The Aga Khan Fund for Economic Development S.A. (AKEF) has applied to the Capital Markets Authority (CMA) to transfer its 92.6 million shares into its wholly owned Kenyan subsidiary, NRFT Holdings Africa Limited (NRFT). The adjustment is purely internal and does not change the ultimate beneficial ownership or trigger a public takeover under existing regulations. “There will be no significant changes to NMG’s operations, governance, or shareholder rights as a result of this transaction,” the notice to CMA and NMG states, underscoring that AKEF remains the beneficial owner both before and after the transfer. Transaction Structure and Rationale Vendor: Aga…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The Nairobi Securities Exchange (NSE) has formally revised its market segmentation following the Capital Markets Authority’s (CMA) approval of the Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023. Effective from 15 December 2023, these reforms marked a significant capital markets restructuring in over two decades. Bowman’s legal firm underscores the scale of change: “The new regulations provide a welcome update to the well-out-of-date 2002 framework,” said Bowmans legal analysts. “They aim to resolve long-standing ambiguities and modernize Kenya’s capital markets architecture.” Segments for Equity and Debt Instruments The NSE’s former segmentation has been replaced by a leaner, two-tier structure:…
Kalahari Cement Limited has signed binding agreements to acquire a combined 28.2% stake in East African Portland Cement Plc ($PORT), purchasing shares from Associated International Cement Ltd (14.6%) and Cementia Holding AG (13.6%). The acquisition covers 26.3 million shares at KES 27.30 per share, valuing the transaction at approximately KSh 717 million. This represents a 42.5% discount to EAPC’s closing price of KES 47.50 on 31 July 2025, according to the company’s public announcement. “Although we have no intention of making a take-over offer for EAPC, we are required by the Take-over Regulations to issue this Notice of Intention,” the…
The Competition Tribunal of South Africa has conditionally approved French media conglomerate Canal+ Group’s acquisition of MultiChoice Group Limited, paving the way for full ownership of Africa’s largest pay-TV broadcaster. The Tribunal’s decision allows Canal+ to acquire up to 100% of MultiChoice’s issued ordinary shares, building on its existing 45.2% stake. The deal, valued at approximately R55 billion ($3 billion), is expected to close by October 8, 2025, marking a major realignment in Africa’s media landscape. “This deal is transformative,” said Maxime Saada, CEO of Canal+. “The combined group will benefit from enhanced scale, greater exposure to high-growth markets, and…
A scheduled session by Kenya’s Public Investments Committee on Commercial Affairs and Energy to assess the financial health of the National Oil Corporation of Kenya (NOCK) was postponed on Wednesday following an intense debate over the future of the state-owned entity. Chaired by Pokot South MP David Pkosing, the committee was set to review NOCK’s audited accounts spanning FY 2018/19 to 2022/23. However, MPs called for scrutiny after describing NOCK as a “dead” agency plagued by financial opacity and operational dysfunction. The session was triggered in part by the government’s recent partnership with RUBiS Energy Kenya, which includes transferring management…
Kenya has protested Tanzania’s newly enacted trade and licensing restrictions targeting non-citizens, warning that the measures undermine the East African Community’s (EAC) integration agenda. Trade Cabinet Secretary Lee Kinyanjui described the move as “discriminatory” and a violation of the EAC Common Market Protocol. “The Business Licensing Order, which seems to be criminalising lawful EAC investments, will hurt both our economies,” Kinyanjui stated. “It is therefore critical, in the spirit of EAC, that bilateral engagements be held to resolve these issues.” The contested measures include: A 10% excise duty and 15% Industrial Development Levy under Tanzania’s Finance Act, 2025 A Business…