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 […]
MTN Uganda pay $100m for 10-year licence renewal with Gov’t
MTN Uganda — the country’s largest company by revenue — and the government have reached a deal on the renewal of the telecoms firms’ operating licence, according to a report. The Daily Monitor said that MTN has agreed to pay $100m, or Shs371.5bn, for a 10-year operating licence. The deal was confirmed by Keith Muhakanizi, […]
I will Retire from Equity Bank at 75, CEO James Mwangi Says
Equity Bank CEO James Mwangi has indicated that he is not about to retire and looks to remain at the helm of the lender for another two decades. This week, 57-year-old Mwangi said he wants to lead the company until he clocks age 75, Business Daily reported. “The earliest may be on my own volition […]
Kenyan Bank regional subsidiaries deliver a 31.5% increase in profits
Kenyan banks registered a 31.52 percent increase in regional subsidiaries’ pre-tax profit to Sh11.57 billion last year supported by increased lending, offering hope for more growth opportunities across the borders. The growth in profit from previous year’s Sh8.79 billion was specifically from subsidiaries in DR Congo, Tanzania, Burundi and Mauritius even as Uganda’s fortunes waned. […]
NCBA (NIC and CBA merger) add shares on Nairobi Stock Exchange
NCBA Group, an amalgamation of NIC Group and Commercial Bank of Africa, yesterday listed 793.8 million new shares at the Nairobi bourse, further cementing the merger. The newly entity officially began operating as one on October 1, after Central Bank of Kenya gave the green light on September 27. Given NIC Group initially had 703.9 […]
Equity Kenya in talks to buy another DR Congo lender
Equity Group Holdings (EGH) has entered negotiations with shareholders of the second largest bank in the Democratic Republic of Congo as it expands its footprint in the mineral-rich region. In a statement, Equity Group said it was looking to purchase a controlling stake in Banque Commerciale du Congo (BCDC) through a cash transaction and merge […]