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Good News from Africa

Corporate News From Africa

  1. Makueni poultry farmers to get credit feeds in a deal with KCB:

Over 1,000 poultry farmers in Kibwezi, Makueni County, are set to benefit from credit facilities, vaccinated insured chicks, chicken feeds and vaccines following the launch of a Sh300 million poultry farmer’s empowerment project by Kenya Commercial Bank (KCB).The project will be offered under the KCB’s MobiGrow, a mobile-based platform which provides financial and non-financial services to smallholder farmers in Kenya and Rwanda. The project, dubbed ‘From Chick to Market,’ will see poultry farmers access an array of tailor-made MobiGrow services. Upon the maturities of chicken, the birds will be bought at a pre-contracted prices by KCB’s market partners, which will guarantee farmers ready markets. Proceeds from the sales will then be remitted to farmers through their KCB MobiGrow accounts, to ensure the recovery of loan amounts. Speaking during the launch of the project, KCB Bank head of MobiGrow Dickson Naftali said the bank is committed to growing agribusiness in the country.

  • MP’s travel budget climbs to Sh3.2bn on mileage return:

The travel budget for MPs grew 88 percent in the first nine months to March to Sh3.4 billion after the courts reinstated mileage allowance that the Salaries and Remuneration Commission (SRC) had withdrawn. Data released on Monday by the Controller of Budget indicates that National Assembly travel spending grew from Sh1.8 billion in the nine months to March 2018.The SRC had in July 2017 gazetted new remuneration structure for State officers that proposed a reduction in legislator’s basic salary and scrapping of five allowances including mileage claims. Implementation of the SRC’s salary reviews was halted by the High Court in December 2017, allowing Parliament to revert to paying MPs the higher salaries and perks as well as offering them the scrapped Sh5 million car grant. Out of the travel budget, MPs spent Sh2.2 billion on domestic travels in the first nine months of 2018/19 compared to Sh1.1 billion over similar period the previous financial year.

  • Airtel Africa to list on Nigeria stock exchange:

Airtel Africa aims to list on the Nigerian bourse on Monday, one of the financial advisors arranging the issue said, after the exchange postponed the listing which had been scheduled for Friday. The Nigerian Stock Exchange on Friday said the secondary listing of Airtel Africa shares planned for July 5 had been postponed to ensure the telecoms company meets its listing requirements. A source at the arranger told Reuters the delay was due to a manual allotment process of transferring the shares to new investors. India’s Bharti Airtel last week offered shares in its African unit via a London IPO and it would dual list in Nigeria, its biggest market in Africa. Nigeria’s bourse said it postponed the cross-border listing of 3.76 billion shares of Airtel Africa, but allowed Airtel to go ahead with an investor presentation. It said that it would inform the market on when the conditions had been met. Airtel set its Nigerian listing price at 363 naira per share, the bourse said, via a book building process which valued the company at 1.364 trillion naira ($4.44 billion).In May, Africa’s biggest telecoms firm MTN listed its Nigerian unit in Lagos in a $6.5 billion float that made it the second-largest stock on the bourse by market value. Nigerian stocks have been crimped over low growth in Africa’s biggest economy which has been further stymied with the president’s failure to appoint a cabinet four months after winning a second term. Local stocks have fallen 6.8% this year and shed 17.8% last year. The local bourse said Airtel shares registered in Britain may be moved from the London market to Nigeria subject to approval by the custodians in London and currency regulation in Nigeria. But Airtel shares registered in Nigeria cannot be moved to London, it said.

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Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

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