Finally a new stockbroker is going to be invited to join the lucrative club that is the Nairobi Stock Exchange. The number of shareholders has gone up approximately ten times from pre-Kengen IPO, but the number of stockbrokers, through which investors must trade their shares has been stuck at 18 all that time (currently 17 since Francis Thuo was suspended earlier this year).
It's only one seat to access this Kshs. 4 billion a year industry, but that can only improve the current situation. Who should win? Ideally a bank or financial institution with an extensive branch network. CFC bank - the only bank that's also a stockbroker has the widest reach nationwide when compared to several one office stockbrokers in Nairobi
Application details here and only firms that can qualify as a stockbroker or investment bank are eligible. The Application fee is Kshs 50,000 ($700) to the NSE, and 2,500 to the Capital Markets Authority. Applications should also include a company profile and statement of financial support/bank guarantee for the bid amount which is reported to have a reserve price of Kshs 150 million ($2 million). D/L of 13/8 is just over a week away.
Other News & Follow up's
- KTN reported that the housing Finance deal (buy in by Equity) could be in jeopardy owing to a burden of borrower lawsuits that could be a major liability for the bank since the introduction of in duplum rules to the banking sector. (One plaintiff won a major case against the bank last month)
- I & M: Two European development finance institutions take up a 12% stake in I&M - Kenya’s 11th largest bank
- NIC shareholders will this month be asked to vote on right issue and bonus share - in addition to modifying the company laws to expand the bank beyond Kenya, enter insurance, custodial, and investment banking, and allow unclaimed dividends by to be reinvested by the Bank until a shareholder shows up to claim them
- Welcome to the Kenya, land of milk & honey: The Safaricom IPO honey pot has attracted interest from BNP Paribas, Citicorp, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and other banking, financial and legal giants
- Next week’s East African reports on a proposed merger in the cement industry between Bamburi and East African Portland Cement companies.
- As expected parliament, without a legitimate quorum, passed the media bill
- Weak laws and evasion are robbin Kenya of tax money.
- Borrow up to Kshs 1,000,000 at 0% interest from Halaal Credit, but eligible only to Kenyan Sunni Muslims.
- Diaspora conference; a conference dubbed Incorporating the Preparatory Kenya Diaspora Home-Coming Forum will take place at KICC on 14-16 August, 2007. some issues will be exploring investment opportunities in Kenya, debate the Diaspora bill 2007 , building partnerships between European and African private and public sector stakeholders, SME and Diaspora sectors be mainstreamed into vision 2030, and proposal that an annual Kenya Diaspora Homecoming week be held every August of each year. Details can be got from email@example.com
- Design a logo and come up with a motto for the Kenya Investment Authority :
- AON: retail broking manager, senior business development executive (health). Apply to HR@aon.co.ke by 17/8
- Chief executive officer at the export processing zones authority. Apply through manpower associates by 14/8
- KCB: branch managers, business banking managers. Apply to firstname.lastname@example.org by 17/8
- Safaricom: Investigator, senior fraud analyst, senior information security officer, senior information systems auditor, and a dozen technical jobs. Apply to
email@example.com by 10/8
- UAP: Relationship officer, internal risk surveyor, agricultural underwriter. Apply to firstname.lastname@example.org.