Browsing: Nairobi Securities Exchange (NSE)

• 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 …

• Housing demand in Kenya is estimated at 250,000 units annually.
• With a supply of only 50,000 new houses annually, there is an 80 per cent annual housing deficit.
• President William Ruto has detailed his plan to deliver 200,000 housing units annually.

Kenya has had an ambitious plan to address the housing shortage in the country, with the two past regimes placing affordable housing as one of the key priorities.

Housing demand in Kenya is estimated at 250,000 units annually. With a supply of only 50,000 new houses annually, there is an 80 per cent annual housing deficit.

The previous government led by former President Uhuru Kenyatta had an Affordable Housing Programme that had targeted to deliver at least 500,000 units by last year, but failed way below with less than 10 percent  of intended units being delivered by 2022.

President William Ruto has detailed his plan to deliver 200,000 housing …

The Kenyan stock market resumed Wednesday following the general election break with a $268 million gain, as early results revealed a close contest involving Deputy President William Ruto and former Prime Minister Raila Odinga.…

Flame Tree Group (FTG) Holdings has announced a 64% increase in pre-tax profit up to KES148.4 million ($1.4 million)  for the 2020 Financial year, from KES90.5 million ($900,000 USD) posted the previous year.

FTG Holdings is the diversified manufacturer and distributor of plastic tanks, cosmetics, snacks, spices and playground equipment.

According to the Nairobi Securities Exchange (NSE) listed firm, all profit ratios showed major improvements.

In a press statement issued on Thursday, April 15, the firm noted that sales increased by 20% and the gross margin grew by 39% from 34 p.p. to 39 p.p.

The company was able to cut down costs and achieve savings in all areas, following the implementation of a cost-saving plan.

However, there was an increase in depreciation costs (due to new equipment and asset revaluation from previous year), debt impairment, and finance costs (impacted by the devaluation of the Kenyan Shilling) in FY2020.

All …

The second 20 years Treasury Bond that was auctioned last week by the Central Bank of Tanzania has oversubscribed, again.

The Bank of Tanzania (BoT) was forced to close the trading session as the market gabbled up the high interest rate bond.

The  bond had an attractive interest rate of 15.85 percent coupon rate was offered in the 20-year instrument held on Wednesday slightly down compared to 16.21 per cent of the session held in February this year.

The auction was meant to serve as a debt instrument that the government targeted to raise only 117bn/-, local media reported mid week. However, interest for the bond was more than anticipated with the government, through the BoT, racking in a whopping 276.86bn/- that is more than double the targeted amount.

As mentioned this is actually the second 20-year Treasury Bond to be auctioned this year and both had good response, both …

As the rest of the country shuts down all entry ports, heavily reliant on tourism, the spice Isles of Zanzibar are allowing charter flights to land but with strict conditions.

Isles authorities have permitted charter flights bringing tourists to the island to land but on condition that all persons on board enter a 14 days quarantine stay, at their own expense.

This surprising turn of events happens in the backdrop of ongoing global threat of the spread of coronavirus. Even leading sports leagues have been cancelled and regional high profile meetings are been held on conference calls.

Across Africa, the tourism industry has come to an almost complete shutdown. It is time immemorial since a disease stopped people from touring and going for holidays, at least not since the deadly World War I and II power viruses.

With most all African countries eventually succumbing to the threat and finally closing …

Industries and households in Kenya could soon be out of frequent power interruptions and outages as Kenya Power kicks off live maintenance of power lines.

The programme launched on Monday this week is meant to reduce planned electricity shutdowns, enhance stability of power supply and improve revenue generation.

READ ALSO:How Kenya Power plans to manage electricity tariffs

The launch follows the completion of the pilot phase where more than 70 staff were trained to carry out maintenance of live power lines.

During the pilot phase, eight insulated trucks and three digger derricks were also acquired.

Following the success of the pilot phase, the World Bank has funded the programme to a tune of $20 million (about Ksh2 billion) for procurement of additional insulated trucks, tools and accessories, training of staff in live line maintenance techniques and establishment of a laboratory for testing live line equipment.

READ ALSO:World bank

The Kenya Power Board of Directors has appointed Bernard Ngugi as the Managing Director & Chief Executive Officer of the Company.

This brings to an end to the short-term leadership of outgoing acting managing director Jared Othieno who has been at the helm of the company since July last year, when he temporarily took over to replace former graft embattled MD Ken Tarus.

READ ALSO:Kenya Power appoints interim management team after arrest of top bosses

Prior to his appointment, Mr Ngugi was the company’s general manager in charge of Supply chain.

The appointment now places a substantial boss in the top office at the Nairobi Securities Exchange listed firm , which has been struggling with dwindling profits in recent times.

Mr Ngugi has over 30 years’ experience in the company with expertise in financial and revenue accounting, internal audit and supply chain management. He holds a Master of Business …

Kenya’s leading power generator-Kenya Electricity Generating Company (KenGen) has clinched a US$56.2 million contract to drill 12 geothermal wells in Ethiopia.

The contract with Ethiopia’s independent power producer Tulu Moye Geothermal Operations (TMGO) PLC will also include installing a water supply system and equipment.

KenGen will supply drilling materials and also provide operation and maintenance services for both the drilling equipment and the water supply system.

Speaking on Thursday about the multi-million shillings project, KenGen Managing and CEO Rebecca Miano said it was the second and the company’s largest consultancy outside Kenya.

In February this year, KenGen won a contract to drill geothermal wells for the Ethiopian Electric Power (EEP) in Aluto, Ethiopia.

READ:KenGen and Chinese companies on Ethiopian geothermal project

The contract in Aluto is for the implementation of drilling rigs and accessories as well as rig operation and maintenance for drilling geothermal wells.

It is financed by …

East Africa’s largest insurance group, Jubilee Holdings Limited, has signed a deal with Credit Bank in a move that will see the two entities launch education and investment plans through the Bancassurance model.

The plan to be rolled out by Credit Bank through ‘My Friend Insurance Agency’’ seeks to focus on ensuring that customers of both entities build an education fund and a savings portfolio over a period of time through the bank’s Bumblebee Account, as well as Jubilee Insurance’s array of investment and education plans like Fanaka and Career Life Plus.

This will be facilitated through the use of Bancassurance sales officers strategically positioned at the bank’s 17 branches countrywide.

Jubilee Insurance and Credit Bank see this as an opportunity to entrench a saving culture among Kenyans that currently stands at 11.2 per cent of GDP, according to the latest report by the National Treasury.

READ ALSO:Kenya’s