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East Africa

Kenya: T-bills uptake falls on low long-term securities demand

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Treasury bills subscription dropped to an average 155.4 per cent last week compared to 209.2 per cent recorded the previous week. Subscription rates for the 91-, 182-, and 364-day government papers came in at 312.5 per cent, 159 per cent and 89 per cent compared to 381.5 per cent, 255.5 per cent and 94.1 per cent the previous week, respectively. ...

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Kenya: Safaricom, EABL rally lifts NSE Sh197bn in four weeks

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Market capitalisation at the Nairobi Securities Exchange has grown by Sh197 billion in the past four weeks, beefed up by gains by Safaricom stock that has in the past week touched an all-time trading high of Sh24. Investor wealth now stands at Sh2.222 trillion, with the market undergoing a revival in the second quarter of the year. The two largest ...

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EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence

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Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters on Monday. The investment bank also plans to boost its research team to between 12 and 15 from eight over the ...

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Kenya:Bank targets SMEs with Sh1.5bn Indian credit line

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IDB Capital has unveiled a Sh1.5 billion line of credit to small and medium enterprises seeking to fund machinery imports under an India-funded scheme. Managing director Karen Kandie told the Business Daily that SMEs with healthy balance sheets seeking to meet market demand or upgrade their machinery to reduce operational costs would be considered. Ms Kandie said the facility would ...

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Kenya:City Shuttle sues bank in Sh100m bus loans row

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Nairobi-based transport firm City Star Shuttle has sued Sidian Bank to stop the auction of four mass transit buses it bought last year following a dispute over repayment of a Sh100 million loan the lender advanced to finance the purchase. City Star Shuttle claims that Sidian Bank has threatened to auction the four mass transit buses despite remitting monthly installments ...

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Kenya:Tycoons in bitter clash over Sh4.1bn planes deal

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The vicious boardroom wars that have threatened to stall operations of charter airline Bluebird Aviation have now entangled two rival firms in a fresh dispute over three planes valued at $40 million (Sh4.1 billion). Bluebird co-founder Yusuf Abdi Adan has filed two fresh suits seeking to block the transfer of an airplane (model Dash 8-106 331) that is valued at ...

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Tanzania signs $154 mln contract with Chinese firm to expand main port

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Tanzania’s government signed a $154 million contract on Saturday with the state-run China Harbour Engineering Company (CHEC) to expand the main port in the commercial capital, Dar es Salaam. Tanzania is seeking financing for infrastructure projects as part of its plans to transform the country into a regional transport and trade hub. Under the contract funded by a World Bank ...

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Kenya: Banks raise Treasury bonds holdings by Sh46bn in May

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Banks raised their holdings of government debt by Sh46 billion in May eating into the share held by retail investors. Latest Central Bank of Kenya data shows that the lenders now account for Sh1.134 trillion or 56.2 per cent of domestic debt, which in total stands at Sh2.018 trillion. They held 55.2 per cent at the end of April, when ...

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Kenya: Coffee earnings up 21 per cent in March auctions

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Coffee earnings in April improved 21 per cent compared with the same period last year even as the volume traded at the auction declined marginally. Statistics from Nairobi Coffee Exchange (NCE) indicate that the value of Kenya’s coffee moved from Sh11.6 billion ($112.5 million) to Sh13.9 billion ($135.3 million) in the period under review on account of higher auction prices. ...

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