TransCentury, BAT top listed firms with diversified boards

The analysis of the listed companies’ boards commissioned by New Faces New Voices (Kenya) was done by research firm Think Business, as a way of  improving corporate governance in Kenya’s listed firms. TransCentury Limited  and BAT are the leading companies in board diversification among listed firms in Kenya, emerging best in ensuring a professional mix, age diversity and gender balance in their top governance organs. Other firms ranked in the top five of those excelling in diversifying their boards were TPS Serena, Liberty Holdings, Home Afrika, with parastatals KenGen, Kenya Power and Kenya-Re tying at the fifth place [...]

EABL issues new corporate bond, targets Sh11bn

Beer maker, East African Breweries Limited, is seeking to raise Sh11 billion debt through a corporate bond barely two months after maturity of its short-term debt. The company targets Sh5 billion in the first tranche of the bond which will be offered to investors for two weeks beginning Wednesday for a return of 12.25 per cent. A Sh5.4 billion commercial paper issued by the brewer last year matured in January [...]

Barclays Bank relaxes credit rules for SMEs seeking below Sh15m

Barclays Bank has moved to establish a foothold in the SME financing business by easing asset funding requirements for customers seeking below Sh15 million. Barclays Bank will no longer require its SME customers to provide audited financial statements for asset-based credit requests of up to Sh15 million, but will instead rely on non-financial behavioural scorecards to assess their loan requests. The bank will be providing financing for purchase of motor vehicles, construction equipment, industrial plant and machinery, office and agricultural equipment [...]

Safaricom, EABL to outperform parent firms

Telecommunications giant Safaricom and East African Breweries Limited (EABL) are among listed firms expected to outperform their major foreign shareholding companies, noted a report by Citigroup investment banking arm. Citi’s report said Safaricom and EABL’s revenue growth is expected to outpace Vodafone and Diageo, which are the respective foreign companies holding the single largest stakes in the Kenyan entities. CfC Stanbic, Barclays Bank, Standard Chartered and BAT  are other companies listed on the Nairobi Securities Exchange (NSE) that are on the list of 27 frontier market stocks [...]

Nairobi bourse to approve Gems public offers.

A consultant hired by the Capital Markets Authority (CMA) has recommended that the Nairobi Securities Exchange (NSE) should have powers to approve capital raising activities by companies listed on the Growth and Enterprise Market Segment (Gems). Genesis Analytics, which was contracted to look into ways of increasing listings on the Gems, blames poor share pricing during issue for illiquidity of shares in the segment, length of the time taken and costs involved in the approvals as some of the hurdles facing this segment [...]

Kenya wins one-year extension to Comesa sugar import curbs

A key Common Market for Eastern and Southern Africa (Comesa) committee has recommended that Kenya be granted a one-year extension to limits on sugar imports from the trade bloc, offering relief to local millers that feared competition from cheap producers. The Comesa Trade and Customs Committee agreed to Kenya’s application for more time to open up fully its market to imports after more than a decade of being allowed to protect its sugar farmers with high tariffs. The tariffs were scheduled to fall to zero in February, but Kenya sought an extension until 2017, giving more time for it to improve infrastructure and carry out other reform [...]