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Free trade zone stretching from Cape Town to Cairo Established As NIC Bank Begins Sale of Kes 3Bn Bond
by Old Mutual Securities

Free trade zone stretching from Cape Town to Cairo Established As NIC Bank Begins Sale of Kes 3Bn Bond

 

NIC Bank begins Sale of KES 3b bond (with green shoe option) at yield rate 12.5%; tenor of 5 years. This is after getting approval from Capital Markets Authority to raise as much as KES 8b in medium-term subordinated notes over 5 year period. The sale for this 1st trench closes on 3rd September 2014.

Our view: This timely approval follows the announcement the bank made when it was releasing its H1:14 numbers that it seeks to raise additional funding from the debt market and also undertake a rights issue to fund its expansion requirements and boost capital requirements. Historical corporate bond issues have been well received in the market and oversubscribed because they pay fixed rate interest giving investors comfort in terms of certainty of returns. Similar government issues are fetching a yield of 11.314% (NSE yield curve 15th Aug).

 

The leaders of three African regional eco


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Armco to sell on JUMIA Kenya Online Marketplace
by Soko Directory Team

Armco to sell on JUMIA Kenya Online Marketplace



Armco, a leading electronics and home appliances manufacturer and supplier has moved to sell its products on the JUMIA Kenya online marketplace. Armco joins BATA, Express Automation, Sangyug,Mia Mara, among others already selling on the platform.
 

The JUMIA Kenya online marketplace is a platform that allows merchants to showcase their products, transforming their physical store to an e-store and bridging the gap between online and offline sales.
 

Vinay Savani, Sales and Marketing Director Armco, said,“Jumia online marketplace is the best way to reach a wider market, it’s convenient and stress free since customers will receive Armco products delivered to them anywhere in Kenya and they can pay cash on delivery.” Merchants listing on the company’s website www.jumia.co.keenjoy a stress-free selling experience with JUMIA handling the product warehousing, marketing, customer care, delivery and after sales and remitting cash re


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NIC Bank’s KES3bn bond issue opens As TransCentury Reports KES 1.63Bn Loss
by Soko Directory Team

NIC Bank’s KES3bn bond issue opens As TransCentury Reports KES 1.63Bn Loss
 

 

NIC Bank’s KES3bn bond issue opens

NIC Bank opened its KES3 billion bond on Thursday with the first tranche of its KES8 billion bond programme expected to run for five years. The initial tranche offers investors a 12.5 percent yield which is slightly lower than the other 5-year bonds, Britam and UAP which have a yield of 13 percent. Transaction advisors expect good subscription since the rate is close to previous issues. And Interest rates have been falling in recent government paper auctions due to high liquidity.

 

Banks record half year bond losses on high T-bill rates


The increase in State borrowing and rates on government securities in June pushed commercial banks to half-year bond losses negatively impacting into shareholders’ wealth. Five large banks’ income reduced by KES1 billion owing to the inverse relationship between interest rates and the value of bonds in the books. It is however


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Kenyan real estate US expo to tap into multi-billion shilling diaspora market
by Soko Directory Team

 Kenyan real estate US expo to tap into multi-billion shilling diaspora market

 

King’s Pride Properties, a leading Nairobi-based real estate developer, is set to launch the first annual Kenyans Diaspora Homes Expo in New York in a bid to tap into the $1.29 billion (Ksh109 billion) that Kenyans in the diaspora remit home annually.
 


The three-day expo scheduled for 30th August to 1st September at the New Jersey Exposition Centre, New York, is expected to draw at least 300,000 Kenyans living in the United States, linking them directly with the real estate market back home while opening up international frontiers to stakeholders in Kenya’s property sector.
 


Kenyans living in the United States account for 45 per cent of the total diaspora remittance, according to a June 2014 survey by the Central Bank of Kenya.  However, those willing to invest in the property market back home face various impediments, the most prominent being the lack of information to make sound investment d


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Kenya Airways moves more flights to Terminal 1A
by Soko Directory Team

Kenya Airways moves more flights to Terminal 1A

 

Kenya Airways has migrated 11 additional flights to the new ultramodern Terminal 1A at its Jomo Kenyatta International Airport (JKIA) hub. From Thursday (August 21, 2014), the airline will be operating a total of 15 flights from the new Terminal 1A, which is for exclusive use by Kenya Airways and its SkyTeam partners. These flights will be departing to Delhi, Luanda, Dar-es-Salaam, Entebbe and Johannesburg.

 

Kenya Airways’ Group Managing Director and Chief Executive Officer, Titus Naikuni, said that the new terminal has state-of-the-art facilities that will contribute towards providing a world class experience to guests. “We are excited to increase the number of flights operating from this modern terminal.  All the facilities in it are as good as anywhere else in the world. It will significantly enhance the quality of service. We have developed a timetable to progressively increase the number of flights that are processed from


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