Browsing: Capital Markets Authority(CMA)

A credit rating agency is an institution that examines the degree to which various issuers of securities are financially reliable and issues ratings to such securities. These ratings are used to help investors make investment decisions.

The CMA has granted registration and operating permission to five credit rating agencies. These agencies are as follows: Agusto & Company Limited, Global Credit Rating Company (GCR), A.M. Best Rating Services Limited, Metropol Corporation Limited, and CARE Ratings.

Until September 16, the regulatory body will collect comments from various parties regarding the draft regulations.…

Cytonn Investments has filed an application with the Capital Markets Authority (CMA) to register a Development Real Estate Investment Trust, (DREIT), seeking to raise Ksh2.0 billion(US$19.3million) of capital.

The DREIT, which is innovatively structured to pay a coupon over the life of the development, will be deployed for the first phases of two of the firm’s real estate projects, The Ridge in Ridgeways, and RiverRun Estates in Ruiru.

READ ALSO:Cytonn granted REITs manager license ahead of NSE launch

This capital raise is envisioned to help Cytonn diversify funding sources for their real estate development pipeline, which has a project value of over Ksh82.0 billion (US$269.9million).

The leading alternative investment management firm in the East African Region (Cytonn) has traditionally relied on private sector funding, which while easier to access, has been more expensive.

This has thus necessitated the development of alternative sources of funding, allowing development of institutional-grade real …

Majority of the deals are tier 1 banks going for struggling tier 2 and 3 lenders

Kenya’s banking sector is on an evolution path evidenced by the high number of mergers and acquisitions being witnessed; a trend the government is hoping will realign and strengthen the sector.

The most recent is last week’s offer by the country’s largest bank by asset-KCB, which has made a move to acquire a hundred per cent (100%) of the ordinary shares in National Bank of Kenya (NBK).

This is the sixth deal in the last nine months (between August 2018 and April this year) with a total 13 banking merger and acquisitions in the last six years.

Majority of the deals are tier 1 lenders going for smaller struggling banks in tier 2 and tier 3, in the market which has a total of 42 commercial banks and one mortgage finance institution-Housing Finance.

KCB, …