The rising cost of living and waning confidence of local investors in the Kenyan stock market have triggered major re-alignments at the Nairobi Stock Exchange (NSE), and appears to have put foreigners in control of trading volumes.
Market trading data show that as locals have slowly pulled back from investing in the Nairobi Stock Exchange since mid last year, foreign investors have stepped up their participation, cherry picking stocks that are perceived to be grossly undervalued. Read the rest of this entry »
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. 
