StanChart asks parent firm to split stock
Standard Chartered Kenya has forwarded a share split proposal to its parent company in response to shareholder complaints about the poor liquidity on the counter. StanChart’s stock is currently trading at Sh302 a share, making it the most priced bank counter and out of reach of many retail investors.The bank had the second lowest turnover among the top 20 largest companies at the bourse in the first six months of the year […]
Equity’s Uganda executive charged with Sh274m theft
An Equity Bank Uganda executive has allegedly swindled the lender of $2.8 million (Sh274 million), adding the Kenyan firm to the growing list of companies that have been hit by internal theft.David SerwambaMusoke was on Tuesday charged with stealing $1.4 million (Sh137 million) through money laundering, according to the charge sheet in a Kampala court […]
Microfinancier gets CMA nod to list Sh5bn bond
Real People is set to be the first microfinancier to issue and list a bond in Kenya, after it received approval from the Capital Markets Authority (CMA). The bond will be issued in three tranches —the initial Sh2 billion, followed by Sh1.5 billion and another Sh1.5 billion […]
Centum in deal with Dubai firm to build schools
Centum Investments has partnered with a Dubai-based PE firm and an international schools chain to launch 20 education centres across Africa. The envisaged 20 international schools will be established over the next three to five years, with the cost of building each institution ranging between Sh1.9 billion and Sh2.9 billion.Centum says the upcoming venture is part of its strategy to grow and diversify into more sectors away from its huge commitments in real estate, banking and manufacturing […]
EABL appoints new managing director for Kenya Breweries
Beer maker EABL has hired its non-executive board member to head its Kenyan subsidiary, replacing Joe Muganda who has joined the Nation Media Group (NMG) as the new chief executive. Jane Karuku, who has been in East African Breweries Limited (EABL’s) board since September 2013, was on Tuesday introduced as the new Kenya Breweries Limited (KBL) managing director on the same day that her predecessor took over the reins at NMG, the publisher of this newspaper […]
Tea prices hit 7-month high as demand at auction rises
Tea prices have hit to a new high at the Mombasa weekly auction with a kilogramme of made-tea up 54.8 per cent compared to January as demand rises.On Tuesday auction, a kilo sold at Sh305 ($3.12) compared to Sh197 ($2.02) it fetched in January this year […]
Explorers store 30,000 barrels at Amosin Turkana oil prospect
Wells tested around the Amosin area, Lokichar Basin in Turkana County, produced oil at the rate of 4,300 barrels a day, piling up the crude in storage to 30,000 barrels.Oil has already been discovered in several areas around the Basin and the exploration firms are currently in the process of confirming the flow and volumes of the wells […]
Reprieve for Kiereini as court suspends Sh189m CMA case
Businessman Jeremiah Kiereini has won a reprieve after the High Court on Wednesday temporarily stopped a case filed by the capital markets regulator claiming Sh189 million that he allegedly defrauded motor dealer CMC Holdings when it was a listed company […]