Author: Muindi

Kenya’s foreign exchange reserves declined by KSh38.4billion in October, the Central Bank data shows. The country’s dollar reserves currently stand at $9.175billion ( KSh1.02trillion), according to the CBK latest weekly bulletin. This is equivalent to 5.6-months of import cover. In the months of June and July, the reserves were boosted by USD 407.0 million IMF disbursement and USD 130.0 million World Bank loan financing received in June 2021 and the USD 1.0 billion proceeds from the Eurobond issued in July 2021 respectively. In addition, improved diaspora remittances evidenced by an 18.8 per cent y/y increase to USD 309.8 million in…

Listed utility company Kenya Power & Lighting Company Plc (KPLC) posted  KSh 1.5 billion profit after tax for the financial year ended June 30, 2021. Kenya Power says its profit before tax of Kshs.8.2 billion for the period represented a 216 per cent YoY growth compared to a loss before tax of Kshs 7.04 billion the previous year. Vivienne Yeda, the Boards Chair attributed the strong performance to the company’s 2020 turn-around strategy that focused on improving customer experience, growing sales, enhancing revenue collection, enhancing system efficiency, and prudent cost management. Unit sales for the year under review recorded a…

Proparco has granted Equity Bank two guarantee facilities, ARIZ and EURIZ totalling €39 million (Ksh 5 billion) for onward lending to Kenyan MSMEs. Proparco also granted a Ksh. 71 million (€550,000) technical assistance facility to support Equity Group Foundation’s health projects. The EURIZ guarantee and the technical assistance grant were supported by the European Union and the Organization of African, Caribbean and Pacific States. Equity Bank has over the years supported high-impact development programs through the Equity Group Foundation. These include programs in Education and Leadership Development, Energy and Environment, Food and Agriculture, Health, Financial Inclusion and Enterprise Development and…

Only five African countries will meet the target of fully vaccinating 40 per cent of their populations against the coronavirus, the World Health Organization says. Dr Matshidiso Moeti, World Health Organization (WHO) Regional Director for Africa said with just 5.7 per cent of the continent’s population fully vaccinated, COVID-19 still poses a very real risk to populations in Africa, and globally. “Yet just five Africa countries – less than 10 per cent of the continent’s 54 nations – are projected to hit the year-end target of 40 per cent of their people vaccinated,” she said adding that to reach this…

Kenya’s National Treasury has re-opened a 20-year bond with a 17.5 years maturity and a new five-year issue seeking Ksh 50 billion from November. The coupon rates are 12.873 per cent for FXD1/2019/20, while the shorter timed FXD1/2021/5 will have a market-determined rate of return. “The Bonds may be re-opened at a future date. Secondary trading in multiples of KShs 50,000.00 to commence on Tuesday, 16th November 2021,” the Central Bank of Kenya said in the prospectus. In the first three months of the current fiscal year 2021/2022, revenue collections overshot the government’s prorated estimates by 4.04 per cent to…

Atlas Mara Ltd. expects to delist from the London Stock Exchange on Nov. 24 to become a privately held company. The sub-Saharan African financial services company in a statement says it has applied for a voluntary delisting following a requirement by its creditors. “The Delisting will allow the Company to save costs, reduce its administrative and regulatory burden, operate as a leaner platform, and provide the flexibility to pursue other options,” it said. In July, Atlas Mara had said that it would consider taking steps to cancel the listing since it didn’t generate enough benefit to the company. Atlas Mara…