East Africa | - Part 7

Bank of Uganda Slashes Benchmark Rate amid shrinking growth

KAMPALA (Capital Markets in Africa) – The Bank of Uganda on Wednesday lowered the central bank rate by 50 basis points from 12 percent, set in December 2016, to 11.5 percent. The cut was necessary to “support economic activity”, according to the Monetary Policy Statement for February 2017. It is the sixth consecutive cut since the central bank started easing the policy rate in April 2016. “A further cautious easing of monetary policy is warranted to…

South Africa’s Imperial buys stake in Kenyan pharmaceutical distributor

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African logistics group Imperial Holdings will buy a 70 percent stake in Kenyan pharmaceutical distributor Surgipharm for $35 million in line with its African growth strategy, the company said on Wednesday. Surgipharm, which is headquartered in Nairobi, is a leading distributor of pharmaceutical, medical, surgical and allied supplies in Kenya, with an annual turnover of about $70 million, the company said in a statement. It gave no further…

Rwanda sets I&M Bank IPO share price at 90 francs

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KIGALI (Capital Markets in Africa) – The initial public offering of shares in I&M Bank Rwanda Ltd have been priced at 90 francs ($0.1085) each, the Rwandan finance ministry said on Tuesday. The government is selling 99,030,400 shares, representing a 19.81 percent stake in the lender, with the proceeds set to fund the construction of a second airport near the capital. The offer opened on Tuesday and is expected to close on March 3, the…

Kenya’s 2017 Macroeconomic Fundamentals

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NAIROBI (Capital Markets in Africa) – The year 2017 is shaping up to be a year of stable growth, despite being an election year in the country. In this article, we highlight and discuss the macroeconomic fundamentals in Kenya, the key opportunities in different sectors of the economy, and finally discuss the key challenges facing the growth prospects of the country. Kenya is one of the fastest growing economies in the Sub-Saharan Africa region, with…

Central Bank of Kenya to float 12-year infrastructure bond

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NAIROBI (Capital Markets in Africa) – Kenya has floated treasury bond worth US$288 million to fund infrastructure projects coming two weeks after it cancelled a similar bid, Central Bank of Kenya (CBK) has said. The 12-year infrastructure bond, which is up for sale for the next two weeks and will later be listed at the Nairobi Securities Exchange’s secondary market from February 28. “The Central Bank, acting as a fiscal agent for the Republic of…

Somalia’s GDP growth seen slowing to 2.5 pct in 2017 – IMF

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KHARTOUM (Capital Markets in Africa) – Somalia’s economy is expected to slow sharply this year as a drought knocks production in farming, although the impact will be partially offset by a boost from construction and telecommunications, the International Monetary Fund said. In a statement late on Wednesday, the IMF projected the Horn of Africa nation’s gross domestic product would expand 2.5 percent this year down from estimated 3.4 percent in 2016. “The Somali economy is…

Rwanda to sell 20 pct stake in I&M Bank next week

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NAIROBI (Capital Markets in Africa)) – The Rwandan government plans next week to sell its 20 percent stake in I&M Bank operations in Rwanda, with the aim of raising 11.5 billion francs ($14.1 million), a minister and a senior executive said. The initial public offering (IPO) would be launched on Feb. 14 and the proceeds would be used to help finance a new airport at Bugesera, east of the capital Kigali, the officials said. “The…

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