KQ resumes Liberia flights after KES 4.2 billion loss over Ebola ban

By / Published May 17, 2015 | 1:32 pm



Kenya-Airways

Centum seeks pension funds to finance Lamu coal project

Investment firm Centum through its subsidiary, Nabo Capital, is seeking pension funds in Kenya to construct a power plant in Lamu County. Centum’s 1,050MW Amu power project is the single largest
private sector energy investment in the country. Centum is seeking USD500 million (about KES47 billion) with half the amount expected to come from local pensioners. The potential investors are being
offered 12 percent rate of return for the project over a 29-year period.

Safaricom in talks with Vodafone over M-Pesa fees
Telecoms operator Safaricom is negotiating a reduction of proprietary fees it pays United Kingdom-based firm Vodafone for M-Pesa even as it rules out any easing of consumer tariffs for the popular mobile money transfer service. The telecom operator had spent KES7.1 billion to relocate M-Pesa servers to Kenya from Germany where they have been previously hosted and will be spending KES752 million annually
on maintenance.

KCB eyes KES28bn debt injection

KCB Group is this year targeting a cash injection of USD300 million (KES28.2 billion) in debt from development finance institutions (DFIs), in what will see its long-term loan book more than double. The lender says it expects to receive the first instalment of USD100 (KES9.4 billion) soon. The funds will be used for onward lending to big-ticket borrowers in different sectors of the country’s economy. The debts will have a maturity period of between 7 and 10 years and will be (repayable) at an interest rate that is lower than that of the sovereign bond.

EABL to earn KES 4.5bn from sale of glass firm

E.A. Breweries is set to earn KES 4.5 billion from the sale of its subsidiary Central Glass Industries (CGI) in a transaction that is expected to reduce the brewer’s debt. EABL is transferring its 100 per
cent stake in the glass-making firm to Consol Glass, a South African company. In disclosures made in a shareholders’ circular, E.A. Breweries said it will use the cash to partly repay a KES19 billion loan
(USD200 million) that it borrowed from Diageo, its parent company. The transaction will see Consol supply EABL with spirits and beer bottles for at least five years.

KQ resumes Liberia flights after KES 4.2 billion loss over Ebola ban

Kenya Airways has announced resumption of daily flights to Liberia’s capital Monrovia after the government lifted a nine-month ban estimated to have cost the airline more than KES4.2 billion revenue.
The government in August banned passengers from Liberia and Sierra Leone from entering or transiting through the country, forcing KQ to cancel its flights to the two Ebola-stricken countries.

Eveready to sell idle assets at Nakuru plant

Battery maker Eveready will start selling off its factory equipment after getting approval from shareholders. Company shareholders gave the management the nod to sell idle equipment at its Nakuru plant during the firm’s 48th annual general meeting in Nakuru, the investors also gave the management the green light to partner with Orbit Chemicals to create a joint 50-50 manufacturing venture.

Kenyan Stock Market
The NSE 20 and NSE ALSI declined by 1.78 percent and 2.18 percent w/w to close at 4,980.71 and 167.73
Turnover, total volumes traded and total market capitalization stood at KES 6,351.53million, 180.15million and KES 2,346.24bn respectively at the end of the week.

EAC Markets
Uganda: The USE ALSI and USE LSI declined by 2.68 percent and 0.06 percent w/w to close at 1,917.56 and 325.39 respectively.
Rwanda: The RSE ALSI and the RSE RSI declined by 0.29 percent and 1.48 percent w/w respectively to close at 136.18 and 224.84 respectively.
Tanzania: The DSE TSI and DSEI dropped by 0.84 percent and 0.33 percent w/w respectively to close at 4,703.54 and 2,741.36

Global markets
The S&P 500 gained 22.62 points, or 1.08 percent, to end at 2,121.1, exceeding its previous all-time high close of 2,117.69 on April 24. The Dow Jones industrial average rose 191.75 points, or 1.06 percent, to end at 18,252.24.The Nasdaq Composite added 69.10 points, or 1.39 percent, to 5,050.80.

The Stoxx Europe 600 Index climbed 0.4 percent to 399.54 at 1:06 .The Stoxx 600 rebounded after earlier falling amid a stronger euro and a rout in bond markets

The MSCI Asia Pacific Index declined 0.4 percent to 152.03 retreating from a one-week high.






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