Helios loses top slot in Equity after stake sale to NSSF Uganda

London-based investment fund Helios EB Investors is no longer the majority shareholder at Equity Bank after selling part of its stake to Uganda National Social Security Fund.Helios EB Investors sold 2.44 per cent of shares to the Uganda pension fund at Sh4.5bn, cutting its stake in the bank to 9.78 per cent.The deal puts NSSF Uganda on the list of top 10 shareholders of the bank and could see it push for representation on the board. NSSF Uganda was holding a stake estimated to be worth Sh100 million (Ush3.1 billion) as at the end of last year [...]

Portland Cement renews hunt for chief operating officer

Cement maker EAPCC has renewed efforts to recruit a chief operating officer (COO) after candidates who applied to fill the new position last August fell short of required qualifications.The NSE-listed East African Portland Cement Company has re-advertised the position, which is expected to strengthen its governance structure [...]

MPs deny NBK Sh5bn allocation for rights issue

The Sh13 billion National Bank of Kenya (NBK) rights issue faces further delay after the Treasury’s allocation of Sh4.9 billion to the shareholders cash call was reversed by a parliamentary committee.The delayed cash call could constrain NBK’s loan book growth and deposit-taking capacity, with one of its capital ratios already below the minimum regulatory requirements [...]

Millers lobby State to allow in duty-free wheat imports

Millers are lobbying to import duty-free wheat after they exhaust what’s available from local farmers. Millers say the move will keep prices of wheat products low when the duty is set aside as the country imports up to 75 per cent of wheat yearly [...]

NHC to name Sh5bn bond adviser in July

National Housing Corporation (NHC) is finalising selection of a consultant who will handle its Sh5 billion bond. NHC general manager for finance George Kinyanjui says the main transaction adviser will be selected in the next three weeks and the winner is expected to help the State property developer look for other service providers for the upcoming bond [...]

Tecno to open Nairobi assembly plant

Chinese device manufacturer Tecno is looking to set up an assembly plant in the country with an eye on the Sh17 billion government tender for the supply of the free computers to public schools.Tecno is looking to set up a local factory for assembly of tablets to give it a competitive advantage over rivals [...]