NAIROBI, July 23 (Reuters) – Kenya’s securities market
priced shares in its initial public offering at 9.50 shillings
($0.11) on Wednesday, saying it planned a new derivatives
market, as it opened up to non-brokers for the first time in 60
The Nairobi Securities Exchange (NSE) is used as an entry
point into east Africa by foreign investors seeking exposure to
fast-growing economies in the region. Several Kenyan firms are
cross-listed on neighbouring bourses.
NAIROBI, July 3 (Reuters) – African countries’ rapid growth
over the past decade may have been the envy of many developed
economies, but their number crunchers have struggled to keep up.
That barely mattered when investors were desperate to find a
place to park their cash as more developed markets careered off
NAIROBI, June 25 (Reuters) – Kenya Airways is to
focus on carrying transit passengers through its Nairobi hub as
tourists have been put off visiting the east African nation by
the series of attacks blamed on Islamists, its new chief
executive said on Wednesday.
The airline, which picked chief operations officer Mbuvi
Ngunze to replace Titus Naikuni as chief executive when he
leaves in December, has suffered following a fire at the Nairobi
airport last August and attacks by Somalia’s al Shabaab rebels.
NAIROBI, June 25 (Reuters) – Kenya plans to tap
international markets again in the new financial year and may
opt for an Islamic bond after its debut $2 billion Eurobond was
heavily oversubscribed, the finance minister said on Wednesday.
President Uhuru Kenyatta told the same news conference that
funds raised via last week’s Eurobond would cut the government’s
local borrowing requirement, which would in turn help reduce
NAIROBI, June 19 (Reuters) – Sierra Leone’s economic growth
is likely to slow to 15 percent this year from 21 percent in
2013, a top finance official said on Thursday, with the
expansion powered by fresh foreign investment in the mining and
A 15 percent growth rate would still be among the fastest in
Africa, Momodu Kargbo, minister of state in the West African
nation’s finance ministry, told Reuters on the sidelines of a
meeting in the Kenyan capital.
NAIROBI Kenya (Reuters) – Kenya’s president shifted blame to domestic rivals on Tuesday for two attacks that killed 65 people on the coast and he dismissed claims of responsibility by Somali Islamist militants, which Nairobi usually fingers for such assaults. Somalia’s al Shabaab militant group has said its gunmen carried out the attacks on the town of Mpeketoni on Sunday night and on a nearby village early on Tuesday morning.
In comments that could further stoke political tensions in a country where allegiances generally run along ethnic lines, President Uhuru Kenyatta instead pointed the finger at rivals he described as “hate-mongers”, though he did not name anybody.
NAIROBI, June 17 (Reuters) – Kenya secured bids worth $8.8
billion for its debut Eurobond and will accept $2 billion, a
senior Kenyan official said on Tuesday, saying the level of bids
was a record for Africa.
Bankers had said the final level of demand was nearer $8
billion, with the 10-year dollar denominated bond attracting
$5.5 billion and the five-year bond receiving $2.5 billion.
NAIROBI, June 12 (Reuters) – Kenya expects its fiscal
deficit to fall slightly to about 7.4 percent of gross domestic
product for the 2014/15 financial year, figures from the finance
minister’s budget speech showed on Thursday.
The government has previously forecast a deficit for 2013/14
of 7.9 percent for the east African nation, which aims to raise
between $1.5 billion and $2 billion with a debut Eurobond it is
NAIROBI, June 10 (Reuters) – Kenya’s Centum Investment
will withhold dividends for another five years,
instead using its earnings to invest in real estate and consumer
goods projects in the region, the firm said on Tuesday.
The investment company, which posted a 24 percent rise in
pretax profit in the year to March, said healthcare, education
and financial services offered good opportunities in east
KIGALI, May 23 (Reuters) – African economies are securing
new funds through resource finds or dollar bonds but many
governments face questions over how they use the money and risk
being punished by international capital markets.
The dash to build infrastructure, and pressure from citizens
for swift rewards from oil and gas discoveries, have pushed some
governments to loosen policy. That has led to ballooning current
account deficits, rising debt and fiscal shortfalls that
threaten to take the shine off otherwise positive growth