Author: David Indeje

Kenya has announced a roadshow for a dual-tranche Eurobond (12- and 31-year paper) to raise Ksh250 billion for both bonds. The international tour will target investors in Europe and the United States. The National Treasury has appointed J.P. Morgan and Standard Chartered to lead the new Eurobond issue. https://twitter.com/PaulWallace123/status/1126155887628955648 “Pricing for the bond is still uncertain. However, whereas heightened risk aversion on the back of geopolitical and trade tensions and the absence of the IMF pre-cautionary facility may attract a higher premium, sound domestic economic underpinnings as well as sustained yield search amidst a dovish drift in major central banks’…

Debt-laden ARM Cement PLC (NSE:ARM) application to delay the release of its results for the financial year 2018 has been approved by the regulator. The cement maker missed the March 30 deadline. However, its Administrators in a Public Notice dated April 30 said: “The company has applied for and obtained approval from the Capital Markets Authority for a two-month time extension in order to publish the audited financial statements of the company for the financial year ended 31 December 2018 on or before 30 June 2019.” “The Administrators have taken steps to address the challenges that have occasioned the expected…

A report by Amana Capital reveals that Kenya has been maintaining a managed shilling rather than a free-floating currency. This approach could potentially make its exports more expensive in the short term compared to competitors, leading to a decrease in export earnings and economic growth. Reginald Kadzutu, Amana Capital’s Chief Investment Officer, stated that the shilling is overvalued by 30%. He pointed out that the consumer price index, which was at KSh97 in 2009, has risen to KSh192. This means that Kenyans are now spending KSh192 to buy what could have been purchased for Sh100 ten years ago, indicating a…

The National Bank of Kenya will exit the Nairobi Securities Exchange once the takeover deal by KCB Group PLc is approved. KCB Group Plc has declared its intention to acquire 100% stake of National Bank of Kenya through a share swap deal, comprising of 10 ordinary shares of NBK for every 1 ordinary share of KCB. “The acquisition of the Offer Shares by the Offeror is also stated to be subject to several conditions, including: (i) the Company delisting from the Nairobi Securities Exchange upon acceptance of the Offer by not less than 75% of the Offer Shares including scope…

Uber Head of Communications in East Africa, Janet Kemboi is resigning from her position, she announced on Monday. Janet, who graduated with a Bachelor of Arts (BA) journalism with a minor in Sociology from United States International University in Nairobi took to her LinkedIn page and said, “ It’s been close to 3 years leading communications for Uber in East Africa. The experience has been nothing short of humbling.” As the first communications manager of Uber in East Africa, during her tenure, the ride-hailing company has been able to launch numerous app features for riders and drivers and products such…

The Kenyan manufacturing industry economy stagnated by 60% more than expected in the first quarter of 2019 attributed to ‘rampant corruption and increased bureaucracy in government agencies’, according to data provided by the Kenya Association of Manufacturers (KAM) Manufacturing Barometer, April 2019. 21% believe it is growing and 19% believe the economy is declining among the leaders in the manufacturing sector who gave their views on the implementation of the Big Four Agenda. The 2019 Manufacturing Priority Agenda (MPA), themed ‘Closing the manufacturing gap through the Big 4 Agenda for shared prosperity’, the sector is expected to contribute 15% to…