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 […]

Tanzania: Total Market Capitalisation Down As Major Indices Decline During the Week

THE Banking, Investment and Finance index fell by 2.23 per cent at the bourse while the underlying securities contributed about 82.11 per cent of total weekly turnover after CRDB contributed 56.14 per cent of the total weekly turnover, NMB contributed 18.54 per cent of the total weekly turnover and DSE contributed about 7.43 per cent […]

Troubled Nairobi bourse-listed firms roil region’s stockmarkets

The collapse of yet another Nairobi Securities Exchange-listed company has spooked investors in East Africa’s stock markets, raising fears of possible cross-border contagion. Mumias Sugar Company, for many decades Kenya’s biggest miller, was placed under statutory management last week for defaulting on debts estimated at more than Ksh12.5 billion ($125 million). This follows a series […]

Tanzania: Kenyan Banks NIC and CBA merger awaits for regulator’s approval

CBA Bank and NIC Bank Tanzania are expected to undergo consolidation, after the banks’ groups in Kenya approved the merger deal in their respective annual general meetings. Kenyan Business Daily reported last week that the merger still needs approval from local and regional regulators including the Bank of Tanzania (BoT), the Central Bank of Kenya, […]

Bank of Tanzania looking to increase depositors protection from $660

THE Bank of Tanzania (BoT) is considering to review deposit payoffs after when a bank collapses to ensure depositors get more from their deposits. The central bank, through Deposit Insurance Board (DIB), currently pays a maximum amount of 1.5m/- per depositor if a bank goes under. The amount was last reviewed eight years ago. The […]

KQ eyes Dar nod for new joint venture

KQ eyes Dar nod for new joint venture

National carrier Kenya Airways has applied to the Tanzanian competition watchdog to allow it to expand its joint venture (JV) agreement with KLM to include Air France. The Fair Competition Commission (FCC) has invited parties opposed to the enhanced merger to submit their views. KQ operates flights to Mwanza, Kilimanjaro and Dar es Salaam cities […]

WEEKAHEAD-AFRICA-FX - Tanzanian, Ugandan shillings to stay firm, naira to weaken

WEEKAHEAD-AFRICA-FX – Tanzanian, Ugandan shillings to stay firm, naira to weaken

The Ugandan and Tanzanian shillings are expected to hold their ground against the dollar in the next week, while Nigeria’s naira is forecast to weaken, traders said. KENYA The Kenyan shilling is expected to hold steady due to thin market activity ahead of the holiday season. Commercial banks quoted the shilling at 103.05/15 against the […]

Kenya’s EABL to convert Tanzania unit loan into equity

Kenya’s East African Breweries Ltd (EABL) said on Friday it would convert a loan to its Tanzanian business into equity, after reaching a settlement with the competition authority that had been investigating the transaction. Tanzania’s Fair Competition Commission (FCC) threatened to revoke EABL’s 51 percent stake in Serengeti Breweries in 2015, accusing the Kenyan firm […]

EABL Settles Serengeti Merger Row through settlement with Tanzania regulators

Regional brewer East African Breweries Ltd (EABL) said that it will convert a loan to its Tanzanian business into equity, after reaching a settlement with the Competition Authority that had been investigating the transaction. “Early last month, we managed to close that matter, which will now allow us to complete this capital restructuring, convert our […]