Author: David Indeje

To encourage start-ups and innovators to raise capital from the market, the Capital Markets Authority is planning to issue guidelines for crowd-funding. According to the regulator, as a result of the Covid-19 pandemic, they are learning important lessons during on how to sustain the capital markets and fully leverage opportunities despite the circumstances. “To support start-ups and innovators in general, CMA Kenya is fast-tracking the development of crowdfunding guidelines,” Mr. Luke Ombara Director, Regulatory Policy and Strategy, CMA said in the 15th edition of the Capital Markets Authority (CMA) Soundness Report Q2, 2020 period. Crowd-funding involves young entrepreneurs and small…

NCBA Bank Kenya PLC says it intends to redeem its KSh7 billion medium-term note on 14th September 2020. Initially, it was to be redeemed on December 14, 2020, but with the early redemption, the lender is expected to save Ksh 222 million. The lender in its annual report for 2019, disclosed that the Ksh 7 billion was among its two sets of long-term subordinated debts facilities obtained to enhance the Bank’s capital base. “The Notes will be redeemed at an amount equal to the nominal value of the Notes,  together with the accused but unpaid interest from the preceding Interest…

Equity Group Holdings PLC has announced the completion of its acquisition of 66.53 percent stake in the Banque Commerciale Du Congo (BCDC) USD 95 million (Ksh10.2 billion) after initially settling for USD105 million (Ksh11.3 billion). “Equity and the seller also agreed to a reduction in the consideration from $105 million (KSh11.3 billion) to $95 million (KSh10.2 billion), both parties having taken into account the events that have taken place since the entry into the agreement and particularly that the Covid-19 pandemic is having adverse effects on the economies of the world and the economy of the Democratic Republic of Congo,”…

Demand for apartments in Kenya accelerated in the second quarter as home buyers opted for cheaper houses. Kenya Bankers Association’s (KBA) Housing Price Index for the quarter showed that demand for apartments more than doubled accounting for 75.6 percent compared to 33 percent of the concluded sales in quarter one. Subsequently, bungalows and Maisonettes jointly accounted for 24.4 percent of the concluded sales compared to 12 percent and 10 percent respectively in quarter one.  “A rise in both the demand for apartments and bungalows and a decline in Maisonettes is suggestive of a market leaning more in search for affordability…

Kenya Wildlife Service (KWS) says it has contained the fire at Tsavo National Park. The fire broke out on Saturday along the Maktau-Taveta Road to the South of Murka, according to the Sheldrick Wildlife Trust (SWT). KWS said the fire “…is suspected to have been lit by arsonists”. On Monday it announced that “The fire has now been put off, thanks to efforts by an interagency team.” In a statement it clarified that the fire had been contained on Sunday night, but “strong winds in the area ignited it,” around the Murka area in Tsavo West National Park. https://twitter.com/SheldrickTrust/status/1292825816045363201?s=20 According…

Limuru Tea Company says it posted a pre-tax loss of Ksh 11 million for its unaudited results in the first half of 2020 compared to KSh 26 million last year. “This reduction in loss is attributed to Topline growth and effective cost management initiatives,” said the Board Chair in the financial statement.  Total revenues increased by 72 percent to Ksh50 million in the period compared to Ksh 29 million realized in the same period of 2019. This increase in the first half of 2020 was driven by higher sales volumes which offset the adverse impact of declining market prices. During…