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Inspiring Africa's Sustainable Business Growth
KENYA – Financial services firm Kenya Mortgage Refinance Company (KMRC) has received the green light from the Capital Markets Authority of Kenya to float Sh10.5 billion (US$92.7 million) Medium-Term Note. The state-owned mortgage financier plans to issue the private bond in several tranches, starting with one for Sh1.4 billion (US$12.4 million) which will be disbursed to participating primary mortgage lenders…
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RWANDA – To support the development of Rwanda’s capital markets, IFC, the National Bank of Rwanda and Rwanda’s Capital Markets Authority (CMA) have announced a four-year partnership that will help expand access to long-term local currency finance in Rwanda for key sectors such as housing, agribusiness, and smaller businesses. Liquid, diverse and well-regulated local capital markets are an essential source…
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KENYA – Property developer Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched. In a statement, the company says the bond has raised KSh2.096 billion (US$19.4 million) against a target of KSh1.438 billion (US$13.3 million) representing a subscription rate of 146 percent. The green bond was launched…
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KENYA – Financial institution Family Bank has raised US$41 million in fresh corporate bond, marking a subscription of 147.3 percent against a US$27.8 million target with a greenshoe option of US$9.3 million in its first tranche of the corporate bond offer via private placement. A greenshoe option is an over-allotment option which gives an entity offering shares to the public…
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KENYA – Financial institution Family Bank is returning to the corporate bond market as it seeks to raise US$37 million to fund its growth. The Kenyan lender says it has received approval from the Capital Markets Authority to raise the funds by way of a public offer. The bank plans to raise another US$37 million within the next five years…
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KENYA – Capital markets regulator Capital Markets Authority of Kenya (CMA), has given the nod to Crown Paints Kenya Plc to raise US$6.7 million from shareholders via purchase of additional shares. The regulator, in a statement, said it had approved the firm’s bid to issue and list 71,181,000 new ordinary shares on the Nairobi Security Exchange (NSE). “The rights will…
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UGANDA – I&M Holdings Plc. has completed the acquisition of 90 percent shareholding in Uganda’s privately-owned lender Orient Bank Ltd (OBL) as part of its regional expansion plan. In a press statement, I&M said the acquisition was completed on April 30, 2021 after the transaction received the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority…
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KENYA – BOC Kenya’s proposed takeover by Carbacid in collaboration with Aksaya Investments has been put on hold pending the hearing of an appeal at the Capital Markets Tribunal of Kenya. In a cautionary announcement in the Kenyan local dailies, the Nairobi Securities Exchange listed gas manufacturer BOC Kenya Plc has informed its shareholders and the investing public that an appeal was…
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KNYA – Financial services and property holding company Liberty Holdings of South Africa plans to increase its ownership in Liberty Kenya from 57% to 73%, furthering its dominant position in the firm. The insurer, which is also the largest shareholder in Liberty Kenya, plans to acquire additional 49.5 million ordinary shares of the listed insurer from KFAMF Sellers and 34.7…
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KENYA – East and Central Africa’s largest media company Nation Media Group (NMG), has announced a proposal to buy back up to 10% of its 18,854,229 ordinary shares which is in line with Kenya’s capital markets regulations that require a company to inform investors about a plan to buy back shares. A share buyback is a unique opportunity for a…
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