Safaricom, Kenya’s biggest mobile operator wants to borrow up to KES 11 billion (USD 143 million). Safaricom has picked ABSA Bank, CFC Stanbic, and Barclays Capital to arrange the bond issue. Safaricom, which is partially held by Britain’s Vodafone, has had to contend with falling revenue per user as it has entered a price war with rivals such as France’s Orange and Kuwait’s Zain.

The Kenya Electricity Generating Company (KenGen) plans to raise KES 15 billion (USD 195 million) in a bond whose first tranche will be sold this year. Funds raised will be used to set up thermal generators. KenGen is the country’s biggest electricity producer. Most of its power is derived from hydrodams and a small percentage from geothermal wells. The rest is made by fuel-run turbines.

Barclays Bank Kenya has already launched a KES 5 billion (USD 65 million) seven-year bond to support long-term lending. Investors gave it KES 3 billion (USD 39 million) in two tranches issued in June 2008 and October 2007.

Visit Safaricom’s website
Visit ABSA’s website
Visit CFC Stanbic’s website
Visit Barclays Capital’s website

Source(s):
Balancing Act News