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Tuesday, July 5, 2022
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    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    • Africa
    • Asia
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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

  • INTERNATIONAL
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    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Kenya:Deacons to list on Nairobi bourse after six-year wait

bycitibusinessnews
July 20, 2016
in Africa, East Africa
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Deacons Kenya plans to list its shares on the Nairobi Securities Exchange (NSE) for Sh15 each valuing the clothing retailer at Sh1.85 billion.

The listing by introduction of 123,558,228 shares is scheduled for August 2, at the NSE’s alternative investment market segment (Aims).

With the listing the retailer’s shares will stop trading on the over-the-counter (OTC) market next Monday where they have been exchanging for the last six years as the company dithered on selling its shares to the public.

“The shares will be listed on alternative investment market of the Nairobi Securities Exchange on August 2, 2016,” said the company in a statement.

Deacons operates clothing outlets such as Truworths and Mr Price in four markets; Kenya, Uganda, Rwanda and Mauritius.

The company had sold some its shares to a select number of investors in 2010 through a private offer. Deacons was selling 12,800,000 shares at Sh62.5 each during the private offer aiming to raise Sh800 million. The offer was 87.5 per cent subscribed raising Sh700 million.

Listing by introduction signals the company will not be seeking additional capital from the market. The mode is an easier and faster entry route to the stock market with fewer regulatory scrutiny compared to an initial public offering.

The company has picked Kestrel Capital as its transaction advisers with Coulson Harney as legal advisers and Deloitte & Touche its reporting accountants.

Deacons has ridden on the rise of middle class in the country to expand operations following profit growth.

Last year it posted an 85 per cent growth in after tax profit to Sh113.8 million from Sh61.4 million the year before.

The company has been operational for nearly 60 years having been founded as a franchise for Marks & Spencer for East African in late 1950s.

The firm says that it underwent a major realignment in 1980 when the Kenyan government restricted importation of foreign goods, forcing it to do away with the Marks & Spencer franchise. It then began to partner with the local textile industry which supplied its stores.

In the early 1990s, the economy was liberalised allowing Deacons to deal with international brands again. It acquired the Truthworths franchise in 1999. It launched locally owned 4U2 brand in 2003 targeting the middle class.

It brought in Mr Price in December 2007 with its first store at The Junction Mall.

–

Credit: Business Daily

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