The capital markets regulator on Monday allowed Dr Christopher J Kirubi to acquire up to 49.99 per cent shares of Centum Investment Company PLC, without having to make a mandatory take-over offer to other shareholders. The exemption, pursuant to Regulation 5(1) of the Capital Markets Authority (CMA) Takeovers & Mergers Regulations, 2002, will see Kirubi […]
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Uganda central bank sells dollars to support shilling
Uganda’s central bank said on Tuesday it had sold dollars after a sharp depreciation of the shilling amid ongoing fears about the potential economic damage from the outbreak of the coronavirus pandemic in the East African nation. At 0857 GMT, commercial banks quoted the shilling at 3,745/3,755 after weakening to as low as 3,760/3,670 in […]
Uganda Stock Exchange dips as investors hold back
Stanbic, Uganda’s largest bank by assets, saw its fortunes on the USE drop from Ush35 ($0.009) in 2015 to Ush24 ($0.006) at the end of 2019. PHOTO | FILE | NMG Trading on the Uganda Securities Exchange (USE) have hit an all-time low recording a paltry Ush1.89 million ($504) in Thursday’s trading from only 10,700 […]
East African Stock Exchanges suffer due to Covid-19 panic
TRADING on East African stock exchanges has been hit by the impact of the coronavirus pandemic to register low turnover and market capitalisation records in recently days. The three exchange indices- Dar es Salaam Stock Exchange (DSE), Nairobi Securities Exchange (NSE) and Uganda Securities Exchange (USE)-started to show plunging sign at the beginning this month’s […]
Stanchart Group CEO in Ghana for working visit
Mr Winters (right) in a handshake with President Akufo-Addo after the courtesy call at the Jubilee House The Group Chief Executive of Standard Chartered Bank, Mr Bill Winters, has paid a working visit to Ghana. He was accompanied by the Chief Executive Officer of Standard Chartered Nigeria and West Africa, Mr Lamin Manjang. A release […]
Kenya: Centum’s performance driven bonus system affects CEO too, giving him a 75 % Salary Reduction
Chief Executive officers are presumed to be immune to the company’s tough policies given that many company boards pull out all the stops to make the bosses happy. However, this is not usually the case for many firms. Centum Investment CEO James Mworia’s failure to meet his performance targets cost him 75 % salary reduction […]
NSE 20-Share Index continues bear run
Analysts expect that the bourse could slide even further after Safaricom closes its dividend books next month. The Nairobi Securities Exchange (NSE) 20-Share Index slipped below 2,500 points Wednesday, deepening the bear run at the bourse as prices of key counters remained stuck at a decade low. The benchmark 20-Share Index, seen as a key […]
Ecobank Group CFO resigns
E cobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced the resignation of its Chief Financial Officer (CFO), Greg Davis. In a statement, it said the CFO was leaving to enable him spend more time with his young family in the United Kingdom. The bank’s directors have accepted Davis’ resignation. They […]
DRC’s President Tshisekedi on international tour to restore economic confidence
President Tshisekedi’s most important objective as Congo’s new leader is the country’s economic recovery. Tshisekedi has been on a tour around the international community since he assumed office, with the aim of restoring investor confidence in the war-torn Central African country. During a recent visit to the United States, Tshisekedi met with the Executive Chairman […]