Stanlib Investments to Issue First REIT Offer in Kenya

The bourse recorded varied movements during Monday’s trading session. The NSE-20 Share Index lost 0.61% to close at 4084.36 points whilst the Nairobi All Share Index (NASI) gained a marginal 0.18% to close at 143.42 points. Market capitalization was up; 0.18% to clinch at KES 2,017.46 billion whilst equity turnover bucked the trend, depreciating by 39.32% to KES 0.45 billion. The A/D ratio improved to 0.52x as there were more advancers than decliners.

Following approval from the Capital Markets Authority, Stanlib Investments is set to raise up to KES 12.5 Bn through the first Real Estate Investment Trust (REIT) dubbed Fahari I-Reit. The REIT will be issued through an initial public offer and will be listed on the main investment market segment of the Nairobi Securities Exchange.

The Stanlib Fahari I-Reit will give local investors an opportunity to participate in the real estate sector in Kenya at an affordable price as the scheme will provide unit holders stable cash inflows from the income-generating real estate properties. Other firms scheduling to issue units for properties under construction are; Housing Finance (NSE: HFCK) and Centum Investment (NSE: ICDC).

Equity Market Highlights

East African Breweries Ltd (NSE: EABL) was the most actively traded stock accounting for 34.54% of the total market activity. Safaricom Ltd (NSE: SCOM) closed in second, accounting for 13.82% of the days traded value.

WPP Scan group Ltd (NSE: SCAN) reversed last week’s negative performance surging 6.36% to close the day at KES 29.25. Olympia Capital Holdings Ltd (NSE: OCH) sustained the price rally appreciating by 5.26%, to close the day as the second-best gainer at KES 5.00.

Kapchorua Tea Ltd (NSE: KAPC) was the major laggard of the day, declining by 8.08% to KES 182.00. Sasini Ltd (NSE: SASN) lagged behind, sliding by 7.69% to KES 15.00.