NSE welcomes pro-investor budget measures

Nairobi Securities Exchange (NSE) officials have applauded three of the measures proposed in Treasury secretary Henry Rotich’s budget statement Thursday. For example, exemption of shares from Capital Gains Tax (CGT); plans to introduce mobile-based bond purchases. Exemption from stamp duty of asset transfers into Real Estate Investment Trusts and Asset-Backed Securities [...]

Visitor numbers for 2015 down by a quarter as Brits stay away

The number of visitors to Kenya fell by 25 per cent in the first five months of 2015, according to tourism board figures. The number of visitors from Britain, the biggest contingent, fell by 35 per cent to 36,022 in the period. The drop shows just how badly the industry has been damaged by a spate of Islamist militant attacks that have killed hundreds [...]

Rea Vipingo to retain minority owners in delisting plan

Rea Vipingo shareholders who did not accept the buyout offer are set to become minority owners in the sisal processor slated for delisting from the Nairobi Securities Exchange (NSE). REA Trading now controls 94.62 per cent of the issued share capital up from 57 per cent after most of the 5,874 shareholders accepted the buyout. Transaction adviser Commercial Bank of Africa (CBA) said those who rejected the offer would have a 5.38 per cent stake in Rea Vipingo [...]

Kenya installs online tender system with in-built pricing to curb graft

Public servants could be the biggest losers in newly-introduced procurement guidelines that will see Government buying goods and services at rates comparable to market prices. Weak procurement procedures have ensured corrupt government workers double up as major suppliers to the State and at exorbitant prices, either directly or through proxies. Starting next month, the new electronic-procurement platform, the Integrated Financial Management Systems ( IFMIS) will have an in-built pricing component that would act as a reference point [...]

Six banks picked to finance Sh43 billion oil pipeline

Six commercial banks will finance the bulk of the Sh43 billion pipeline project between Nairobi and Mombasa in one of the single largest loans for a State corporation. Newly appointed chairman of Kenya Pipeline Company (KPC), John Ngumi, said a deal had been struck with the local lenders to provide the credit facility for the mega project that could significantly slash the cost of transporting fuel products. CFC Stanbic, Commercial Bank of Africa, Citi Bank, Co-operative Bank of Kenya, Standard Chartered and South Africa’s RMB Bank are the lenders KPC has contracted to raise the funds [...]