Billionaire squatter buys 25 per cent stake in Kakuzi

Billionaire investor John Kibunga Kimani who owns more than 25 per cent in Kakuzi is using his major shareholding in the company to fight for fair treatment of the squatters in the company’s Murang’a farms. He has applied to the Capital Markets Authority seeking exemption from the take-over and merger rules that kick in once an investor’s equity reaches the 25 per cent mark [...]

Stockbrokers propose Mbaru for NSE board

The Industry lobby Kenya Association of Stockbrokers and Investment Banks (Kasib) has proposed veteran broker, Jimnah Mbaru, to fill the non-executive position previously held by Geoffrey Odundo, now NSE chief executive. Mr Mbaru who is currently the Kasib chairperson is expected to join Faida Investment Bank chairman Bob Karina in representing the brokerage fraternity [...]

Atlas diversifies into geothermal wells drilling on low oil prices

Atlas Development, a logistics and engineering services firm, will start drilling geothermal wells in Kenya as it diversifies from oil and gas sector slowed down by plummeting crude prices. The company is collaborating with the Geothermal Development Company (GDC), the developer of Menengai wells, in the provision of civil engineering services, catering and accommodation, and will start bidding with its partners for drilling of steam energy wells too. The company, listed on the Nairobi Securities Exchange (NSE) and the London Stock Exchange (LSE) [...]

Lobby group rolls out plans for grains exchange market

East African Grain Council (EAGC) has launched a project to create an exchange of various grains between growers and large buyers. This has enabled Kenya to join Rwanda, Uganda and Ethiopia which have all developed structured markets for trading grains. This new system will enable growers and millers trade like in a stock exchange [...]

Farmers warm up to 8pc increase in flower exports

Export of flower is expected to record about eight per cent rise this year after the European Union (EU) restored duty-free access to the country. Kenya which supplies about a third of the cut flowers sold in the European Union had lost its duty-free and quota-free access to the trade bloc on October 1 last year after the five-nation East African Community (EAC) failed to ratify an Economic Partnership Agreement (EPA) from 2007, or had not concluded a full EPA with the EU by a September 30 deadline [...]

 Central bank to sell 2-year, 10-year bonds in Feb

The Central Bank of Kenya has announced that it will sell new two-year and a re-opened 10-year Treasury bonds worth up to 25 billion shillings ($273.4 million). The bank said the two-year bond's coupon will be market-determined, while the 10-year paper will have a 12.371 percent coupon. Both bonds will be on sale between Feb. 5 and Feb 17, ahead of the auction on Feb. 18 [...]

IMF warns banks going regional risk shareholder funds

The IMF has expressed concerns that the rapid expansion of African banks poses oversight challenges that if unaddressed, may increase systemic risks. This is because the supervisory capacity in most of Africa is already constrained and under-resourced. Furthermore, the IMF indicates that most of these countries are at different levels of implementing global financial standards for their financial institutions. Kenyan banks like KCB, Equity, Cooperative, DTB, I&M and Imperial have over the past five years aggressively expanded into neighboring countries such as South Sudan, Rwanda, Uganda, Tanzania, Burundi and Mauritius. Nigerian banks have expanded all over the continent including to Kenya [...]