Sasini posts Sh122m net profit after cutting costs
Wednesday May 12 2021
By VICTOR JUMA
Summary
Agricultural firm Sasini made a Sh122.2 million net profit in the six months ended March, benefiting from deep cost cuts.
The performance saw the Nairobi Securities Exchange-listed firm reverse a net loss of Sh13 million recorded a year earlier.
The company declared an interim dividend of Sh0.5 per share to be distributed on July 15 to shareholders who will be on the register as of June 2.
Agricultural firm Sasini made a Sh122.2 million net profit in the six months ended March, benefiting from deep cost cuts.
Crown Paints major shareholder eyes bigger stake
Monday May 10 2021
By VICTOR JUMA
Summary
The Belize-based institutional investor currently holds a 62 percent stake in the Nairobi Securities Exchange-listed firm and plans to spend more than its minimum allocation of Sh441.3 million in the capital call.
The Capital Markets Authority (CMA) has approved the fundraising plan, noting that the paints manufacturer’s big shareholders are ready to acquire more shares from minority investors who will snub the offer.
Crown Paints’ majority shareholder Barclay Holdings will raise its stake in the company if minority shareholders do not provide their proportionate capital in the impending Sh711.8 million rights issue.
KCB to spend Sh6bn in buying Rwandan, Tanzanian banks
Tuesday May 11 2021
KCB Group CEO Joshua Oigara (right) Chairman Andrew Kairu (centre) and Group CFO Lawrence Kimathi during the release of the full-year result. PHOTO | POOL
By VICTOR JUMA
Summary
KCB Group will spend a total of Sh6 billion to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited.
The amount has increased after KCB sought to make a full buyout of the Rwandan bank by making an offer to its minority shareholders who hold a combined 38 percent stake.
KCB Group #ticker:KCB will spend a total of Sh6 billion to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited.
KCB boosts National Bank capital with Sh3 billion long-term loan
Monday May 10 2021
By VICTOR JUMA
Summary
KCB Group has given the National Bank of Kenya a Sh3 billion long-term loan to help the subsidiary meet minimum capital requirements.
The Nairobi Securities Exchange-listed firm made the disclosure in its latest annual report.
The NBK had continued to breach statutory capital levels despite receiving the initial equity capital support of Sh5 billion from KCB in December 2019.
KCB Group #ticker:KCB has given the National Bank of Kenya a Sh3 billion long-term loan to help the subsidiary meet minimum capital requirements.
The Nairobi Securities Exchange-listed firm made the disclosure in its latest annual report.
Allianz purchases 66pc stake in Jubilee General Insurance
Wednesday May 05 2021
By VICTOR JUMA
Summary
Allianz has completed the purchase of a 66 per cent stake in Jubilee General Insurance Limited in Kenya from the parent company Jubilee Holdings, which will retain a 34 per cent stake in the business.
This is the first of several similar regional transactions.
The Nairobi Securities Exchange-listed insurer signed an agreement to sell stakes ranging from 51 per cent to Sh66 per cent in its general insurance subsidiaries in Kenya, Tanzania, Uganda, Burundi and Mauritius for a total of Sh10.8 billion.
Allianz has completed the purchase of a 66 per cent stake in Jubilee General Insurance Limited in Kenya from the parent company Jubilee Holdings, which will retain a 34 per cent stake in the business.