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This is an exclusive new report designed to give you an overview about Africa countries tackling Economic, Political, Stock Market and Company transactions issue.
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- The Kenyan shilling strengthened against the dollar on Thursday 21 due to inflows from offshore investors buying government bonds. Commercial banks quoted the shilling at 100.65/85 per dollar, compared to 100.85/101.05 at Wednesday 20's close.
- The Central Bank of Kenya (CBK), the Treasury fiscal agent, had advertised a total of 24 BN KES (237.6 MM USD) for the 91-, 182- and 364-day tenors but received nearly double this amount. A total of 34.97 BN KES (346.2 MM USD) was accepted from investors who had offered 47.72 BN KES (472.5 MM USD).
- Kenya will open a 50 MM KES (495,098 USD) mineral center in Voi, Taita Taveta country to add value to gemstones before selling them abroad in raw form.
- The National Bank of Ethiopia (NBE) is injecting an additional 206 MM ETB (7.2 MM USD) into the economy. The bank will print 187 MM ETB (6.5 MM USD) in 100 ETB notes and 19.6 MM ETB (685,986) in 50 ETB denominations.
- Zimbabwe new president, Emmerson Mnangagwa, launched a new pricing system seeking to open the economy to international investment and remove the barriers to doing business after two decades of stagnation and hyperinflation.
- Tanzania is concluding its talks with the Equinor-led group of oil and gas companies interested in developing an LNG project within its borders in September 2019. Tanzania Central Bank believes that merely commencing construction on the facility will add 2% to the country's economic growth (currently 7%).
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- Uganda President Yoweri Museveni received and held talks with the newly elected Democratic Republic Congo (DRC) counterpart, Mr. Felix Tshisekedi at State House, Entebbe discussing trade, security and bilateral relations between the two neighboring countries.
- The President of Zambia, Edgar Lungu, has declared that there will be no violence during and after the 2021 general elections. He added that Zambia is a peaceful country and that those praying for war will not succeed.
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Major Companies Transactions
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- Kenya Post Office Savings Bank (Postbank) is looking for a buyer for its 2.29 BN KES (22.67 MM USD) multi-billion shilling developed commercial block in Muthaiga, Nairobi by an average market value of 148.5 MM KES (1.47 MM USD) per acre in Muthaiga.
- Kenya is among 41 African countries benefiting from a 3.5 BN KES (34.6 MM USD) by Coca Cola that will provide clean and safe water to 6 million people across the continent. The initiative will entail laying pipes and construction of storage facilities in Isiolo, Kitui, Kisumu, Nairobi, Naivasha, Nakuru and Mombasa, Maragua, Sagana and Thika.
- Investment bankers at Citi Global Markets have advised clients to take profit in the Kenyan 10-year Eurobond which has witnessed an increase in secondary market prices in recent months.
- A survey by PwC, a financial services firm, showed that more local family businesses are considering taking up private equity funding as a majority move away from relying on internal resources and commercial bank loans to bankroll operations.
- Cooperative Bank has reported an 11.6% rise in net profit reaching 12.7 BN KES (125.7 MM USD) in 2018 on higher interest income and a cut in loan loss provisions.
- HF Group, listed real estate developer-cum-lender, has sold 95% out of its 248 Kiambu-based modern apartments featuring two- and three-bedroom units for about 2.2 BN KES (21.7 MM USD). Mortgage financier Shelter Afrique financed the project.
- Inchcape Plc, UK-based luxury car dealer, will open Kenya first BMW showroom in Nairobi, upping competition for high-end vehicles after taking over the BMW franchise from Simba Corporation beginning January 2019.
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Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel:
+97142820301
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Cairo Office:
Z
epter Office Building
S5-6 ,
Area 5, District 1, 5th Settlement,
New Cairo, Egypt.
P.O. Box:
1147
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Kenya Office:
Block C, Ground Floor, Fortis Office Park Muthangari Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800
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