Author: David Indeje

NCBA Group shareholders have approved the listing of an additional 606,195,135 ordinary shares of Kenya shilling five (KSh5) each over the next five years. This is according to the resolution that was passed during the Group’s virtual 60th Annual General Meeting held on July 24. “To authorize Directors to issue up to 606,195,135 new ordinary shares of Shs. 5 each over a maximum of 5 years and to take any required ancillary actions,” reads the resolution that was passed by 99.5 percent of the shareholders.   Consequently, the board will increase NCBA’s nominal capital from KSh7,969,024,325 comprising 1,593,804,865 ordinary shares. However,…

Co-operative Bank (Co-op Bank), Kenya’s second-leading bank has acquired 90 percent of Jamii Bora Bank Limited the Central Bank announced Friday. CBK said the acquisition will be effective August 21, 2020. This follows CBK’s approval on August 3, 2020 under Section 13 (4) of the Banking Act, and approval by the Cabinet Secretary for the National Treasury and Planning on August 4, 2020 pursuant to Section 9 of the Banking Act. READ Jamii Bora’s Shareholders Give Greenlight for Co-op Bank to Acquire 99% Stake “CBK welcomes this transaction which will diversify the business models of the two institutions, benefitting Co-op…

Long term holders of shares at the Nairobi Securities Exchange will start lending their shares to brokers at a fee through the newly launched Securities lending and borrowing (SLB). The scheme which is being piloted by the Central Depository and Settlement Corporation (CDSC) runs until October will allow securities lending and borrowing among investors in a view to bolster trading volumes and the size of market markers. SLB is the temporary transfer of securities (shares) from one party, the lender to another, the borrower at an agreed lending/borrowing fee, with a formal agreement to return the securities either on-demand or…

Insurance Brokerage firm, Minet Kenya has enlisted 32 new medical centres to the teachers’ medical scheme.  This brings to the number of medical facilities that are available to teachers in Kenya to 500. Minet Kenya is the administrator of the Teacher Service Commission (TSC) Medical Scheme that provides medical services to teachers in Kenya.  The scheme covers over 1,036,000 lives which include 332,000 registered teachers and their dependants countrywide. “As the scheme administrator, Minet will continue to ensure access to medical services for teachers within the scheme’s rules and regulations,” Minet Kenya General Manager, Managed Medical Care, Mr. Edwin Kegode…

Instagram has announced the rolled out of its TikTok rival Reels which will enable its users to create and discover short videos on the app. Instagram users will now be able to find a ‘Reels’ section on the Insta app, where they can create 15-second videos using filters, music and other tools. “Reels gives people new ways to express themselves, discover more of what they love on Instagram, and help anyone with the ambition of becoming a creator take center stage,” it says. https://twitter.com/instagram/status/1290996458552832001?s=20 How do Reels work? Open Instagram Tap on the camera at the top left corner or…

Telkom Kenya and Airtel Networks Limited have scrapped their plans to merge in favour of other strategic options to grow the business. Telkom Chief Executive Officer Mugo Kibati in a statement seen by Khusoko on Wednesday said:  “After carefully reviewing the available options, Telkom has opted to adopt an alternative strategic direction and will no longer be pursuing the proposed joint venture transaction. This decision has been mutually agreed with Airtel Networks Kenya Limited.” “The transformation dynamic also presents Telkom with a strategic advantage, to better position its infrastructure asset base and services, to support this digitisation and, in the…