I&M Holdings in deal to acquire Giro Bank

I&M Holdings Ltd (IMHL) has reached an agreement to buy out tier III lender Giro Commercial Bank in a deal that will see I&M grow its asset base by Sh16.2 billion. IMHL, which is listed at the NSE, announced Thursday that upon completion, the acquisition will result in the immediate absorption of Giro’s banking business into I&M Bank Ltd, IMHL’s flagship subsidiary…[...]

Bank stocks shed Sh181bn value in just eight months

Bank stocks have shed Sh181 billion in valuation this year, accounting for nearly 70 per cent of the investor wealth loss at the Nairobi Securities Exchange (NSE) over the past eight months. “There has been high foreign participation as compared to local in some of these stocks, especially Equity Bank and KCB. When we have foreign exits like we have seen this year, the stocks take a hit,” said ABC capital corporate finance manager Johnson Nderi…[...]

Kenya Power cuts use of expensive thermal after regulator’s warning

Kenya Power is using more of cheaper geothermal and hydro-generated power after the energy regulator warned it to cut reliance on expensive diesel generators, lowering consumer bills. This came after the fuel cost adjustment, which is linked to the amount of power generated from fuel-driven generators, increased for the second month in a row, hitting a nine-month high of Sh3.11 per unit in August…[...]

Karuturi owners want receiver jailed for failure to give financial records

Troubled plantations company Karuturi Limited’s owners have asked the High Court to jail the flower firm’s receiver managers for denying them access to its financial records in disregard of a court order issued in July. The Naivasha-based firm’s managing director Sai Karuturi says efforts to have receiver managers Kieran Day and Ian Small furnish them with Karuturi’s financial records as ordered by Justice Francis Gikonyo in July have failed …[...]

Mauritius fails to call Britam ex-director for seized assets

The three-month notice that former Britam director Dawood Rawat gave the Mauritius government to pay $1 billion (Sh104 billion) in compensation for what he calls illegal seizure of his assets expires Tuesday, setting the stage for a court battle. Mr Rawat’s lawyer Shakeel Mohammed told journalists that the Mauritius government made no effort to contact his client, maintaining “radio silence” over the period…[...]

Chase Bank, insurer link up to close SMEs collateral gap

African Trade Insurance Agency (ATI) has signed an agreement with Chase Bank to offer cover for the lender’s SME customers who have a shortfall in collateral for trade finance. ATI will cover up to 85 per cent of the collateral requirement for a customer loan, the agency said, allowing the bank to lend to more SMEs that have previously been unable to access credit…[...]

PE Cytonn raises Sh1.4bn to finance real estate projects

Private equity firm Cytonn Investments has raised Sh1.4 billion in debt to fund its real-estate projects through a private placement.  Cytonn secured the funds through an offer in which it sold structured notes to foreign, local and institutional investors. The firm also secured funding from Finnish investment firm Taaleritehdas…[...]