a survey by HTM Capital shows, the economy is expected to grow at a minimum of six per cent this year. It is anticipated that the economy will benefit from one-off additions of between two and 2.5 per cent from infrastructure projects such as the standard railway gauge. Low energy prices due to falling crude oil prices is also another factor in spurring economic growth. Main issues of concern however are the contraction of the tourism sector and the rising budget which could lead to aggressive domestic borrowing that may push up interest rates [...]

Capital markets regulator unveils application timelines

The Capital Markets Authority (CMA) has revealed detailed timelines for processing applications at a time the market has seen an increase in licenses for issuing securities and allowing new players. New timeliness are 14 working days for approval for new issues of securities and private transfers and 25 working days for licensing approvals that have met all of the requirements. In addition, it will take a day for approval of announcements, advertisements and marketing materials. Moreover, it will take seven working days for approval of share splits, bonus issues, shareholders circulars, subsequent issuance of securities and corporate actions covering additional shares disclosure documentation relating to takeovers and mergers, issue of additional employee share options stock and approval of stock broking agreements take seven working days to approve [...]

Safaricom loses ground marginally in telecom sector as competition tightens

Current data from the industry regulator, Communications Authority of Kenya (CA) indicates the converged communication solutions provider lost 131,563 of its pre-paid mobile phone subscribers in the first quarter which saw its market share drop from 68 per cent to 66.7 per cent. Airtel's market share increased to 16.5 per cent from 15.7 per cent recorded during the previous quarter with Telkom Kenya's (Orange) share increasing to 9.2 per cent from the previous 8.3 per cent, recording a 0.9 per cent gain. Some of Safaricom’s post pay subscribers had started migrating to other telecom providers after the firm had announced they would scrap their Karibu post-paid tariff, a decision they later withdrew [...]

Swala mulls over putting Kisumu oil block on sale

Australian oil and gas company, Swala, have put some of their oil block interests in East Africa such as Block 12B in Nyanza, which they own jointly with Tullow Oil, and Block 2B, which they had tried to sell partially to Spanish firm CEPSA but failed. London-based First Energy Capital LL is transaction advisor for the potential sale of the firm’s interests in the region, work which is expected to be complete in the next few months. Most oil firms in the world have reduced drilling activities due to the drop in oil prices owing to a market glut [...]

Citi, Stanbic parent ahead in deals fees

Standard Bank of South Africa (Stanbic) and Citi took the largest cut from investment banking fees in Africa last year, partly aided by mega deals such as Kenya and South Africa sovereign bond issues. Standard Bank participated as lead managers alongside other firms in deals such as Kenya’s $2 billion Eurobond issue and the Sh70 billion 310 megawatt Lake Turkana wind power project in northern Kenya. Citi was one of the joint book runners for South Africa’s $1.65 billion sovereign bond issue in July. Local banks have been unable to compete in mega deals due to their relatively low levels of capitalization [...]

Kenya gears up for major tourism conference

Local and international tourism industry players converge in Nairobi for the first Meetings, Incentives, Conferencing and Events (MICE) starting tomorrow. The Kenyan Government and private sector players have invested heavily towards establishment of modern conference facilities to attract more visitors into the country. Through the initiative, Kenya seeks to position itself as a preferred business tourism frontier globally and thus manage to tap the global MICE market currently valued at Sh2.7 trillion ($30 billion) with hotels accounting for 60 per cent of the total value [...]

Kenyans risk missing TV news and popular programs as CA withdraws frequencies for KTN, NTV and Citizen TV

Communications Authority indicated that the ‘misleading’ advertisement by the said media houses on GOtv and Startimes was illegal and bringing fear, cartel-like behavior and anti-competitive conduct in the market. It has withdrawn their frequencies and barred the entry of the set up boxes the firms had wanted to use to air their content. It indicated that it would involve the Competition Authority of Kenya to investigate the same [...]