The Nairobi Securities Exchange lifted the trading halt of KCB Group and National Bank of Kenya Thursday afternoon “Following receipt of notice from KCB of its intention to acquire all the ordinary shares of NBK.” In its Notice of Intention, KCB stated that “We intend to acquire 100% of the ordinary shares with a par value of Kenya Shillings Five KES 5:00 (the offer shares) of National Bank of Kenya limited (NBK).” According to KCB Group, the offer shall be way of a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB. “In all…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Kenya’s biggest lender by assets, KCB Group and National Bank of Kenya (NBK) have been suspended from trading their Shares on the Nairobi Securities Exchange. “This is in line with clause 9.4.2 (ii) a, of the NSE Equity Trading Rules,” said the NSE in a public Notice as they ‘await material disclosure from NBK affecting the two counters’. 9.4.2 Security Halts The Exchange may temporarily halt trading in one or more securities in the following circumstances: i. Upon the request of the Authority; ii. By the Exchange: a) prior to obtaining a clarification from the company on a report regarding…
Telkom Kenya has appointed Steve Okeyo Managing Director for its Mobile Division, taking over from Amer Atwi, who has left the telco. “Steve joins Telkom at a very exciting phase, bringing with him vast experience and a proven track record in strategy, sales and operations. There is enormous opportunity at Telkom that lies ahead and Steve’s addition to the family will add to the talent pool that is geared to drive our next phase of transformation,” said Telkom CEO, Mugo Kibati. Steve is the former Director for Regional Sales and Operations at Safaricom, where he led various teams to…
NIC Group’s shareholders have approved its merger with the Commercial Bank of Africa. “I’m delighted that our shareholders share our vision and have overwhelmingly supported this important merger that will create a leading Tier 1 bank,” NIC’s Chairman James Ndegwa said in a statement. “The approval allows NIC and CBA to merge their operations and amalgamate the shareholding through which the shareholders of CBA will become 53 per cent shareholders of NIC,” He added. “The endorsement paves the way for completion of the merger that will deliver significant benefits to the group stakeholders. It is expected that the process will…
The Employment and Labour Relations Court has suspended the Government’s suspends directive to employers to implement 1.5% housing levy pending hearing of a case filed by Consumers Federation (Cofek). On Wednesday, Justice Maureen Onyango said the suspension would allow the consolidation of the current case by the Consumers Federation of Kenya (Cofek) with another filed by the Central Organisation of Trade Unions (Cotu). “I will grant a temporary stay until May 20, 2019. I direct that the applicant consolidates the case with another similar matter before Justice Hellen Wasilwa,” said Justice Maureen Onyango. READ: 1.5pct Affordable Housing Levy to Take…
Taxi-hailing firm, Uber, has unveiled a new tipping feature for its riders to do more than just rate drivers, but show their appreciation through tips for excellent service. Alon Lits, General Manager for Uber in Sub Saharan Africa said all tips from riders and eaters will go directly to drivers and Uber will not deduct any service fees from the tips. “Driving and delivering food is more than just getting people and food from point A to B. Every day, our driver-partners and delivery-partners do their best to make our riders and eaters lives easier – from getting them to…