Kenya | - Part 2

Wartsila Wins Contract to Build Two Kenyan Solar-Power Farms

NAIROBI (Capital Markets in Africa) – Wartsila Oyj’s East African unit won two engineering, procurement and construction contracts to develop grid-connected solar farms in Kenya, each with a capacity of 40 megawatts. Construction is expected to begin next year, according to George Oywer, a business development manager at Wartsila Eastern Africa Ltd. The East African nation, which has an electricity supply deficit, is boosting production from renewable sources including wind and geothermal as it cuts…

Dangote Is Said to Express Interest in Kenyan Cement Firm ARM

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MAPUTO (Capital Markets in Africa) – Dangote Cement Plc, Africa’s biggest producer of the building material, expressed an interest in acquiring Kenyan rival ARM Cement Ltd., according to three people familiar with the matter. ARM has been exploring a sale since at least October 2017. The company, part-owned by CDC Group Plc, was placed in administration in August after failing to find a strategic investor to help it manage debts of 14.4 billion shillings ($141 million). Aliko Dangote,…

Mauritius to Sign Free-Trade Accord With China, Premier Says

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PORT LOUIS (Capital Markets in Africa) – Mauritius will become the first African nation to sign a free-trade agreement with China, Prime Minister Pravind Jugnauth said. The two nations are discussing the establishment of a renminbi clearing house in Mauritius, while China has agreed to purchase 50,000 metric tons of specialty sugar from the Indian Ocean island nation, Jugnauth said in remarks broadcast Wednesday by Radio Plus in the capital, Port Louis. “A memorandum of understanding has…

ARM Kenya in Talks to Hire New CEO as Management Reorganized

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NAIROBI (Capital Markets in Africa) – ARM Cement Ltd., a debt-laden Kenyan manufacturer of the building material, said it’s identified a potential new chief executive officer as it named a former director of rival Lafarge Africa Plc among new board members. The management shake-up comes 10 months after ARM began a search for a strategic investor. The company is struggling under the weight of debt that ballooned to 14.4 billion Kenya shillings ($142.9 million) last…

The Kenya Banking Sector: Current Tends and Prospects

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LAGOS (Capital Markets in Africa) – Kenya’s banking sector has proven resilient over the last few years, continuing to deliver growth despite the tougher operating environment. The country has a total of 42 commercial banks, of which 11 are listed on the Nairobi Securities Exchange; with 1 mortgage finance company, 13 microfinance banks and 3 credit reference bureaus, all regulated by the Central Bank of Kenya. Financial inclusion continues to rise, reaching 75.3% in 2016…

Kenya Fund Managers Warn New Transaction Tax May Curb Investment

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NAIROBI (Capital Markets in Africa) – Kenyan fund managers slammed a new tax on financial transactions, saying it risks inhibiting trading and reducing the country’s attractiveness to investors. Forcing the government to rethink the levy would curb the revenue it needs to implement President Uhuru Kenyatta’s Big Four agenda — a development program that seeks to boost agriculture, manufacturing, healthcare and home construction. The tax is one of a raft of levies announced by Treasury Secretary Henry…

Moody’s Sees East African Economies Expanding Fastest Globally

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NAIROBI (Capital Markets in Africa) – East African economies will be among the fastest growing globally over the next two years with rates of 5.5 percent to 7 percent, driven by public spending on infrastructure, according to Moody’s Investors Service. Rwanda and Tanzania are expected to grow at 6.5 percent to 7.5 percent annually, while Uganda and Kenya could see rates of 5 percent – 6 percent. The services sector, which makes up the largest share of…

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