| CFC/Stanbic shares to be ratified (2007-11-13) |
| The Nairobi Stock Exchange (NSE) will this week approve the additional shares created from the CFC, Stanbic merger following a minority shareholders’ backing for the deal. The shareholders yesterday endorsed six key resolutions, sending the merger closer to conclusion. “Approvals for the additional shares created will be done this week,” said Jimnah Mbaru, the chairman of the NSE. |
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| Kenya Airways earning dips (2007-10-27) |
| The strong rally of the shilling and intense competition from rivals have eroded Kenya Airways (KQ) half-year earnings by a hefty 18.8 per cent. The firm said the entry of Virgin, Emirates and Qatar airlines into the market has eaten into its profitability levels. As a result, the profits before tax had declined to Sh2.8 billion from a high of Sh3.4 billion recorded in a similar period the previous year. "These airlines have had an impact on our Europe route," Mr. Titus Naikuni, the airline’s Chief Executive said on Friday. |
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| Safaricom IPO timetable out next week (2007-10-27) |
| The Government is set to release the timetable for the Safaricom initial public offer (IPO) next week, Investment Secretary Ms Esther Koimett has said. She, however, expressed concern if the process involved in preparing for the IPO is not completed by the end of the year, then the shares could be listed on the Nairobi Stock Exchange next year. "We are working on a timetable that should be out next week," Koimett said. "There is still a lot of work to be done including regulatory approvals, which could take a bit of time."
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| Kenol Shareholders Put On Alert (2007-10-23) |
| Kenya Oil Company Limited is warning its shareholders to trade cautiously with the company’s share; three days after Finance minister approved its acquisition of Kobil Petroleum Limited. |
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| Equity's acquisition of HFCK approved (2007-10-17) |
| The approval from the Treasury, Central Bank and Capital Markets Authority is a milestone that will pave the way for the transaction's conclusion. It also ends months of speculation about the future of Housing Finance and brings into fruition the bank's dream of venturing into the mortgage market. |
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| Raila Moves to Calm Fears at NSE (2007-10-16) |
| Opposition ODM presidential candidate Raila Odinga yesterday said he would not interfere with the operations of the Nairobi Stock Exchange if he wins the December elections. Mr. Odinga’s visit to the NSE offices at Nation Center in Nairobi came two days after Finance minister Amos Kimunya said the NSE had made a record loss of KSh200 billion due to ODM’s surge in the recent opinion polls. |
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| Stanbic/CFC merger given nod (2007-10-16) |
| Kenya’s Securities and banking regulators have approved of the merger between Stanbic Bank and CFC group. Stanbic Africa Holding Limited, the parent company of Stanbic Kenya, will now own 60% of the CFC group. The merger will result in Kenya’s fourth largest Bank with assets worth Kshs76.1B, revenues of Kshs10.1B and gross profits of Kshs2.3B. |
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| Olympia to Buy Two SA Firms (2007-10-12) |
| Olympia Capital Holdings is seeking to make two new acquisitions in South Africa following its successful rights issue that was oversubscribed. The additional 30 million shares put on the market were subscribed at 102 per cent. |
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| ICDC in Improved Performance (2007-10-08) |
| The company recorded an improvement in performance as evidenced by the released results. Profits before tax increased by 70.25%, from Kshs.696M to Kshs.1.185B. It realized an 83.82% increase in profit after tax from 606M to 1.115B. The company has attributed the improvement in performance to growth in investment income, which increased from Kshs.403M to Kshs.804M, a 99% increase. |
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| Investors Urged to Spread Risks (2007-10-08) |
| Investors at the Nairobi Stock Exchange have been advised to take long-term positions, to enable them reap maximum returns. |
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| Nakumatt to be listed at NSE (2007-10-05) |
| The Nakumatt - Kenya's leading Supermarket chain - is set to be listed at the Nairobi Stock Exchange, one of its directors said. |
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| CIC raises funds via private placement (2007-10-04) |
| The Co-operative Insurance Company of Kenya is set to raise Kshs650M through private placement of its shares. The company is doing this with the aim of increasing its capital base in view of the recent raise by the Finance Minister of the minimum capital requirement for insurance companies from Ksh150M to Kshs 450M.
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| Safaricom IPO gets a go ahead (2007-10-04) |
| The much awaited Safaricom IPO may go through by the end if this year after the High Court rejected a bid by ODM (the orange democratic movement party of Kenya) to block the Government from selling its percentage of shares to the public.
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| Diamond Trust Bank Seeks to Expand (2007-10-03) |
| After the approval by shareholders of the Ksh23M share rights issue, the bank is now awaiting approval of the rights issue by CMA. The Bank seeking Kshs2B from its shareholders, which it will use in expansion of its branch network and increasing its capital base. The proposed rights issue will translate into 1 share for every 6 shares held. This is however subject to approval by CMA. The application for approval is already with the CMA. |
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| Eveready makes changes to board (2007-10-03) |
| Eveready East Africa Ltd has announced changes in its boardroom in what it says are in line with its new growth strategy. |
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| Sugar sector awaits safeguards extension (2007-09-29) |
| As the country awaits report on the extension of the safe guard measures put in place to protect sugar farmers against duty free imports from the Common Market for Eastern and Southern Africa (COMESA), hopes for farmers do not look as bright as it has emerged that a formal application for the extension has not even been filed. This comes amid a lot of speculation in the past week that the extension may indeed have been granted.
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| Access Kenya's Openview buy approved (2007-09-28) |
| AccessKenya Group, Kenya’s only publicly listed ICT Company; today announced that it has received approval from the Capital Markets Authority for its acquisition of Openview Business Systems, one of Kenya’s leading IT services providers.
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| KPLC Reports Marginal Gains (2007-09-21) |
| The company released its year end results in the past week recording an 8% increase in total revenue from Kshs34M to kshs39M. This has come at a time when demand for electricity is on the rise in line with growth of the economy. Profit before tax recorded was 2.6M, a 6% increase from Kshs2.4M recorded in a similar period last year. Profit after tax realized was Kshs1.7M compared to Kshs1.6M recorded last year. |
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| EAPC improves performance remarkably (2007-09-19) |
| East African Portland Cement realized remarkable improvement in performance for the year ended 30th June 2007. The improvement is attributed to recovery in the building and construction industry both locally and in the regional market. |
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| City Trust performance improves (2007-09-19) |
| City Trust, one of NSE’s smaller company’s listed in the alternative market segment, announced a pre-tax profit of 35.5 million for the year ending July 2007. This is a 104% increase from the previous year’s 17.8 million. The company’s only source of income is investment income which increased by a remarkable 113 %. This is attributed to huge dividends realized by I&M Bank, of which City Trust is estimated to control 11.1%. |
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