Uchumi Supermarkets seeking loan to pay suppliers

By / Published June 13, 2015 | 10:29 am



uchumi-supermarkets

Uchumi supermarkets seeks KES500m loan to pay suppliers

Uchumi Supermarkets is seeking a KES500 million bank loan to pay its suppliers. Already, the cash-strapped listed retailer has approached Kenya Commercial Bank to provide the financing.

Barclays Africa buys stake in First Assurance for KES2.9bn

Barclays Africa announced that it is buying a 63.30 percent stake in the insurance firm and will pay KES2.2 billion to First Assurance shareholders besides injecting an additional KES700 million as capital to grow the business. Barclays Life Assurance Kenya (BLAK), a firm that Barclays Africa formed with businessmen Ayisi Makatiani and Darshan Chandaria in April 2015, will run First Assurance’s life business.

Rea Vipingo to retain minority owners in delisting plan

Rea Vipingo’s shareholders who did not accept the buyout offer are set to become minority owners in the sisal processor slated for delisting from the Nairobi Securities Exchange (NSE). Results show the brothers’ REA Trading now controls 94.62 percent of the issued share capital up from 57 percent after most of the 5,874 shareholders accepted the buyout.

Chase Bank bond raises KES4.8 billion

Chase Bank has netted KES4.8 billion in the first tranche of an oversubscribed corporate bond that set out to raise KES3 billion. High institutional investor appetite saw the first batch of the KES10 billion medium-term corporate bond, which had a return of 13.25 percent.

NIC eyes earnings boost with Kenya, Tanzania units buyouts

NIC raised its shareholding in its Tanzanian unit and stock broker NIC Securities in a move that will see the Nairobi Securities Exchangelisted firm book more earnings from the subsidiaries. The lender
disclosed in its latest annual report that it took full ownership of NIC Securities in 2013, buying out the remaining 0.07 percent equity that it did not own in the market intermediary. It also raised its stake in NIC Bank Tanzania to 69.84 percent last year from 68.97 percent in the same period.

Mumias on brink of collapse, urgently needs KES1bn bailout

Mumias risks collapsing if the government does not release the KES1 billion bailout cash it promised the firm. Managing director Coutts Otolo said the miller has been running on limited cash for the past
two years. Mr Otolo said the company has been unable to buy some critical spare parts needed to enable it crush at least 7,000 tonnes of cane per day.

Central Bank raises benchmark lending rate to prop up shilling

The Monetary Policy Committee, on Tuesday pushed up the Central Bank Rate by 1.50 percentage points to 10.00 percent, paving the way for a higher lending rates. This is the first time in about two years that the policy rate has been raised. It is designed to support the Kenyan shilling, which has weakened sharply against the US dollar to almost 99 a week ago.

Kenyan Stock Market

The NSE 20 and NASI index declined by 0.40 percent and 0.54 percent w/w respectively to close at 4765.02 and 162.89.

Turnover, total volumes traded and total market capitalization stood at 3,001.10mn 119.22 and KES 2,278.45 respectively at the end of the week

EAC Markets

Uganda: The USE ALSI edged up by 0.15 percent w/w to close at 1,978.03 while the USE LSI declined by 0.01 percent to close at 324.31

Rwanda: The RSE ALSI and the RSE RSI rose by 0.07 percent and 0.33percent w/w respectively to close at 135.86 and 222.09

Tanzania: The DSE TSI and DSEI declined by 0.98 percent and 0.92 percent w/w to close at 4,731.74 and 2,816.20 respectively

Global markets

The Standard & Poor’s 500 Index lost 0.70 percent to 2,093.98 .The Dow Jones Industrial Average fell 0.8 percent, to 17,897.87. The Nasdaq Composite Index slid 0.7 percent. U.S. stocks fell, as equities
trimmed a weekly gain, amid concern Greece won’t reach a deal with its creditors as its debt negotiations drag on.

The Stoxx Europe 600 Index slipped 0.7 percent to 390.16 amid increasing concern that Greece’s efforts to renegotiate its debt and stay in the single currency will fail.

The MSCI Asia Pacific Index gained 0.2 percent to 147.90 after data on U.S. retail sales bolstered confidence in the strength of the world’s biggest economy. Chinese shares rallied on speculation policy makers will boost stimulus.






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