|Tuesday 03rd of April 2018
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Landscapes as seen from the Nairobi National Park
The park covers an area of 117.21 square kilometres (28,963 acres) and
is small in comparison to most of Africa's national parks. The
park's altitude ranges between 1,533 and 1,760 metres (5,030 and 5,774
ft). It has a dry climate. The park is the only protected part
of the Athi-Kapiti ecosystem, making up less than 10% of this
ecosystem. The park has a diverse range of habitats and
The park is located about 7 kilometres (4 mi) from the Nairobi's
centre. There is electric fencing around the park's northern, eastern,
and western boundaries. Its southern boundary is formed by the
Mbagathi River. This boundary is not fenced and is open to the
Kitengela Conservation Area (located immediately south of the park)
and the Athi-Kapiti plains. There is considerable movement of
large ungulate species across this boundary.
12-FEB-2018 :: China was never interested in bringing him to heel. After all, he is the buffer state between China and more than 30,000 US soldiers parked on their doorstep in South Korea.
Law & Politics
“Water is fluid, soft, and yielding. But water will wear away rock,
which is rigid and cannot yield. As a rule, whatever is fluid, soft,
and yielding will overcome whatever is rigid and hard. This is another
paradox: What is soft is strong,” Lao Tzu
South Korea is set to be peeled off and going by his puppy dog smiles
President Moonriver will be in PyongYang before you can pronounce Kim
Yo Jong correctly. Russia always had their back. China was never
interested in bringing him to heel. After all, he is the buffer state
between China and more than 30,000 US soldiers parked on their
doorstep in South Korea.
18 SEP 17 :: "A screaming comes across the sky" North Korea. @TheStarKenya
Law & Politics
Gravity’s Rainbow is a 1973 novel by Thomas Pynchon which is about the
design, production and dispatch of V-2 rockets by the German military.
In particular, it features the quest undertaken by several characters
to uncover the secret of a mysterious device named the “Schwarzgerät”
(black device), slated to be installed in a rocket with the serial
number “00000”. As the world watches PyongYang, I cannot help
wondering if Kim Jong-Un has read Pynchon which speaks of “A screaming
comes across the sky” and North Korea.
“But it is a curve each of them feels, unmistakably. It is the
parabola. They must have guessed, once or twice -guessed and refused
to believe -that everything, always, collectively, had been moving
toward that purified shape latent in the sky, that shape of no
surprise, no second chance, no return.’’
A Saudi Prince's Quest to Remake the Middle East @NewYorker
Law & Politics
In his work with the White House, is Mohammed bin Salman driving out
extremism, or merely seizing power for himself?
few days after Donald Trump was inaugurated, Jared Kushner sat down to
decide how to reshape the Middle East. During the campaign, Trump had
promised a sweeping transformation of the region. Steve Bannon,
Trump’s senior aide and ideologist at the time, told me recently, “Our
plan was to annihilate the physical caliphate of isis in Iraq and
Syria—not attrition, annihilation—and to roll back the Persians. And
force the Gulf states to stop funding radical Islam.” The Middle East
initiative, Bannon said, was one of the few points of agreement in an
otherwise fractious White House. “Jared and I were at war on a number
of other topics, but not this.”
Kushner, Trump’s son-in-law, was put in charge of policy for the
region. He had no experience in diplomacy or in Middle Eastern
politics; at thirty-six, he had spent his working life managing New
York and New Jersey real-estate projects and running the New York
Observer, a fading tabloid. But a former senior defense official who
worked with Kushner told me that he had been educating himself on the
fly. “He’s not a scholar on this stuff,” the official said. “His
knowledge is gained from talking to movers and shakers in that part of
the world. You can read a lot of books but never get the type of
education you get from talking to the Kissingers and Petraeuses of the
In a conference room at the White House, Kushner met with aides from
the National Security Council. “We took out the map and assessed the
situation,” the former defense official said. Surveying the region,
they concluded that the northern tier of the Middle East had been lost
to Iran. In Lebanon, Hezbollah, an Iranian proxy, controlled the
government. In Syria, Iran had helped save President Bashar al-Assad
from military disaster and was now bolstering his political future. In
Iraq, the government, nominally pro-American, was also under the sway
of Tehran. “We kind of set those to the side,” the official told me.
“We thought, So then what? Our anchors were Israel and Saudi Arabia.
We can’t be successful in the Gulf without Saudi Arabia.”
As Kushner grappled with the complexities of Middle East politics, he
and M.B.S. began a conversation by telephone and e-mail. “They became
close very fast,” a former American official who sees M.B.S.
periodically said. “They see the world in the same way—they see
themselves as being in the tech-savvy money world.” Kushner followed
up with a visit to Riyadh, the first of three such trips; the two men
stayed up nearly until dawn, discussing the future of their countries.
Once, during a meeting at the home of Secretary of State John Kerry,
M.B.S. spotted a grand piano, walked over, and began playing the
“Moonlight” Sonata. His favorite diversion is Call of Duty, the video
game. But his English is halting, and among his brothers—he has
nine—he is unusually bound to Saudi Arabia. “M.B.S. is unlike his
brothers, several of whom were educated in the West and one of whom
has a doctorate from Oxford,” a longtime friend of M.B.S. told me. “If
you look at them and you talk to them, they are basically soft. And
there is this quality to M.B.S.—the guy’s not soft. He has a lot of
charisma. He’s a lot like Bill Clinton. He makes you feel like you’re
super important when you’re talking to him. He really puts on a charm
that is unmistakable.”
As M.B.S. grew into adulthood, he brazenly used his status to enrich
himself. In his teens, according to people who know him, he visited a
series of wealthy businessmen and asked them to put money into his
personal investment fund. In a matter of weeks, he raised thirty
million dollars. “He’s the son of Salman,” M.B.S.’s friend told me.
“It’s not like anyone was going to say no.” According to a story that
circulates in Riyadh, M.B.S. demanded that a Saudi land-registry
official help him appropriate a property. After the official refused,
he received an envelope with a single bullet inside. The episode
earned M.B.S. the street name Abu Rasasa, or “father of the bullet.”
“The story is true,” the friend said. “I think that M.B.S. realizes
that he went too far toward some people in those days, and he has
tried to make amends.” (A spokesman for the Saudi Embassy denied the
story, but largely declined to coöperate with fact-checking for the
rest of the article, describing it as full of “old, incorrect
At a gathering of prominent venture capitalists at the Fairmont Hotel,
in San Francisco, M.B.S. spoke bluntly about Saudi Arabia’s prospects.
According to one attendee, he said, “In twenty years, oil goes to
zero, and then renewables take over. I have twenty years to reorient
my country and launch it into the future.”
The attendee said, “My jaw was on the floor. The meeting had the
dynamic of a tech startup. He’s throwing the harpoon.”
In April, 2016, when President Obama paid his final visit to Saudi
Arabia, he and King Salman sat facing each other, with their aides
grouped around them. Obama’s advisers noticed that, each time the
President spoke, Salman, who was eighty, paused before answering,
while M.B.S., several seats to his left, typed on an iPad. When M.B.S.
finished, the King read from an iPad of his own and then responded to
Obama. “The chances of that being a coincidence are quite low,” a
former national-security official told me.
But, as M.B.S. gained power, he was aided by an ally from outside the
kingdom: Mohammed bin Zayed, of the United Arab Emirates. Bin Zayed,
or M.B.Z., is the crown prince of Abu Dhabi, the most politically
important of the country’s seven emirates.
“They have made it clear, privately and publicly, that their
intention was to replace the Emir,” the former American diplomat told
me. “I think they were going to invade.” Qatar presented an almost
irresistible target: though its population is barely three hundred
thousand, it controls one of the world’s largest natural-gas fields
and has a sovereign wealth fund worth an estimated three hundred
billion dollars. “If you look at it from a financial perspective,
invading Qatar makes a lot of sense,” the diplomat said. The
government of Turkey, which had a military base in the capital, sent a
new detachment of soldiers.
While M.B.S. was preaching austerity to his countrymen, he seemed
unwilling to restrain himself. In 2015, while vacationing in the South
of France, he had bought a yacht, the Serene, from a Russian vodka
tycoon, for five hundred and fifty million dollars. He bought a
château west of Paris, with a cinema and a moat with a submerged glass
chamber for viewing carp. And, last November, he reportedly spent four
hundred and fifty million on “Salvator Mundi,” the Leonardo da Vinci
portrait of Jesus Christ.
M.B.S. opened the conversation by threatening to cut off trade with
France unless Macron stopped doing business with Iran. Macron gently
replied that a country like France was free to trade with whomever it
wished. “Macron handled it very well, and M.B.S. backed down,” the
diplomat told me.
Ethiopia Installs New PM Amid Hopes He Can Stop Protests
"This is a historic moment," said Abiy in his inaugural address to
Ethiopian lawmakers. "This is high time for us to learn from our past
mistakes and make up for all the wrongs done in the past . we
understand there are a lots of problems that need to be solved with
Abiy apologized for the deaths of civilians in the violent protests.
He said his administration will strive to solve grievances by
discussion rather than by force, provide more space for opposition
parties, fight corruption and focus on respect for rule of law.
The new leader said he aims to open up a fresh dialogue with arch-foe
Eritrea and called upon Ethiopia's diaspora to more actively take part
in the country's affairs.
Is free trade a silver bullet for African prosperity? @TRTWorld
''Africa is not a country'' goes the popular meme, and in fact, there
are 55 states on the continent. Negotiating a common pan-African
position on free trade is a massive undertaking, and informs us why
Africa lacks leverage on the global stage.
Victor Hugo said in Les Miserables ''There is nothing like a dream to
create the future".
For many years, a free-trade area from Cairo to Cape Town, from Lagos
to Nairobi has been seen as a silver bullet, a panacea, even a
For many years, its been just that, a dream.
The African Continental Free Trade Area (CFTA) would in fact be the
largest free-trade agreement since the creation of the World Trade
Organisation (WTO). The CFTA would bring together all African
countries – comprising 1.2 billion people and a combined GDP of over
$3.4 trillion – under a single continental market for goods and
services, including free movement of businesspeople and investments,
and expansion of intra-African trade. By 2030 the market size is
expected to clock 1.7 billion people with over $6.7 trillion of
cumulative consumer and business spending (that’s if all African
countries have joined the free trade area by then).
By 2100, it is predicted that about 40 percent of all humans and
nearly half of all children in the world will be African – one of the
fastest and most radical demographic changes in history.
Of course, that demographic dividend is a binary twin-sided thing, it
could metastasise into a demographic terminator (as it did for
‘Beautiful’ Blaise Compaore on the streets of Ouagadougou).
African governments are increasingly seized of the existential
challenge of creating jobs for Africa and Africans. The common refrain
today across the continent is ''you cannot eat GDP''. Even in the GOGO
decade of growth from 2004-2014, trickledown was diluted and the
rising GDP tide created hardly a ripple on the ground. In fact, in the
last 2 years, per capita income has gone into reverse.
What we also know is that Africa currently has the lowest percentage
of intra-regional trade in the world at 18 percent, compared with 70
in Europe, 55 in North America, 45 in Asia, and 35 in Latin America.
This speaks to the fact that in many respects, Africa is better
connected to the rest of the world than it is to, and with, itself.
Studies have shown that by creating a pan-African market, intra-Africa
trade could increase by about 52 percent by 2022. UNCTAD predicts this
can increase to 22 per cent by 2022 with the improvement of trade
facilitation measures, especially transportation linkages and customs
clearance for intra-African trade. I estimate that creating a truly
free market across the continent would add up to 2 percent to Africa
wide GDP growth and is therefore definitely a prize worth chasing.
Africans are entrepreneurial. Everywhere you care to turn you will
find markets and a single market will surely be an elixir for that
The choir sang “Let’s get together”, to the rhythm of Bob Marley, as a
succession of African leaders from the African Union signed a
continent-wide free-trade agreement in Kigali on March 21st.
Forty-four out of fifty-five countries put pen to paper. and fittingly
in Kigali. President Kagame, the host of the AU Summit, and a
preeminent Pan-African Free Trade Evangelist said,“Some horses decided
to drink the water. Others have excuses and they end up dying of
He was of course referring to Nigeria and South Africa [who together
represent 50 percent of Sub-Sahara Africa GDP] both of whom bailed and
opted out of putting their signature to paper.
President Kagame, who trades in momentum, declared the meeting a
success (notwithstanding the absence of Nigeria and South Africa) and
talked of establishing the free trade bloc within 18 months.
The devil is in the details, of course. If execution were in the hands
of Kagame, then I would be ''limit long'' on the CFTA. However, its in
the hands of 44 (but hopefully 55) stakeholders, many of whom will
need to snap a feedback loop. You might recall the following comment
by Hillary Clinton, “It means doing things that are going to run afoul
of special interests and government bureaucrats and businesses that
already have a lock on a market”.
And this is the point, there are a lot of interests which operate
''rentier'' style across our continent and in many cases they bankroll
governments. It will take a revolution to unseat them, but unseat them
Africa must. The battle will soon be joined.
The United Nations Economic Commission for Africa notes, “The CFTA
could increase trade between African countries by as much as $35
billion, an increase of more than 50 percent from current levels”.
What’s more, it will make Africa the world’s largest free-trade area
in terms of member states. The only way to improve the current dismal
levels of regional trade is to disrupt all the existing barriers on
the demand and supply sides that limit its rapid increase.
According to Oby Ezekwesili, former vice-president of the World Bank’s
Africa division only a single market model has the enormous potential
to deliver such a massive scale of disruption and, ultimately, place
Africa on the route to economic prosperity.
Housing Finance reports FY 2017 EPS -86.1000% Earnings here +1.92% 2018
Par Value: 5/-
Closing Price: 10.60
Total Shares Issued: 352416667.00
Market Capitalization: 3,735,616,670
HF Group PLC FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Kenya Government Securities held to maturity 746.179m vs. 3.556805b -79.021%
FY Kenya Government Securities Available for Sale 1.541117b vs.
FY Loans and advances to customers (net) 49.639639b vs. 54.469605b -8.867%
FY Investment in joint ventures 1.713985b vs. 1.280110b +33.894%
FY Total assets 67.541116b vs. 71.930140b -6.102%
FY Customers’ deposits 36.660591b vs. 38.082325b -3.733%
FY Borrowed funds 16.038675b vs. 19.736615b -18.736%
FY Total shareholders’ funds 11.449535b vs. 11.289262b +1.420%
FY Loans & advances to customers interest income 6.713482b vs.
FY Government securities interest income 314.112m vs. 503.578m -37.624%
FY Total interest income 7.132626b vs. 8.607499b -17.135%
FY Customer deposits interest expenses [2.323445b] vs. [2.937487b] -20.904%
FY Other interest expenses [1.721873b] vs. [1.733965b] -0.697%
FY Total interest expenses [4.156258b] vs. [4.673384b] -11.065%
FY Net Interest income/ [Loss] 2.976368b vs. 3.934115b -24.345%
FY Other income 1.095725b vs. 430.403m +154.581%
FY Total non-interest income 1.346426b vs. 755.549m +78.205%
FY Total operating income 4.322794b vs. 4.689664b -7.823%
FY Loan loss provision [576.203m] vs. [699.166m] -17.587%
FY Staff costs [1.088000b] vs. [1.071976b] +1.495%
FY Other operating expenses [1.854125b] vs. [1.136912b] +63.084%
FY Total other operating expenses [3.988399b] vs. [3.341784b] +19.349%
FY Profit/ [Loss] before tax and exceptional items 334.395m vs.
FY Profit/ [Loss] after tax and exceptional items 126.216m vs. 905.829m -86.066%
FY EPS 0.36 vs. 2.59 -86.100%
Dividend per share 0.35 vs. 0.50 -30.000%
Gross NPL and Advances 8.212167b vs. 6.193462b +32.594%
Net NPL and Advances 5.222020b vs. 3.877511b +34.675%
Liquidity ratio 20.70% vs. 21.05% -0.350%
Housing Finance FY17 Results via Kestrel
EPS: KES 0.36 per share, down 86.1% y/y
DPS: KES 0.35 per share, down 30.0% y/y
Board recommends issuance of bonus shares of 1 new ordinary share for every 10.
PBT: KES 334m, down 75.2% y/y
PAT: KES 126m, down 86.1% y/y
Difference between PBT and PAT was driven by a higher effective tax rate
NII: KES 3.0bn, -24.3% y/y
NIM: 4.9%, down from 6.1% in FY16. Of note to us, cost of deposits
declined from 7.1% in 3Q17 to 6.2% in 4Q17
Non-Int Income: KES 1.3b, +78.2% y/y.
Gross NPL ratio increased to 14.2%, +400bps y/y
IFRS coverage ratio increased to 21.1%, +10bps y/y
However, cost of risk declined to 1.0% in FY17, down 20bps y/y, with
HF electing to pass on the difference in coverage through statutory
loan loss reserve.
HF's core capital / RWA stood at 15.8%, 530bps higher than CBK
minimum, but was down 200bps y/y.
RoAE: 1.1%, down 720bps y/y
RoAA: 0.2%, down 110bps y/y
They were at the bleeding Edge of the Rate Cap?
STANLIB FAHARI I-REIT reports FY 2017 Earnings here +1.401% 2018
Closing Price: 10.85
Total Shares Issued: 180972300.00
Market Capitalization: 1,963,549,455
Stanlib Fahari I-Reit FY 2017 results through 31st December 2017 vs.
31st December 2016
FY Rental and related income 279.433136m vs. 248.572436m +12.415%
FY Straight-lining of lease income [8.743959m] vs. 89.004050m -109.824%
FY Revenue 270.689177m vs. 337.576486m -19.814%
FY Interest income 99.852345m vs. 111.209231m -10.212%
FY Other income 101.606067m vs. 137.856149m -26.296%
FY Property expenses [96.292615m] vs. [94.631625m] +13.779%
FY Fund operating expenses [135.632948m] vs. [180.422344m] -24.825%
FY Property expenses [96.292615m] vs. [84.631625m] +13.779%
FY Operating expenses [231.925563m] vs. [265.053969m] -12.499%
FY Fair value adjustment to investment property 22.012769m vs.
FY Straight lining of lease income 8.743959m vs. [89.004050m] +109.824%
FY Increase/ [decrease] in fair value of investment property
30.756728m vs. [81.004050m] +137.969%
FY Operating profit 171.126409m vs. 129.374616m +32.272%
FY Finance costs – vs. [23.374328m]
FY Net profit for the year 171.126409m vs. 106.000288m +61.440%
Basic Earnings per unit 0.95 vs. 0.59 +61.017%
Headline Earnings per unit 0.78 vs. 0.89 -12.360%
Distributable earnings per unit 0.82 vs. 0.54 +51.852%
Total Assets 3.761627663b vs. 3.715011411b +1.255%
Fair value of investment property 2.379739909b vs. 2.345995950b +1.438%
Investment securities 529.000000m vs. 733.035734m -27.834%
Equity 3.666181292b vs. 3.585541033b +2.249%
Cash and cash equivalents at end of period 688.190218m vs. 440.186650m +56.341%
Stanlib I-REIT FY17 Results via Kestrel
Property expense ratio remained flat at 34%
Rental income increased by 12% y/y to Kes 279.4m. 2 assets were
acquired mid-year in 2016 so accounted for only 6 months of rental in
2016 vs full year in 2017.
Interest income declined from Kes 111m to Kes 99.8m.
FV gain increased to KES 22m from Kes 8m. Op profit Kes 171.1m in 2017
vs 128.4m. One-off REIT costs did not recur in 2017.
Rent escalation on commercial property (ex-Greenspan) is 12.5% every 2 years.
The commercial property was funded from cash balances, REIT was
under-invested in property per CMA regulations prior to this and had
sought exemption. 33% of assets was held in cash.
Total property portfolio return was 8.5% vs 8.9% in 2016. Tenant
debtors is Kes 42m (excl. provisions), all related to Greenspan mall
Lease expiry profile is staggered and healthy.
Average vacancy rate is 6.5%, all at Greenspan mall (the mall itself
has a vacancy rate of 8.1%)
Setting up a cinema at Greenspan mall. 3 screen 3D cinema with total
capacity of 300 people. 6,416 sq ft, 10 year lease term, 11.7% yield
from cinema vs 7.5% from the mall on average.
Stanlib bought a new commercial building at a price of Kes 850m. Low
rise grade A commercial property. 41,300 sq ft, 100% let. 73.8m annual
rent, escalation of 15% every 2 years.
.@HomeAfrika CEO Expects to Wrap Up Talks With Investors by July
The company said a due-diligence exercise by the private-equity
company and another private investor were delayed by as much as four
months due to a protracted election last year. Home Afrika has been
trying to raise funds since last year to complete projects in the
capital, Nairobi, at the East African nation’s coast and in the
western city of Kisumu on a combined 891 acres (361 hectares) of land.
“We have two who are very keen,” Awendo said Wednesday in an interview
in the capital, Nairobi, declining to identify the companies. “It will
be a mix of equity and debt. We are still talking, but we are quite
open in terms of the options we’ve put on the table.”
The investors are looking for a stake of as much as 40 percent in the
company, which hasn’t yet agreed on who will take up what and how
much, Awendo said. They might both end up as shareholders, he said.
Last year, it shelved plans to raise 5 billion shillings ($49.6
million) and received only 500 million shillings in a 900
million-shilling five-year bonds sale in 2015.
“Our balance sheet is full of land, we need convert a lot of that into
cash so we can now be ready to deal with the next phase of projects,”
Home Afrika shares gained almost 5 percent to 1.10 shillings by 10:46
a.m. on Thursday, paring its drop this year 21 percent.
Kurwitu Ventures reports FY 2017 Earnings here Unchanged in 2018
Closing Price: 1500.00
Total Shares Issued: 102271.00
Market Capitalization: 153,406,500
Kurwitu Ventures Limited FY 2017 results through 31st December 2017 vs
31st December 2016
FY Revenue 0.000317m vs. 0.020885m -98.482%
FY Staff costs [5.497748m] vs. [13.216443m] -58.402%
FY Administrative expenses [7.803313m] vs. [4.759730m] +63.944%
FY Other administrative expenses [2.074245m] vs. [2.745576m] -24.451%
FY Total expenses [15.380306m] vs. [20.721749m] -25.777%
FY Operating loss before taxation [15.379989m] vs. [20.700864m] -5.321%
FY Loss for the year [10.834180m] vs. [14.490605m] -25.233%
Basic loss per share  vs.  -25.352%
Diluted loss per share  vs.  -32.381%
Total equity 65.985041m vs. 76.819221m -14.103%
Cash and cash equivalents at 31st December 10.215703b vs. 3.136655b +225.688%
The S&P 500 Index closed below its average price for the past 200 days
for the first time since June 2016, yesterday.
For the Chartists, that is in fact a big deal and a negative chart Signal.
The once high-flying FANG stocks have been getting creamed and in
Amazon's case getting caned by the President.
Isn't this is a spectacular master-stroke Tweet from the Central Bank
Governor Dr. Patrick Njoroge
"Log book" tables opened a door to a nonlinear multidimensional world,
from a flat earth to an exploding universe with vivid colors. Respect
to my teachers! @njorogep
Closing Prices have been delayed.
N.S.E Equities - Commercial & Services
Safaricom was the most actively traded share at the Securities
Exchange and firmed +0.81% to close at 31.25 and was trading at 31.75
+2.42% at the Finale, which matched Safaricom's all time closing high
21st March through 23rd March. Safaricom is +16.822% underpinning the
Rally in the Nairobi All Share Index and outperforming it by 50% Year
To date. Safaricom traded 9.281m shares worth 290.965m which
represented 48.45% of the total volume traded at the Exchange today.
''In spite of equity capitalization, the equity value remains thin; we
remain concerned about potential future losses that could erode the
equity value'' said Kestrel [about Kenya Airways] in a morning
research Note. Kenya Airways had been sold quite aggressively since
the release of its 9 month results, rebounded +9.216% to close at
11.85 and traded 169,400 shares.
N.S.E Equities - Finance & Investment
KCB Group rallied +1.442% to close at 52.75 a fresh 32 month high and
traded 1.811m shares worth 95.715m. KCB has rallied +23.39% in 2018
outperforming the All Share Index by 100%. KCB reported an unchanged
EPS for FY 2017 and is paying a final dividend of 3/= a share which
many Folks will be keen to snaffle up.
Equity Group which had ramped an eye popping +35.84% higher in 2018
and was at a 37 month high through this morning eased -0.93% to close
at 53.50 and traded 1.355m shares. Equity reported a +14.155%
acceleration in FY 2017 EPS has 60.00 written all over it.
N.S.E Equities - Industrial & Allied
EABL corrected -2.26% to close at 259.00 and traded 118,400 shares.
EABL is +8.82% in 2018 and has further to go to the upside.
KenGen eased -1.65% to close at 8.90 and traded 151,400 shares. a
Dubai-based textiles company, United Aryan (EPZ), has announced plans
for a factory that could employ up to 10,000 workers. The investor
plans to establish the factory near the Olkaria geothermal plants in
Naivasha, Kenya to take advantage of lower electricity costs. Of
course, this is a validation of KenGen's Geothermal/Industrial Zone
Plan for Naivasha.
Business Daily reported that Mumias Sugar has ''temporarily stopped
[the] crushing of cane due to [a] shortage of raw material.'' Mumias
Sugar closed unchanged at 90cents, is -18.18% in 2018 and is a highly
speculative Penny stock. At Sh0.90, Kenya’s oldest sugar company has
wiped out 85.6 per cent of its value when compared to the 2001 listing
price of Sh6.25. At one point, the share rose to a high of Sh60.