Nairobi, Johannesburg stock markets to cross-list securities

The Nairobi and South African bourses are set to launch dual-listing of collective investment funds in the coming months. The listing will focus on exchange traded funds (ETFs)—modelled on unit trusts—at beginning based on the most liquid stocks, principally on the FTSE NSE Index series launched in 2011. The two bourses will also explore dual listing of individual equity stocks and bonds. The NSE plans to launch the ETF rules in July this year, setting the stage for their listing on the local bourse and thereafter at the JSE [...]

Dar investors acquire 51pc stake in Kenyan bank

A group of Tanzanian investors has acquired a majority stake in Oriental Bank in the first significant entry of Dar into the competitive local banking space. CAK approved the transaction in March this year, setting the stage for major change in shareholding at Oriental, which emerged from statutory management in 2002 with new owners. It had collapsed in June 2001 [...]

College, Jamii Bora target Rongai with Sh200m hostel project

Jamii Bora Bank has signed a Sh200 million agreement with the Cooperative University College of Kenya to build hostels at its Karen Campus. This is the third such partnership the bank has entered with public universities having signed a Sh1.8 billion agreement with Jaramogi Oginga Odinga University of Science and Technology and Sh1 billion with Murang’a University College [...]

Senator Keg tax cut hands sorghum farmers lifeline

Beer maker East African Breweries Limited (EABL) is set to renew the contracts of about 20,000 sorghum farmers after reduction of excise duty payable on Senator Keg, which is mainly brewed from the grain. The excise tax amendment was not made through the Finance Act as is normally the case for new laws that have a financial implication on the national budget [...]

Southeast Airlines halts Kenya operations as high costs hurt

Low-cost carrier Southeast Airlines has stopped its operations barely months after launch last November citing high operating costs and stiff competition from Kenya Airways’ budget subsidiary, Jambojet. The airline said it was contemplating re-launching as a local and regional carrier with larger planes capable of competing in a market that of late has attracted new entrants [...]

Guarana spirit maker in KRA tax row

Alcohol manufacturer Platinum Distillers has turned to the High Court in a bid to stop the taxman from shutting its operations for failing to attach excise stamps on its beer cans. Platinum Distillers filed the suit after the Kenya Revenue Authority (KRA) seized products it had manufactured in its Ruai plant on the outskirts of Nairobi, arguing that the taxman has refused to give it time to install an applicator for the excise stamps [...]

Maathai Supermaket owner takes over Jack & Jill city plot

Mr Maina bought the plot in 2006 and ordered Jack and Jill Supermarket owner Mr Noorani to vacate the premises, claiming he wanted to renovate it as it was dilapidated. Mr Maina is setting up a 10-storey building on the plot on Temple Road in downtown Nairobi. Construction of the building whose lower floors while house Maathai supermarket has started [...]