Sunday, April 21

NSE

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  • TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA) after the initial issue failed to hit a 50 per cent threshold. 
  • Unfortunately, the rights issue performed below expectations, and as a result, CMA has invoked its powers under Section 14 of the Public Offers and Listings Regulations to allow TransCentury to reopen the issue. 
  • The rights’ issue will be open from March 20 -30 this year with additional information provided in the secondary prospectus to be issued by March 17 as the firm seeks  shareholders’ approval to enable the conversion of shareholder loans to ordinary shares as a mode of payment for rights.

TransCentury Plc’s right issue is set to be reopened following approval from the Capital Markets Authority (CMA)  after the initial issue failed to hit a 50 per cent threshold. 

TC shareholders had until January 23, 2023 to take

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  • Kenya’s Athi River Mining Cement PLC administrators have called for a creditors meeting to discuss liquidator’s acts and dealings.
  • The Company was placed under Administration effective 17 August 2018 and subsequently placed in liquidation effective 1 October 2021.
  • Creditors entitled to attend the meeting are entitled to appoint a proxy to attend and ask questions on their behalf.

Kenya’s Athi River Mining Cement PLC administrators have called for a creditors meeting to discuss liquidator’s acts and dealings, and the conduct of the liquidation during the preceding year.

The Company was placed under Administration effective 17 August 2018 and subsequently placed in liquidation effective 1 October 2021.

“Section 413 (1) of the Act provides that, if the liquidation of the Company continues for a period of twelve months or more, the Liquidator shall convene a meeting of the Creditors. In line with the above, notice is therefore hereby given that a

UK LOFTI
  • Britam Holdings Board of Directors has appointed Lofti Baccouche of Capgemini Invent in the UK as an Independent Non- executive Director. 
  • The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 
  • Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management.  

Britam Holdings Board of Directors has appointed United Kingdom’s Lofti Baccouche the Vice President – Insurance practice lead in Capgemini Invent in the UK as an Independent Non- executive Director. 

The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 

Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management. He has wide experience in multiple countries across Africa,

Nairobi Security Exchange’s top share index-NSE 20 shed some 43.09 points or 1.67 per cent to stand at 2543.59 on Friday, even as volumes rose from the previous trading. The index that tracks blue chip companies at the bourse has been on a downward streak in recent weeks, affecting other indices. NSE market turnover for Friday however stood at Ksh332 million (US$3.2 million) from the previous session’s Ksh179 million (US$1.7 million) as the number of shares traded rose to 12.5 million against 9.9 million posted the previous day. Safaricom was the week’s biggest mover.

Investors are keen on new developments at the Nairobi Securities Exchange (NSE) as the market opens its counters for derivatives trading.

The NSE Derivatives Market (NEXT) futures start trading today with the official launch of the market slated for Thursday, July 11, 2019.

“NEXT provides new opportunities to investors, enabling them to better diversify their portfolios, manage risk, and deploy capital more efficiently,” NSE Chief Executive Geoffrey Odundo said.

Futures contracts provide investors with risk management tools in the wake of unexpected volatility in asset prices.

READ:NSE gets green light for Derivatives Market

NEXT will also enable Kenya to consolidate its position as a leading financial services hub offering a wide variety of investments products.

The  NEXT will commence with index futures and single stock futures on selected indices and stocks respectively, the bourse’s management said.

The Exchange will initially offer index futures contracts on the NSE25 Share Index …

Nairobi Security Exchange’s top share index-NSE 20 shed some 43.09 points or 1.67 per cent to stand at 2543.59 on Friday, even as volumes rose from the previous trading. The index that tracks blue chip companies at the bourse has been on a downward streak in recent weeks, affecting other indices. NSE market turnover for Friday however stood at Ksh332 million (US$3.2 million) from the previous session’s Ksh179 million (US$1.7 million) as the number of shares traded rose to 12.5 million against 9.9 million posted the previous day. Safaricom was the week’s biggest mover.

Trading at the Nairobi Securities Exchange (NSE) more than doubled this week compared to the previous week, as the market recorded increased investor activities.

Week on week turnover rose Ksh3.7 billion (US$36.3 million) on 102 million shares traded against 51.8 million shares valued at Ksh1.3 billion (US$12.8 million) transacted the previous week.

During the week’s trading which closed on Friday, the NSE 20 share index was up 6.32 points to stand at 2706.78. All Share Index (NASI) shed 0.35 points to settle at 150.12 while the NSE 25 Share index lost 11.08 points to settle at 3637.98.

Banking Sector

The banking sector was busy with shares worth Ksh1.3 billion transacted which accounted for 35.78 per cent of the week’s traded value. Equity Group Holdings actively moved 15 million shares valued at Ksh601 million at between Ksh39.75 and Ksh40.05.

KCB Group moved 11 million shares worth Ksh446 million and closed the …

Kenya’s capital markets is showing a sign of recovery this year with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.

After more than three years of waiting, the Nairobi Securities Exchange (NSE) has received regulatory approvals to proceed with the launch of the derivatives market.

This follows the successful conclusion of the Derivatives Market Pilot Test and subsequent submissions to the Capital Markets Authority (CMA) and the Central Bank of Kenya (CBK).

READ:Investors to commence derivatives trading at Nairobi bourse

NSE now sees the launch of the Derivatives Market as a significant milestone in the growth and deepening of the country’s’ capital markets and the wider Kenyan economy.

“Derivatives Markets provide new opportunities to investors, enabling them to better diversify their portfolios and allow for the efficient deployment of capital. Furthermore, through the Derivatives Market, investors will be able to form expectations about underlying assets in order to manage the price risks,” NSE Chief executive Geoffrey Odundo has noted.

This initiative makes the NSE the second African Exchange to …

CMA is set to recover Ksh208 million from illegal trading in fixed income securities

The Capital Markets Authority (CMA) has taken enforcement action against individuals in Kenya who it says has been culpable for unethical undertakings in fixed income securities in the last fear years. The move is seen as CMA’s effort to instill proffesionalism in the securities trading in the country mainly through a scheme known as ‘Front Running’.

CMA has taken enforcement action against Mr. Rodrick Muhoro, a bond trader, following conclusion of investigations with respect to allegation of irregular trading of Government Securities in 2016 and 2017.

Consequently,  CMA has imposed a financial penalty of Kshs 208 Million being twice the amount of benefit Mr Muhoro received from irregular trading and banned him from conducting bonds trading for a period of 10 years.

“According to the investigations, Mr. Muhoro conspired with brokers to defraud investors in bond transactions undertaken between January 2016 and June 2017 through front running,”  a press stament …

Nairobi Security Exchange’s top share index-NSE 20 shed some 43.09 points or 1.67 per cent to stand at 2543.59 on Friday, even as volumes rose from the previous trading. The index that tracks blue chip companies at the bourse has been on a downward streak in recent weeks, affecting other indices. NSE market turnover for Friday however stood at Ksh332 million (US$3.2 million) from the previous session’s Ksh179 million (US$1.7 million) as the number of shares traded rose to 12.5 million against 9.9 million posted the previous day. Safaricom was the week’s biggest mover.

NSE 20 share Index which tracks top listed companies at the bourse was down 16.21 points

Trading at the Nairobi Securities Exchange (NSE) opened the week with low activities as shares traded close Monday at a total of 10 million, valued at Ksh302.5 million (USD 2.9 million).

This was down compared to 19.8 million shares valued at Ksh560 million (USD5.5 million) posted on Friday before the market took a break for the weekend.

On Monday, the NSE 20 share Index, which tracks blue chip companies was down 16.21 points to stand at 2783.01. All Share Index (NASI) shed 2.40 points to settle at 157.79 while the NSE 25 Share index dropped 52.07 points to settle at 3886.48.

Banking

The banking Sector had shares worth Ksh148 million transacted which accounted for 49.16 per cent of the day’s traded value. Equity Group Holdings was the day’s biggest mover with 1.9 million shares …

Kenya’s capital markets is showing a sign of recovery this year with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.

It was suspended from trading at the NSE in May 2017

Troubled logistics firm-Atlas Development and Support Services (ADSS) has been delisted from the Nairobi Securities Exchange (NSE) .

The delisting took effect on April 25, bringing to an end a five-year stint at the Nairobi bourse.

Registered in Guernsey, UK, in 2002, Atlas was admitted to trade at the NSE in December 2014, where it was cross-listed in the London Stock Exchange (LSE)’s Alternative Investment Market (AIM) segment.

In December 2015, the firm decided to close its operations in Kenya, placing its Kenyan subsidiaries into liquidation by way of a Creditors Voluntary Liquidation after financial headwinds.

The firm had hoped the closure of the Kenyan subsidiaries, Ardan Logistics Kenya Ltd, Ardan (Medical Services) Ltd and Ardan (Civil Engineering) Ltd, would improve the group’s overall cost base.

Two years later (May 2017), it was suspended from trading at the NSE …

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