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 […]
The Nairobi Securities Exchange (NSE) witnessed a substantial surge in investor wealth on Thursday, with a remarkable increase of Sh38.6 billion, marking the largest single-day gain in eight months. This surge was primarily attributed to the impressive performance of Safaricom and key players in the banking sector. Safaricom, the leading telecommunications company in Kenya, drove […]
Samsung Electronics has inked a significant deal with the US government, sealing a $6 billion investment aimed at expanding its semiconductor operations within the United States. This strategic move, set to be unveiled by the end of March, is part of the 2022 Chips and Science Act, designed to bolster America’s semiconductor industry. The Korean […]
The Egyptian Natural Gas Holding Co. (EGAS) has made a strategic move by establishing “Modern Gas” Saudi Arabia, a subsidiary in the Kingdom with EGAS holding an 80% ownership stake. This expansion into Saudi Arabia is part of EGAS’s broader offshore strategy, particularly focusing on Gulf Cooperation Council (GCC) countries. Egypt faces economic challenges, including […]
The Capital Markets Authority (CMA) is shaking things up in Kenya’s financial sector with proposed new regulations that raise the bar for market intermediaries. This move, aimed at boosting investor confidence and revamping the market as a whole, requires these intermediaries to hold a higher minimum amount of readily available cash and liquid assets. Investment […]
Saudi Arabia is poised for a significant move in its financial strategy, as it looks to enlist top Wall Street banks for a secondary share sale in Aramco, according to a recent report by Bloomberg. In this endeavor, JPMorgan Chase & Co. is being considered as a key underwriter for the offering, alongside contenders Bank […]
The Green Climate Fund (GCF) is making a significant splash in Africa, pledging a combined $309.3 million to Madagascar, Somalia, and Ghana to combat climate change and strengthen their economies. This news comes on the heels of the GCF’s 38th Board of Directors meeting in Kigali, Rwanda, where a total of $1.26 billion in climate […]
Investors are on the move as bank share prices experience a notable uptick on the Nairobi Securities Exchange (NSE). The surge in demand is primarily driven by expectations of higher dividends from leading lenders for the fiscal year ending December 2023. Since March 5, when Stanbic Holdings announced a 21.8 percent increase in dividends for […]
Parkin Company PJSC has reacted swiftly to the remarkable surge in retail investor interest in the UAE, announcing an adjustment to its initial public offering (IPO) allocation. The Securities and Exchange Authority (SCA) has approved an increase in shares offered to retail investors, reflecting the unprecedented demand. Originally set at 74,970,000 ordinary shares, the UAE […]
Eskom’s Chief Financial Officer (CFO) is slated to lead discussions at the upcoming Invest in Africa Energy (IAE) forum in Paris, reinforcing the utility’s dedication to fortifying South Africa’s energy landscape through strategic collaborations with private investors. Set for May 14-15, 2024, the IAE forum serves as a pivotal platform for fostering cooperation between African […]
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