The Capital Markets Authority (CMA) has granted approval to TransCentury Plc (“TC”) to undertake a rights issue. In a statement, the company says the rights will be issued on the basis of five (5) new ordinary shares for every one (1) existing share as approved in the last shareholder meeting. “The CMA has granted approval to TransCentury Plc to undertake a rights issue. The rights will be issued on the basis of five new ordinary shares for every one existing share,” the company said in a statement. “Funds from the rights issue will go towards supporting the last phase of…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Family Bank on Friday said its shareholders have approved a final dividend of Ksh.0.83 per equity share for the fiscal year 2021 amounting to Ksh.1.1 billion. In the year ended December 31, 2021, the banks’ pretax profit surged by 131.6 percent to Ksh.3.3 billion. “It is on the back of our strong 2021 full year performance and improved liquidity that as a Board we approved this dividend pay-out. I would like to thank our shareholders for their patience, understanding, and continued trust in our decisions over the years as we strike balance between return and capital maximization,” Family Bank Chairman…
The World Health Organisation (WHO) is concerned with the mutations of Omicron sub-variants BA.4 and BA.5 besides the dominance of the BA.2 globally. WHO chief Tedros Adhanom Ghebreyesus says the BA.4 and BA.5 are driving a new surge in South Africa. “The BA.4 and BA.5 sub-variants were identified because South Africa is still doing the vital genetic sequencing that many other countries have stopped doing,” Tedros said adding, “In many countries, we’re essentially blind to how the virus is mutating.” “The best way to protect people remains vaccination, alongside tried and tested public health and social measures,” Tedros insisted Wednesday.…
African insurer Sanlam and Germany’s Allianz have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent. The new firm will operate in 29 different African countries and is expected to have a combined total group equity value in excess of £1.7 billion. The joint venture is set to house both firms’ African business units, in all countries on the continent apart from South Africa, and Namibia which is set to be included at a later date. “Sanlam’s capabilities extend our local reach and market penetration, and the…
The Central Bank of Kenya, on behalf of the Ministry of Finance, is seeking Ksh.60 billion from the domestic debt market in May. The bonds feature FXD1/2022/10 and FXD1/2021/25, with tenors to maturity of 10.0 years and 24.1 years, respectively. The pair of bonds will be on sale from Thursday until May 10. The coupon rate for FXD1/2022/10 is market-determined while that of FXD1/2021/25 is 13.9 percent. Funds raised will be used for budgetary support in the current fiscal year. In April, the exchequer realized Ksh.60.7 billion in proceeds against a target of Ksh.70 billion for FXD1/2022/03 and FXD1/2022/15, which…
The Hilton Nairobi hotel will close its doors indefinitely on December 31. The iconic five-star hotel consisting of 287 rooms, has been in operation for 53 years in Kenya, having been launched in 1969. Owned 40.57 percent by the government and 59.4 percent by the Hilton Group of Hotels, the hotel management pointed to other factors beyond the Covid-19 pandemic for the planned closure. “Following extensive discussions with the hotel ownership, Hilton Nairobi will close its doors for the last time on 31st December 2022 and cease operations. Covid-19 created unprecedented challenges for our industry. However, the decision to cease…