Author: Korir Issa

The African Economic Research Consortium (AERC) held its 58th biannual plenary session of the biannual research workshop on Monday on a virtual platform. The conference aimed at facilitating continent-wide unity on trade to accelerate the recovery agenda. The plenary session noted notable progress in some sub-regions where integration in trade, finance and labour mobility is improving fast. It acknowledged that harnessing the full benefits of Africa Continental Free Trade Area (AfCFTA) agreements and strengthening regional integration and regional trade prospects are new avenues for exploiting the limitless opportunities. The President and Chairman of the Board of Directors of the African…

The Kenyan government is committed to expanding the ICT space as it seeks to leverage technology as a catalyst for economic growth and development. The Cabinet Secretary, Ministry of Information, Communications, and the Digital Economy, Mr. Eliud Owalo cited ICT as an enabler, and the focus is on how to make this a reality. The government recognizes the ICT sector as a cog in our economic engine and has identified priorities through the Government Digital Transformation Agenda (GoDTA). This agenda seeks to digitize at least 80% of government services in five (5) years, support last-mile fibre connectivity through the deployment…

M-Kopa Holdings has secured $200 million in sustainability-linked debt financing and $55 million in an equity funding round. The debt financing was led and arranged by Africa’s largest bank, Standard Bank Group, with additional participating lenders including the International Finance Corporation (IFC), funds managed by Lion’s Head Global Partners, FMO, British International Investment, Mirova SunFunder, and Nithio. The $55 million equity funding round was led by existing backer Sumitomo Corporation, which invested $36.5 million. Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude also contributed. M-Kopa plans to grow its smartphone services, expand into new markets, and increase its product offerings.…

The Central Bank of Kenya’s Monetary Policy Committee (MPC) raised the base lending rate by 75 basis points to 9.5 per cent from 8.75 per cent. The MPC said there was room for further tightening, which is expected to add upward pressure to loan payments linked to interbank rates due to sustained inflationary pressures. In its topical note early in the week, Genghis Capital said the MPC would adopt a hawkish stance and hike the CBR by 25bps in the March meeting to anchor rising inflation expectations while supporting a healthy private sector credit growth momentum. Headline inflation averaged 7.64…

Diamond Trust Bank will pay shareholders its most significant dividend after posting a profit of KSh6.79 billion on higher funded and non-funded income, translating to a 54 per cent jump in net earnings. Shareholders will receive KSh1.4 billion in dividends, representing a 66 per cent higher payout than in 2022. The bank’s total operating income surged 21.76 per cent to KSh31.9 billion, driven by net interest and non-interest income growth.  DTB Board of Directors has recommended a final dividend of KSh5 per share for 2022 compared to the previous year’s KSh3 per share.  “Following this strong performance, the board has…

Diageo Plc’s Kenyan unit has completed the partial tender offer to increase its aggregate equity stake in East African Breweries from 50.03% (395.6 million shares out of 790.8 million outstanding shares) to 65%. The offer, worth Ksh 22.73 billion, was made in October 2022. Diageo Kenya received valid tenders from 1,697 shareholders, amounting to 143.5 million Ordinary Shares in two phases of the tender offer. This resulted in an oversubscription rate of 121.2%. Diageo Kenya accepted the maximum of 118.4 million Ordinary Shares as specified in the tender offer. EABL Tender Offer Results Shares accepted under the Guaranteed Allocation Pool (mn) Shares accepted…