Thursday, March 28, 2024

Listed companies’ news update

Barclays Bank of Kenya sets aside 5 billion to promote women entrepreneurs

Barclays Bank of Kenya and the International Trade Center (ITC) have partnered to help women access international trade opportunities. Through SheTrades Kenya, the institutions will help women access export opportunities. Barclays has committed to get 10,000 women into international markets, and has invested KES 70 million into the initiative. Barclays Bank Managing Director Jeremy Awori said that the lender is passionate about all groups and he thinks that women have their own specific opportunities and challenges. He further added that about 48% of SMEs are women led and about 20% women led SMEs participate in international trade. The aim of the lender is to push these percentages up. The launch of SheTrades Kenya comes months after the lender announced it had set aside KES 5 billion in loans for women entrepreneurs.

 

Standard Chartered Bank Kenya Annual Grand Sale

Standard Chartered Bank Kenya has introduced a KES 7 million unsecured loan product, the highest currently in the local market. This year 90 customers who sign up for personal loans will be entered into a weekly draw during which they shall win an equivalent of their monthly gross salary. Standard Chartered has a market cap of 64 billion and P/E ratio is currently 10.69 and is 4th behind KCB Group, Equity Group and Coop Bank. Standard Chartered boasts of cost efficiency as portrayed by the low cost to income ratio of 39 per cent compared to its peers. Standard Chartered reported a 43 per cent increase in profit after tax in the first three months of 2016 from KES 1.8 billion to KES 2.5 billion.

 

Centum’s KES 200 Billion Amu Coal Power Plant

Standard Bank together with Industrial & Commercial Bank of China Ltd (ICBC) will finance a KES 200 billion ($2Bn) towards Centum’s Amu Coal Power plant based in Lamu-Kenya. The Chinese firm will be in-charge of setting up the plant which is expected to put the country at the same level as countries such as South Africa which are major users of the source of energy. Financing for the project will be through debt which will account for three quarters of the project and shareholders’ equity which will be at least KES 500 million. The remaining amount has been negotiated with South Africa’s Standard Bank and China’s Industrial Development Bank and will be serviced to the firm as a loan according to Standard Bank’s latest financial report. The construction is expected to start in September and has been given a timeline of 21 months for its completion.

 

KCB’s own “Shark Tank”

KCB Group will host a TV show IN September 2016 where aspiring entrepreneurs get to pitch their business ideas and products to a panel of Kenyan business moguls (“the Lions”) who have the cash and the know-how it takes to succeed. The show will be in a similar format to the famous Shark Tank show. Kenya’s most daring entrepreneurs will have an opportunity to step into the den to convince “the Lions” that their business is worth investing in and offer a share of their company in return. “The Lions” have pledged millions of shillings of their own personal wealth towards investing in ground-breaking ideas through the Lions’ Den, powered by KCB Bank. The TV show is part of the KES 50 Billion KCB Group 2Jiajiri Programme expected to benefit at least 500,000 youths in a period of 5 years. The programme, which also encompasses a business challenge for start-ups, will enable young entrepreneurs to submit their business ideas for funding.

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