Author: David Indeje

The National Treasury has extended the sale of the Ksh 250 million mobile-based infrastructure M-Akiba bond by two days following increased demand by investors. “The Central Depository and Settlement Corporation (CDSC) and the Nairobi Securities Exchange Plc have received approval from the issuer, The National Treasury and the regulator Capital Markets Authority to extend the bond sale period for two days,” the Treasury said in a statement. The extension will not affect its value date for the bond which is 11 March 2019 “Those who purchased will not lose out on their interest,” Treasury reiterated. The bond will start trading…

Treasury bills subscription eased slightly in Thursday’s weekly auction with an overall performance of 90.9% compared to 78.2% the previous week. “The under subscription is partly attributable to the relatively tight liquidity in the money market during the week,” said Cytonn Investments due to the tax payments with Pay as You Earn (PAYE) due on the ninth of every month. Central Bank of Kenya (CBK) weekly data collaborates on the increased iquidity in the money market increased during the week resulting into “Commercial banks’ excess reserves stood at KSh 14.6 billion in relation to the 5.25 percent cash reserves requirement…

Kenya’s ultra high net worth individuals (UHNWIs) are moving their allocations into luxury homes, according to the latest Knight Frank Wealth Report, released on Wednesday. In Africa, Kenya leads the way, with 24% forecast growth by the end of 2023. This fits with more upbeat economic forecasts for Kenyan GDP in the coming years, yet risks remain to this economic outlook as the government looks to narrow its fiscal deficit. The number of ultra-wealthy people in the country is set to reach 155 in 2023, making up 6% of the total UHNWI population in Africa. – Knight Frank. This signals bargain-hunting as…

Kenya’s Sidian Bank said on Thursday it had received USD 12 million from The Investment Fund for Developing Countries (IFU), a Danish Development Finance Institution (DFI). A  deal that will see it grow the to Tier 2 status. The funds are expected to boost the bank’s regulatory capital ratios as it works towards achieving its strategic objective of becoming a Tier 2 bank by 2022. The shareholders of the bank approved a rights issue of Ksh. 1.5 billion and a tier 2 capital raise of KSh 1.2 billion, which in combination will support growth of the bank’s assets by an…

East Africa’s leading apparel and household goods retailers, Deacons (East Africa) Plc (NSE: DCON) unveiled a financing plan which will support the working capital required and settling its outstanding debt. 78% of the shareholders unanimously resolved to raise Ksh 450 million in the form of convertible loans and 22% were against. “That in order for the company to raise the amount of up to Kenya shillings four hundred and fifty million which is required to support the working capital requirements of the company in the first instance and to utilise the balance towards settling the company’s outstanding creditors and secured…

Kenya’s private sector activity fell in February to its lowest level in 15 months, hit by slowing consumer demand and growth in output, Markit Stanbic Bank Purchasing Managers’ Index (PMI) survey showed on Tuesday. “Contributing to the fall in the headline figure, new order growth slowed considerably in February to the weakest in the current sequence of expansion. Moreover, over 25 percent of firms saw a fall in sales amid softer customer demand,” the survey report said. “The first quarter of the year is usually associated with dry weather conditions and hence it is not surprising that the PMI is…