JULY 30,2018: CORPORATE NEWS FROM GHANA,& KENYA

GHANA:

TULLOW OIL SEEKS UK, DUBLIN LISTING

Ghana's Tullow oil Plc has applied to be listed in London and Dublin stock exchanges with the hope that approval will be given around today July 30 2018.

According to notice issued by the company on July 26 2018, the application is before UK Listing authority and Euronext Dublin for the listing of 2,778.204 shares of nominal value of £0.10 per share.

The shares are made up of 1,995,404 shares allotted and issued pursuant to the employee share award plan; 765,571 shares allotted under Tullow Incentive plan and 17,229 under deferred Bonus plan 2005.

MECHANICAL LLOYD COMPANY LTD: BOARD CHANGES

Mr Terence Ronald Darko has been appointed as the chairman of the board of directors of Mechanical Lloyd co ltd with effect from July 1, 2018.

In the notice dated July 26 2018, it was also announced that Mrs Kalysta Darko-O'Kell was also appointed as the managing director of the company from the same date.

MLC has been quoted on the Ghana Stock Exchange since May 10, 2018.

KENYA:

STANDARD BANK GROUP BUYS MORE INTO STANBIC HOLDINGS.

In line with offer document dated May 16 this year, with a final closure on July 7, 2018, Standard Bank Group, though its subsidiary, Stanbic Africa Holdings Ltd, has decided to acquire 31, 661,641 more shares in Stanbic Holdings ltd offered under the tender.

The tender offer was for 59,000,000 shares that were not held by Stanbic Africa  but eventually, not all of the shareholders accepted the offer.

The above 31m to be acquired represent 8.01% of Stanbic Holdings issued capital and they are to be acquired at Ksh 95 per share totalling Ksh3.007bn.

With the acquisition Stanbic Africa is now to hold 268,854,620 shares or 68.01% of the issued capital of Stanbic Holdings ltd.

NEW COMPANY SECRETARY FOR KEN GEN

Mr Paul Ndungi was been appointed the new company secretary and legal affairs director of Ken Gen Ltd.

According to notice issued by the managing director, Rebecca Miano, the new company secretary  brings to bear 17 years working experience that spans stints with I & M Bank ltd; and Ecobank Kenya Ltd.

He comes to Ken Gen from Barclays Bank Kenya where he had been company secretary and senior counsel since July 2015.

He holds LLB from the University of Nairobi and Diploma in law.










Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more