Kenya Power outshines energy stocks at NSE

The Kenya Power stock is up 18.7 per cent to Sh17.15 year-to-date—carrying on a trend established in 2014—even as power generating firm KenGen has shed three per cent to Sh10. The stock has been among the leading beneficiaries of foreign investor inflows since the beginning of the year, attracting Sh197 million in net inflows for the first three months of 2015 [...]

UK bourse is wooing Kenyan firms to cross-list

Fast-growing Kenyan companies are looking beyond the national borders for opportunities to list in developed markets for access to new sources of capital. Oil sector services provider Atlas Development last year showed the way with dual listing on the Nairobi Securities Exchange (NSE) and the London Stock Exchange (LSE). Kenya is target of foreign investors due to the numerous opportunities present [...]

Equity share now trades at 8-month low

Equity Bank stock has traded at an eight-month low of Sh46 for the past two trading sessions with analysts pointing at investor concern over the financial cost of its planned regional expansion. The share has fallen by 11.5 per cent in the past one month under selling pressure from investors. Equity is now valued at Sh170.3 billion, which has allowed KCB to open up a gap of Sh23.6 billion in valuation at Sh193.9 billion [...]

Consolidated Bank picks ex-KCB boss as chief executive

Consolidated Bank has appointed Thomas Kiyai, a former KCB executive, as its new chief executive. One of Mr Kiyai’s tasks will be to improve the bank’s thinning asset base, to give the lender room to grow its loan book [...]

Brokers in new legal battle against capital gains tax

Stockbrokers have renewed the legal battle against the capital gains tax (CGT) by filing an application claiming that the High Court relied on a repealed provision of the Finance Act to throw out their case. The group is seeking a review of Justice Mumbi Ngugi’s judgment that last month struck out their petition against the capital gains tax CGT. They claim their lawyer discovered the provisions the judge relied on were repealed in 2006 to exempt investment shares [...]

Investor in Sh1bn buyout of Westlands based hotel

The Heron Portico, which is managed by Indian hospitality group Sarovar Hotels & Resorts, says the acquisition of Zehneria Hotel in Nairobi’s Westlands will help it penetrate the growing middle class market and expand its market share in conference tourism and hospitality industry in Kenya [...]

UBA sues former top official over Sh200m loss

United Bank of Africa (UBA) has sacked and sued the head of its legal department for professional negligence that saw the lender lose Sh200 million to two clients. The bank is now pursuing her for damages and compensation for the multi-million shilling loss [...]

Merali to build Sh2.8bn milk plant in Nakuru

Billionaire businessman Naushad Merali has announced plans to build a Sh2.8 billion milk factory in Nakuru, stepping up competition in the dairy sector that has recently attracted deep-pocketed investors. Mr Merali, through the agriculture unit of his investment group Sameer, is already a big player in the processed milk industry through his Daima brand of fresh milk and yoghurts [...]

Citi sees Tullow selling Kenya oil ahead of its Uganda production

Citi investment bankers indicate that Kenya is likely to take its first oil to the international market before Uganda, which discovered hydrocarbons six years earlier. Uganda has faced hurdles in its bid to exploit its oil despite having made discoveries in 2006, Kenya’s production and export would help Uganda as a pipeline will be ready by the time its oil is ready for sale [...]