CBK spends Sh51bn in four months to prop weak shilling
The Central Bank of Kenya (CBK) foreign exchange reserves have contracted by Sh51 billion ($545 million) in the past four months as dollars were used to shore up the shilling and for debt servicing. The shilling exchange rate has already touched Sh95 to the greenback, the lowest level since November 2011. Besides the global strength of the dollar, analysts say the current dividend-payment season is affecting the value of the local unit because investors are repatriating cash abroad […]
Brokers support Ndegwa as new CMA chairman
Stockbrokers on Tuesday welcomed the appointment of James Ndegwa as the Capital Markets Authority (CMA) chairman, terming him the first holder familiar with the sector. The stockbrokers said MrNdegwa, the NIC Bank chairman, has a proven track record of successful stewardship of blue-chip firms in commercial banking, asset management, investment banking, insurance and stockbrokerage in Kenya and East Africa […]
Rea Vipingo investors okay buyout offer
Rea Vipingo shareholders on Tuesday agreed to sell stakes in the agricultural company to the Robinow brothers, the UK majority owners, taking the firm a step closer to delisting.The minorities have until May 13 to officially respond to the Robinow brothers’ Sh85 a share offer. If the brothers get a 90 per cent acceptance rate they can initiate compulsory acquisition of the reluctant shareholders […]
NSE 20 Index slips as profit-taking, price correction dampen major stocks
The Nairobi Securities Exchange benchmark NSE 20 Share index has slipped into negative growth territory this year with constituent stocks mostly experiencing poor fortunes on profit-taking and price correction.Analysts attribute the slide to a mixture of profit taking, redistribution activities, price correction and the profit warnings that have been issued by companies in recent months on some counters, meaning the slide may not be long term […]
Atlas targets acquisitions by year end
UK logistics and engineering firm Atlas Development is set to close a series of acquisition deals in the region later this year as part of its expansion strategy. The firm, which is listed on the Nairobi Securities Exchange (NSE) and London Stock Exchange (LSE), says it is in the advanced stages of discussions with potential takeover targets in Kenya, Tanzania and Ethiopia. The firm revealed the impending deals while announcing a net loss of Sh548 million for the six months ended December […]
Serena hotels operator posts Sh274m net profit
TPS Eastern Africa, the operator of Serena brand of hotels, posted a 39.2 per cent profit decline in the year ended December driven by lower sales and higher expenses. TPS Eastern Africa recorded a net profit of Sh274.4 million in the period compared to Sh451 million the year before. The company has declared a dividend of Sh1.35, same as for the previous year […]
Vantage Capital plans to invest Sh7bn in Africa
Vantage Capial, a South Africa-based debt financier, has received commitments of Sh7 billion for investment in a number of African countries including Kenya.The cash was raised from European investors including state-owned DEG of Germany which put in Sh3.3 billion ($35 million) or nearly a half of the total funding commitments. In addition to its home market in South Africa, Vantage says it targets debt opportunities in a number of high-growth African countries including Kenya, Ghana, Nigeria, Ethiopia, Tanzania, Uganda, Zambia, Botswana and Namibia […]