Kenya

Capital raising

Rise of pension giants set to transform investment in Africa

New giants are arising in African investments – the domestic pension funds. Several countries have funds worth billions of US dollars and in many they are growing at 25% a year or more. Handled well, they could transform local equity markets, exits for private equity and infrastructure investment.

Exchange news

Kenya’s CMA regulator pushes capital markets development plan

Kenya’s Capital Markets Authority (CMA) is pushing the development of the capital market through today’s (16 Oct) launch of a 16-member steering committee to formulate the Capital Markets Master Plan (CMMP) covering the next 5 years of development.

Funds

Africa’s best real estate developer is private equity group Actis

Leading African private equity group Actis has won the title for “Best Developer in Africa” in the 8th annual global Euromoney Real Estate Survey run by finance magazine Euromoney

Kenya

Rerating of emerging and frontier markets debt risks will boost issues

World investors and debt-rating agencies should rethink criteria for evaluating political and other risk. “Risk is up for developed markets (DM) and down for Emerging Markets (EM)” was a key message from a Thomson Reuters conference in London on 18 September.

Capital raising

Uganda’s power distributor Umeme says it plans Nairobi and Uganda IPOs this year

Uganda’s only power distributor, Umeme, said it plans to raise capital to invest in Uganda’s electricity sector through an initial public offering (IPO) on the Ugandan and Nairobi securities exchanges later in 2012

Exchange news

Kenya licences first ethical Islamic finance fund

Kenya has licensed its first ethical fund, an Islamic fund issued by FCB Capital, a sharia-compliant investment bank, and aims to become the centre of Islamic finance in East Africa, calling for the set-up of a council to advise on Islamic finance products.

Exchange news

First global company lists on Stock Exchange of Mauritius

The first offshore company was approved to be listed for trading on the Stock Exchange of Mauritius. Evisa Investments Ltd, which has invested in Kenyan insurance, has a Global Business Licence Category 1, approved by the Mauritius Financial Services Commission.

Capital raising

East African investors opening accounts at Nairobi Stock Exchange

The number of investors from other East African countries opening trading accounts at Kenya’s Nairobi Stock Exchange is still very small, but has grown more consistently in the last 2 years than other categories of investors.

Exchange news

FTSE Group working on Pan-Africa index with African Securities Exchanges Association

FTSE has launched a FTSE-ASEA index with the African Securities Exchanges Association, which will help to unlock Africa an investment for larger portfolio investors. The index covers stocks on 16 exchanges and is adjusted for investibility, including free float and liquidity.

Funds

Aureos Africa Health Fund invests $2.5m in Kenya healthcare

Aureos Africa Health Fund invested $2.5 million in a Kenyan hospital and health insurance company, the Avenue Group, which offers affordable healthcare cover, integrated with quality healthcare provision.

Exchange news

Is lack of liquidity driving African issuers to list on London Stock Exchange and others?

Reuters newsagency has put together stories on issuers’ and investors’ difficulties with African stock markets. These include lack of liquidity and sinking currencies. It notes that African companies are increasingly dual listing on international stock exchanges.

Funds

InReturn Capital invests in Kenya’s Eagle Eye Laser Centre

East African venture capital firm InReturn Capital has entered a partnership with Hurlingham Eye Care Services group (HECS). InReturn Capital is an impact investing company which aims to generate positive social impact and profits by investing in small and medium enterprises (SMEs) in East Africa.

Capital raising

Mobius remains bullish on Nairobi Securities Exchange, says FT

Mark Mobius, veteran emerging markets investor and head of Templeton Emerging Markets, is bullish about the Nairobi Securities Exchange (NSE), although it is the worst-performing stock market in sub-Saharan Africa this year, according to the Financial Times.

Kenya

Kenya’s Capital Markets Authority regulator proposes corporate governance law

Kenya’s Capital Markets Authority has drafted proposals on corporate governance and is waiting for approval so they can be gazetted and become law.

Egypt

Silk Invest says Egypt elections will be turning point

Mark Voss of fund manager Silk Invest foresees a turning point for the Egyptian market in a recent note. He also notes growth in Tunisia, with companies back to pre-revolution levels, tourism boom in Morocco, giant growth in Ghana and telecom payments innovation in Kenya.

Capital raising

Kenyan IPO only 60% subscribed but regional plans go ahead

Kenyan financial services firm British-American Investments Company Ltd. said on 23 August that its initial public offering (IPO) had only attracted 60.09% of the targeted KSh5.85 billion ($63million).

Capital raising

Dar Es Salaam bourse aims for IPO and 2 cross listings, capital controls easing

The Dar Es Salaam Stock Exchange aims to increase to 18 listed companies and is preparing for an initial public offering (IPO) for Precision Air during September and cross-listings of 2 mining firms listed in London. Tanzania is also set to ease controls on the amount of shares foreigners can buy.

Capital raising

Private equity and lenders hop aboard $287m Kenya-Uganda railway

The International Finance Corporation and 6 leading international finance institutions provided $164 million in financing to Rift Valley Railways International to rehabilitate the Kenya-Uganda railway today (2 August).

Capital raising

British American Investment launches Kenya IPO

British American Investment Company (Kenya) Ltd launched its initial public offer (IPO) this week. It aims to raise KES 5.58 billion (US$62.2 million) for expansion. The offer is open until 5 August, and it to list its shares on the Nairobi Stock Exchange.

Capital raising

Kenya’s Transcentury private equity firm to list on Nairobi SE

Kenyan private equity firm TransCentury is to list through introduction at the Nairobi Stock Exchange on 14 July at a price of KES50 (USD0.58) a share. The firm began as an investment club and is valued at KES13.35 billion ($148.7 million).