EFG Hermes’ investment banking division has successfully concluded its advisory role in the groundbreaking $428.7 million initial public offering (IPO) of Parkin, a prominent Dubai-based provider of paid parking services. This milestone event signals a significant achievement in the region’s financial landscape. Parkin opted to offer 749.7 million existing shares, constituting 24.99% of its total […]
The Capital Markets Authority (CMA) has announced a significant development aimed at modernizing the Nairobi Securities Exchange (NSE) by allowing companies to conduct initial public offerings (IPOs) electronically. This initiative, outlined in legal notice No. 172, seeks to streamline processes, reduce costs, and enhance transparency in Kenya’s financial markets. Nairobi Securities Exchange Vice Chairman, Paul […]
In 2023, the UAE banking sector witnessed significant growth, with total assets surging to a record Dh4.1 trillion, marking an 11% increase year-on-year. Despite global challenges, the Central Bank of the UAE’s (CBUAE) strategic initiatives have propelled the sector towards further expansion and recovery in 2024. During the last quarter of 2023, total assets saw […]
P1 Ventures, a prominent player in Africa’s tech sector, has secured a significant investment of $35 million, highlighting growing confidence in the region’s startup ecosystem. Despite global economic uncertainties, this funding round underscores the potential and attractiveness of Africa’s emerging markets. The partnership between P1 Ventures and the International Finance Corporation (IFC), a member of […]
NCBA Group has sealed a substantial agreement with Proparco, securing a $50 million loan aimed at bolstering small and medium-sized enterprises (SMEs) and advancing green financing initiatives. The loan, equivalent to approximately Sh6.73 billion, was formalized during a signing ceremony held at Nairobi’s Serena Hotel on March 18, 2024. Under the terms of the agreement, […]
In a significant move, Borse Dubai Ltd. has announced intentions to divest a portion of its stake in Nasdaq Inc. through a secondary share offering, aiming to raise approximately $1.6 billion. The plan entails selling 26.96 million shares of Nasdaq’s common stock at $59 per share, which would reduce Borse Dubai’s stake to around 10.8%. […]
Pan-African mobility fintech startup Moove has successfully concluded a $100 million Series B funding round, with notable participation from ride-hailing giant Uber, marking its initial foray into the African investment landscape. This collaboration further cements the existing partnership between Uber and Moove, with Uber being Moove’s primary car financing and vehicle supply partner across Africa […]
Safaricom, Kenya’s leading telecommunications company, is revolutionizing its dividend payment system by transitioning away from traditional cheque payments towards faster electronic methods. This move aims to enhance efficiency and convenience for its extensive shareholder base. In a recent announcement, Safaricom urged shareholders to update their payment preferences and contact details with its shares registrar, Image […]
Pakistan’s central bank, in its latest policy meeting on Monday, opted to maintain its key interest rate at 22%, marking the sixth consecutive meeting without change. The decision reflects ongoing efforts to balance inflationary pressures with economic stability. Analysts had widely anticipated this decision, acknowledging the necessity of a cautious approach amidst lingering inflation risks. […]
Kenya-based insurtech firm, mTek, has secured a substantial $1.25 million investment from Verod-Kepple Africa Ventures (VKAV) and Founders Factory Africa (FFA), signaling a significant boost for the region’s digital insurance landscape. The investment comes at a crucial juncture for mTek, positioning the company to accelerate its expansion efforts within both the Kenyan and broader East […]
President William Ruto has unveiled an ambitious infrastructure development plan that will see the Nairobi-Nakuru-Mau Summit Highway extended to cover...
In a significant policy announcement that has captured the attention of global financial markets, the People's Bank of China (PBOC)...
In a landmark achievement for African climate resilience, Mozambique has received a $2 million insurance premium for drought protection covering...
East African Breweries Limited (EABL), Kenya's leading alcoholic beverages manufacturer, has launched an ambitious fundraising initiative that opens the door...
