SEPT 15, 2017: CORPORATE NEWS FROM KENYA AND NIGERIA
KENYA:
IFC INVESTS IN BRITAM HOLDINGS PLC
The International Finance Corporation (IFC) has finally acquired 10.37% stake in Kenya's quoted insurance company; Britam Holdings plc.
According to official notice from the company's Director, Legal and company secretary, Nancy Kiruki, the deal was sealed two days ago and IFC now holds 224,187,697 shares in Britam.
She said nothing about what IFC paid for the shares and whether such was in bulk cash; and in any other kind.
On January 3, 2017 the IFC intention had been formally announced as a proposal and since then, work had been on to actualise it.
Hence, excited, Britam expressed its gratitude to Kenya's regulatory bodies that helped in this regard: The Insurance regulatory Authority; the Capital Markets Authority and the Central Bank of Kenya.
The transaction was packaged and made possible with Stanbic Bank Kenya ltd and the law firm, Caulson Harney LLP as advisers.
Britam operates across the region in Kenya; Uganda; Rwanda; South Sudan; Mozambique and Malawi.
CENTUM INVESTMENT TO REDEEM KES 4,2BN BOND
Kenya's Centum Investment company ltd will on September 18, 2017 redeem the Kes 4.2bn bond it issued on September 24, 2012 for a five year tenor.
According to Dr Fatai Shontiwa, group strategy director, the bond was made up of Kes 2.9bn floating rate note with 13.5% coupon and an equity linked note (ELN) of Kes 1.3bn with 12.75% coupon plus an equity kicker of a maximum of 15% of par value linked to growth in net assets per share.
Hence, apart from getting back their money, the ELN investors will receive an additional Kes 191m arising from 15% of par value which comes to internal return rate of 14.9% for them on the issue.
Also repaid in full already, says Shontiwa, was the Kes 3bn facility extended to Centum by Rand Merchant Bank (RMB) which earlier scheduled to mature by December this year. However, Centum Investment also obtained a new Kes 5bn facility from RMB repayable four years time.
KEN KOBIL BOARD CHANGES
The revolving doors of the boardroom of Ken Kobil plc has opened and closed exiting a director, Terence Davidson and admitting a new one: Ms Ashwini Bhandari.
According to group managing director, David Ohana, Terence Davidson resigned after spending 10 years on the board and Ms Bhandari's membership was with effect from yesterday, September 14, 2017.
Bhandari is an advocate of the High court of Kenya and a solicitor of the Supreme court of England and Wales wide experience in commercial and corporate law particularly acquisitions; mergers and company restructuring in addition to capital market transactions.
NIGERIA:
DANGOTE CEMENT GUNS FOR SOUTH AFRICA'S PPC LTD
Dangote Cement has officially admitted that it has expressed interest in take over South Africa's PPC ltd 100%.
According to the company secretary, Mahmud Kazuare, the bid interest has only so far been formally communicated to the board of directors of PPC and so, nothing much could be said yet.
"The communication is still at preliminary stage" he declared adding "and further details will be given subsequently as appropriate".
Dangote cement, is currently the largest cement manufacturer in Africa with plants in home base Nigeria, Cameroon, Congo, Ghana, Ethiopia, Senegal, Sierra Leone, South Africa, Tanzania and Zambia.
NEW DIRECTOR FOR GUINNESS NIGERIA
Guinness Nigeria has announced the appointment of Mark Sandys as a non-executive director with effect from August 30, ths year.
According to Rotimi Olusola, company secretary and legal adviser, Sandys is currently Global head of beer, baileys and spirnoff for Diageo plc, the parent company of Guinness Nigeria.
He brings to bear over 20 years experience, 19 of which has been with Diageo in different capacities and different countries.
IFC INVESTS IN BRITAM HOLDINGS PLC
The International Finance Corporation (IFC) has finally acquired 10.37% stake in Kenya's quoted insurance company; Britam Holdings plc.
According to official notice from the company's Director, Legal and company secretary, Nancy Kiruki, the deal was sealed two days ago and IFC now holds 224,187,697 shares in Britam.
She said nothing about what IFC paid for the shares and whether such was in bulk cash; and in any other kind.
On January 3, 2017 the IFC intention had been formally announced as a proposal and since then, work had been on to actualise it.
Hence, excited, Britam expressed its gratitude to Kenya's regulatory bodies that helped in this regard: The Insurance regulatory Authority; the Capital Markets Authority and the Central Bank of Kenya.
The transaction was packaged and made possible with Stanbic Bank Kenya ltd and the law firm, Caulson Harney LLP as advisers.
Britam operates across the region in Kenya; Uganda; Rwanda; South Sudan; Mozambique and Malawi.
CENTUM INVESTMENT TO REDEEM KES 4,2BN BOND
Kenya's Centum Investment company ltd will on September 18, 2017 redeem the Kes 4.2bn bond it issued on September 24, 2012 for a five year tenor.
According to Dr Fatai Shontiwa, group strategy director, the bond was made up of Kes 2.9bn floating rate note with 13.5% coupon and an equity linked note (ELN) of Kes 1.3bn with 12.75% coupon plus an equity kicker of a maximum of 15% of par value linked to growth in net assets per share.
Hence, apart from getting back their money, the ELN investors will receive an additional Kes 191m arising from 15% of par value which comes to internal return rate of 14.9% for them on the issue.
Also repaid in full already, says Shontiwa, was the Kes 3bn facility extended to Centum by Rand Merchant Bank (RMB) which earlier scheduled to mature by December this year. However, Centum Investment also obtained a new Kes 5bn facility from RMB repayable four years time.
KEN KOBIL BOARD CHANGES
The revolving doors of the boardroom of Ken Kobil plc has opened and closed exiting a director, Terence Davidson and admitting a new one: Ms Ashwini Bhandari.
According to group managing director, David Ohana, Terence Davidson resigned after spending 10 years on the board and Ms Bhandari's membership was with effect from yesterday, September 14, 2017.
Bhandari is an advocate of the High court of Kenya and a solicitor of the Supreme court of England and Wales wide experience in commercial and corporate law particularly acquisitions; mergers and company restructuring in addition to capital market transactions.
NIGERIA:
DANGOTE CEMENT GUNS FOR SOUTH AFRICA'S PPC LTD
Dangote Cement has officially admitted that it has expressed interest in take over South Africa's PPC ltd 100%.
According to the company secretary, Mahmud Kazuare, the bid interest has only so far been formally communicated to the board of directors of PPC and so, nothing much could be said yet.
"The communication is still at preliminary stage" he declared adding "and further details will be given subsequently as appropriate".
Dangote cement, is currently the largest cement manufacturer in Africa with plants in home base Nigeria, Cameroon, Congo, Ghana, Ethiopia, Senegal, Sierra Leone, South Africa, Tanzania and Zambia.
NEW DIRECTOR FOR GUINNESS NIGERIA
Guinness Nigeria has announced the appointment of Mark Sandys as a non-executive director with effect from August 30, ths year.
According to Rotimi Olusola, company secretary and legal adviser, Sandys is currently Global head of beer, baileys and spirnoff for Diageo plc, the parent company of Guinness Nigeria.
He brings to bear over 20 years experience, 19 of which has been with Diageo in different capacities and different countries.
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