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Home Afrika of Kenya Seeking Up to $49 Million From Investors

NAIROBI (Capital Markets in Africa) – Home Afrika Limited, a Kenyan property developer, will return to debt markets to raise as much as 5 billion shillings ($48.6 million) and complete projects in the capital and on the East African nation’s coast. The company, based in Nairobi, has picked Genghis Capital Ltd. to offer between 2 billion and 5 billion shillings to international investors in the first phase of the funds drive that’s set to begin by April,…

Kenya to Jail Bankers Guilty of Wrongdoing After Failures

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank wants bankers found guilty of any wrongdoing jailed, after three lenders in East Africa’s biggest economy collapsed in the past nine months. “If people did the wrong things they should be held accountable,” Governor Patrick Njoroge said Thursday in an interview at the World Economic Forum in Kigali, the Rwandan capital. “We are going to take them to a court of law. Put them behind bars.” Kenyan…

Kenya | Equity Group Pauses Africa Expansion Plans as Economies Slow

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Nairobi, Kenya, Capital Markets in Africa: Equity Group Holdings Ltd., Kenya’s biggest bank by market value, put plans to expand into five other African countries on hold after sliding prices for commodities from oil to copper caused currencies to tumble. The lender, which had prioritized entries into Nigeria, Angola, Ghana, Mozambique and Zambia, will instead focus on deepening its presence in markets in which it already operates by growing branch networks, Chief Executive Officer James Mwangi said. “We…

Kenya’s Biggest Bank May Expand Operations to Four New Countries

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NAIROBI, Kenya, Capital Markets in Africa — Kenya Commercial Bank (KCB) Group Limited, owner of Kenya’s largest bank, may enter Mozambique, the Democratic Republic of Congo, Somalia and Djibouti by 2020, said Chief Executive Officer Joshua Oigara. The lender is willing to swap shares to fund transactions, he told reporters in the capital, Nairobi, on Friday. KCB will complete an assessment of Chase Bank Kenya Ltd., the failed lender that it is helping to reopen branches and…

Family Bank Plans Share Sale to Fund East African Expansion

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NAIROBI, Kenya, Capital Markets in Africa — Family Bank Limited, a closely held Kenyan lender, plans to raise 4 billion shillings ($40 million) in a share sale to existing investors by June that will be used to fund an East African expansion. The company wants to make a “cautious entry” into markets in the region over the next year, outgoing Managing Director Peter Munyiri told reporters in Nairobi on Friday, without identifying any countries. The lender, which has 1.7…

Kenya Regulators Help Investment Bank Free Funds Held in Lender

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NAIROBI, Kenya, Capital Markets in Africa — Kenyan regulators are working with Genghis Capital Ltd. to help the investment bank free up cash locked in Chase Bank Kenya Ltd., an associated company which is being nursed back to health after collapsing following a run on deposits. Authorities are collaborating with the caretakers of Chase Bank so that clients of Genghis wanting to redeem some of their mutual fund holdings can access their money, Capital Markets Authority acting Chief…

Ghana’s Biggest IPO Said to Raise 450 Million Cedis for Lender

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ACCRA, Ghana, Capital Markets in Africa — Agricultural Development Bank Limited raised 450 million cedis ($119 million), the largest initial public offering in Ghana’s history, last month, according to two people familiar with the deal. The bank raised more than the target of almost 400 million cedis, said the people, who asked not to be identified because regulators are still reviewing the results. ADB will use 300 million cedis for capital and the rest to pay shareholders,…

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