Commercial banks operating in Kenya are all required to not only disclose but also to regularly update their top shareholders on their websites by 1st August 2016 by the banking sector regulator. The move by the CBK comes at a time when some local banks recently fell into troubles with most of the issues related to poor corporate governance. Additionally, it will ensure transparency in ownership of the lenders which will turn drive public confidence.
The acquisitions of all the subsidiaries of Old Mutual by UAP Holdings is expected to be concluded by end of this year. This will translate into two life and asset management companies under UAP which will then merge into one. This move is aimed at tightening their merger ahead of a planned listing on the Nairobi Securities Exchange (NSE). UAP Holdings is a public company currently trading at KES 180 over the counter Old Mutual acquired a majority stake of 60.7% in UAP for KES 25.6Bn in July 2015.
Deacons Kenya will on 2nd August 2016 list 123,558,228 shares on the Nairobi Securities Exchange at KES 15 per share by way of introduction on the AIM segment of the exchange. Deacons operates clothing outlets such as Truworths and Mr Price in four markets; Kenya, Uganda, Rwanda and Mauritius. The retailer’s shares have been trading over the counter for the last six years and this is scheduled to end on 25th July 2016. This was realized after the company sold some of its shares to a select number of investors in 2010 through a private offer.
Kenya’s Capital Markets Authority (CMA) has launched an anonymous reporting portal to enable whistle blowers to report malpractices in the capital markets. The portal will be accessed through the Authority’s website, will give whistle blowers an opportunity to share anonymous but verifiable evidence with the potential to complement and support CMA’s investigation and enforcement efforts. In addition, the regulator has also drafted rules aimed at regulating the online forex trading activities undertaken by individuals/companies in the country.
Centum’s Amu Coal Power plant based in Lamu-Kenya is set to be financed with a KES 200Bn facility by Standard Bank.
Centum has a 25% equity in Amu and has committed to invest at least KES 10 billion and expects an internal rate of return of 20% from the project in dollar terms. Centum has a diversified portfolio of assets in seven sectors including financial services, real-estate and property development, fast moving consumer goods, ICT, power generation, healthcare, education and agribusiness. The company recorded a 106% growth in consolidated revenues for the full year ended March 2016 of KES 24.2 billion compared to KES 11.8 billion recorded the previous period.
Fusion Capital, the issuer of Kenya’s first development real estate investment trust, has extended the investment window of the DREIT by 10 days from the 16th July to 26th of the same month. Cash raised through the offer will be used to develop Greenwood City, an upscale, high potential development in Meru County which comprises a shopping mall, an upscale office block and residential apartments.