South Africa, Nigeria, Kenya bourses in funds cross-list talks

The South Africa, Kenya and Nigeria stock exchanges together with market participants have opened discussions with a view to cross-list exchange traded funds (ETF) across the countries. The move is expected to boost liquidity of the investment units once they take root in Kenya. An ETF is a fund to which investors contribute money which goes into buying securities that compose an index or a defined group of securities…[...]

Private equity firm in Sh5bn deal with MySpace

Private equity firm Cytonn Investments and MySpace Properties, a Mombasa-based real estate company, have entered into a partnership that targets rolling out real-estate investments worth Sh5 billion. The deal will see Cytonn focus on securing funds from investors, while MySpace Properties will look for prime land and market the units…[...]

Safaricom sacks 58 employees for engaging in fraud

Telecoms operator Safaricom sacked 58 employees suspected of involvement in fraudulent activities in the year ended March, two more than the 56 it sent home the previous year. The number of employees suspected of crime rose despite the drop by two thirds in the total number of financial crimes committed by employees during the same period….[...]

Centum CEO rises to top ten shareholders with stock purchase

Centum’s chief executive James Mworia has acquired four million shares worth Sh207.4 million in the investment company, breaking into the list of the firm’s top 10 shareholders. The latest stock market filings for June show Mr Mworia is now the fourth largest individual shareholder with a 0.61 per cent stake in the Nairobi Securities Exchange (NSE)-listed firm…[...]

CBK’s tough act on Dubai Bank raises questions

The Central Bank of Kenya’s (CBK) decision on Friday to put Dubai Bank under administration has left in its wake questions as to how the bank survived years of multiple breaches of banking guidelines without regulatory action. The regulator put the lender under statutory management citing serious liquidity and capital deficiencies just over two months after the managing director fled the country…[...]

KRA reverses order on exports to EA bloc

The Kenya Revenue Authority has reversed a directive compelling Kenyan traders to declare shipments to the east African market through its Simba system, ending a month of uncertainty. The withdrawal of a directive issued to exporters and clearing agents last month took effect on Friday…[...]

Maralal Energy plans Sh4.5bn wind electricity plant in Meru

Maralal Energy Limited is set to build a wind power plant in Meru at a cost of Sh4.5 billion, becoming the latest firm to target the county with investment in renewable energy. The privately-owned Kenyan firm has in regulatory disclosures indicated that it plans to spend Sh4.5 billion to install the wind farm that is to be linked to the national grid…[...]

New KCC resumes milk exports to EA markets

New Kenya Cooperative Creameries (New KCC) has resumed exports to neighbouring countries following an increase in milk supplies. The State-owned dairy firm said it is exporting long life milk products to South Sudan, Tanzania and Rwanda. New KCC had stopped exporting to the neighbouring countries early this year when a shortage of raw milk supplies meant it only had enough to meet local demand…[...]