Author: David Indeje

TransCentury PLC on Thursday said it has kickstarted the process to seek shareholder’s nod for delisting the company. This inline with ongoing strategic initiatives by the company as outlined in its Ahidi 2018-2022 strategy plan. The overarching objective of the strategy is to deliver consistent, sustainable, attractive returns to the shareholders, through transformative and innovative investments, and in return attract the right investment opportunity, capital, partners and talent. The Group Chief Executive Officer Mr. Nganga Njiinu said: “While we have seen liquidity reduce in the capital markets across the region, we have also seen an increase in funding that is…

Kenya on Wednesday begun initial talks on the free trade agreement with the United States that will end in two weeks. In a joint statement, trade ministers for the two countries, Betty Maina and Robert Lighthizer said, “We believe this agreement with Kenya will complement Africa’s regional integration efforts, including in the East African Community and the landmark African Continental Free Trade Area.” Maina said the FTA was crucial to “secure trade and investment relations” ahead of the expiry of the African Growth and Opportunity Act (AGOA) in 2025. https://youtu.be/Isgs491NvZc **** On Tuesday, Betty said Kenya will continue to push…

The Central Bank of Kenya (CBK) says its next meeting of the Monetary Policy Committee (MPC) will be held on July 29. At its last meeting in June, the bank left its benchmark lending rate unchanged for the second time in two months at 7.0 percent. https://twitter.com/CBKKenya/status/1280407222011473921?s=20 The MPC in a bid to support the economy met five times reducing the Central Bank Rate CBR) to 7.00 percent from 8.25 percent at the beginning of the year. According to Cytonn Investments, they rate security and inflation as positive, investor sentiments (neutral) and government borrowing, exchange rate, interest rates, and GDP …

WPP Scangroup share price gained 26.29 per cent to KSh22.10 on Tuesday, a day after the marketing and communication group announced a special dividend of KSh8 per share in August. “WPP Scangroup made a surprise entry into the top movers’ list, soaring 26.3% on bullish local sentiments,” said Standard Investment Bank in its daily market brief. From Tuesday’s trade, its counter hit a high of KSh25, lifting Scangroup’s market value to KSh9.5 billion from KSh7.5 billion on Monday. The volume of traded shares surged to 2.5 million units in deals valued at KSh56.1 million.

Low-cost carrier Jambojet will resume flights to five local destinations on July 15, 2020. In a statement Tuesday, it will operate three daily flights to Mombasa, two to Kisumu, two to Eldoret, one to Malindi and four weekly flights to Diani. “Since we halted operations back in April, we have been working with the Government of Kenya and the authorities to ensure that we create a safe environment for our customers when we get back to the skies,” said Jambojet acting Managing Director, Karanja Ndegwa. https://twitter.com/FlyJambojet/status/1280044477357441024?s=20 READ Jambojet Seeks 12 New International Routes Enhanced health and safety measures “We want…

Central Bank of Kenya seeks to raise KSh 60 Billion in Treasury Bonds to support the current fiscal year ‘ambitious’ budget. According to the CBK, investors interested to bid the re-opened Five -year, Ten -year and Fifteen -year Fixed-Coupon Treasury Bonds (FXD1/2020/05, FXD2/2018/10, and  FXD1/2019/15) must submit them by 2.00 p.m on Tuesday, 21st July 2020 with auction date set for 22nd July 2020. The bonds will be rediscounted as a last resort at 3 percent above the prevailing market yield or coupon rate whichever is higher, upon written confirmation to do so from the Nairobi Securities Exchange (NSE). The…