NAIROBI, May 15 (Reuters) – Kenya has won a three-month
extension on a $600 million syndicated loan, a senior Treasury
official said on Thursday, giving it time to continue
discussions on its first ever dollar bond which has been
The east African nation took out the two-year loan at an
interest rate of 7 percent in 2012 to fund development projects
and had intended to use some of the proceeds of the planned
Eurobond, which could be worth up to $2 billion, to pay it off.
NAIROBI, May 12 (Reuters) – The Nairobi Securities Exchange
(NSE) will sell up to a 38 percent stake in an initial public
offering by the end of next month to raise funds for new
products and enhance transparency, its chief executive said.
Peter Mwangi said the owners of the Kenyan bourse, a mutual
company held by brokers, will offer up to 81 million shares of 4
shillings ($0.05) each, amounting to 38 percent of its total
capitalisation, subject to regulatory approval.
NAIROBI, April 10 (Reuters) – Bidco, one of Kenya’s leading
manufacturers of consumer goods, will invest about $200 million
by 2017 in new product categories to meet growing demand, the
head of the company said.
Managing Director Vimal Shah told the Reuters Africa
Investment Summit on Thursday that the group expects its annual
revenue from Kenya to grow by four times in that period from the
present $250 million thanks to the investments.
NAIROBI, April 10 (Reuters) – Seven Seas Technologies, one
of Kenya’s biggest IT companies, has pushed back its initial
public offering until 2017 to allow it time to tap new countries
in Africa and reduce its reliance on its home market.
CEO Mike Macharia, who founded the company 14 years ago,
said Seven Seas aims to generate 50 percent of annual revenue
from Kenya by the time it goes public, compared to 80 percent at
present, and the rest from other African markets.
NAIROBI, April 4 (Reuters) – Kenyan lenders look set to
chalk up more bad debts after they ticked up last year as higher
rates bit and payments were withheld from government contractors
during the east African country’s political transition.
But the short-term pain may herald long-term gain as another
factor has been added to the bad loan mix – stricter enforcement
by the central bank of its own prudential rules.
NAIROBI, April 1 (Reuters) – Kenya will start building its
fourth generation (4G) Internet network next year and is open to
talks with operators on the best roll-out model, its telecoms
minister said on Tuesday.
The east African nation of 40 million people wants to launch
the 4G high-speed broadband network as part of efforts to raise
the Internet’s contribution to economic growth to 10 percent in
2017 from 2.9 percent this year.
NAIROBI, March 25 (Reuters) – Standard Chartered Bank of
Kenya expects east Africa’s burgeoning middle class to
drive growth in 2014 after it recorded a 16 percent rise in 2013
pretax profit, its chief executive said.
The lender, which is controlled by Standard Chartered Plc
, said its net interest income jumped by 18 percent to
16.8 billion shillings ($194.00 million), driving pretax profits
to 13.4 billion shillings ($154.73 million).
NAIROBI, March 13 (Reuters) – Kenya plans to begin marketing
its debut Eurobond at the end of this month, and investor
interest in the issue appears strong, the International Monetary
Fund said on Thursday.
Kenya expects to borrow up to $2 billion from international
markets to refinance an existing syndicated loan of $600 million
and to fund the construction of infrastructure projects.
NAIROBI, March 6 (Reuters) – Kenyan entrepreneur Ayisi
Makatiani scrapped his first effort to launch a private equity
fund 10 years ago because his pitch
to invest in Africa couldn’t raise enough cash to make it work.
Fast forward a decade and he is now managing partner of
Fanisi Capital, a $50 million fund that has investments across
east Africa in agri-business, healthcare, retail and education.
A second $100 million fund is on the way.
NAIROBI, Feb 27 (Reuters) – Kenya’s biggest bank by assets,
KCB, will centralise its operations through its
information technology banking platform this year to cut costs
and increase profitability, its management said on Thursday.
The lender, which operates in six eastern African countries,
posted a 17 percent jump in its pretax profit for last year to
20.1 billion shillings ($232.37 million).