Treasury raises Sh24bn from 12-year reopened bond

The 12-year Sh25 billion infrastructure bond tap sale (reopening) has raised Sh24 billion, meaning the Treasury has achieved its target of netting Sh50 billion from the issue. All the subscriptions to the bond were accepted and allotted at the same fixed yield rate of 11.55 per cent like in the first sale of the bond. There has been high demand for government primary issues, with the auctions for the 182-day and 364-day Treasury Bills worth Sh7 billion this week attracting bids amounting to Sh12.2 billion at 10.24 and 10.56 per cent in yield respectively [...]

Fanisi Capital buys stake in Nairobi pizza-maker European Foods Africa

Fanisi Capital has invested in Nairobi-based pizza-maker European Foods Africa Ltd (EFAL) as private equity firms increasingly target the growing middle class’ appetite for processed foods. The Sh193.2 million investment will help European Foods Africa Ltd to expand processing and distribution of frozen pizzas and whole berries and fresh berry beverages to supermarkets, grocery chains and restaurants in Nairobi and Mombasa counties [...]

Britam stock unfazed by largest owner’s link to a Ponzi scheme

British American Investments (Britam) share has largely shrugged off news of its largest shareholder being embroiled in a Ponzi scandal in Mauritius. On Thursday the share traded at an average Sh25.25 down just 75 cents compared to the average price last Thursday when the scandal broke. The marginal fall in price could also have been caused by the fact that the company closed the books for the payment of a 30-cent dividend on 3rd April [...]

NSE records low bonds trade in March

The bond market at the Nairobi Securities Exchange (NSE) saw a lower turnover last month with investors diverting cash into the 12-year Sh25 billion infrastructure bond. Bonds worth Sh41.5 billion traded, down 5.7 per cent from previous month. Investors spared liquidity for the bond rather than seek deals in the secondary market [...]

Eveready in real estate funding talks with three investors

Eveready East Africa says it has received bids from the potential investors to fund its flagship project through equity, debt or a mix of both. Eveready East Africa is in talks with three institutional investors to fund a multi-billion-shilling real estate project in Nakuru as part of its growth and diversification strategy [...]

Uchumi books space at Sh2bn Kisumu mall

Uchumi Supermarket will be the anchor tenant at the upcoming Lake Basin Mall in Kisumu, marking its latest expansion as retail chains show a greater preference for opening branches in shopping complexes. This will be the second branch for Uchumi in Kisumu where the retailer is competing [...]

KCB appoints new director as it eyes larger corporate banking pie

Kenya Commercial Bank (KCB) has hired a new director for corporate banking from rival Chase Bank to replace James Agin who moved to Barclays in the same capacity. “Mr Ouko has joined KCB with effect from this month,” KCB said in a statement. His appointment comes at a time when medium-sized banks have raised billions of shillings in new capital, pushing for a larger share of the corporate lending segment dominated by big banks like KCB, Barclays and Standard Chartered Bank [...]

Mumias Sugar cancels shareholders’ meeting at the last minute

Mumias Sugar Company has postponed an extra-ordinary general meeting that was scheduled for Friday April 10 to May 8, 2015. The meeting will be held to seek shareholders’ approval for a Sh4 billion rights issue aimed at turning around the miller’s fortunes. The controversial rights issue proposal was part of a rescue plan proposed by the government that would see the firm get Sh1 billion from Treasury [...]

Ex-Telkom staff fight for dues hits another hurdle

Former Telkom Kenya employees seeking Sh1.4 billion retirement payoff from the defunct State corporation have lost a bid to enforce a settlement agreement [...]