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• May 24, 2007
• 0:41

  Access Kenya IPO results

   » ‎ bankelele

  Tags:  CMA Kenya  

  Access Kenya summary
  Individual applicants: who applied for the minimum 5,000 shares get 900 shares, while those who applied for 25,000 get 4,000.
  Institutional investors: that applied for the minimum 100,000 get full allocation, while those that applied for 1 million get about ½ that .
  
  Serena expands to South Africa
  Serena shareholders will this month be asked to approve creation of a South African subsidiary company
  
  CMA reforms planned
  The Capital Markets Authority has commissioned a consultancy to modernize & improve its operations by strengthening its legal and regulatory framework. Part 1 of the study will have the consultants evaluate the capital markets and central depositories acts, look at secondary market malpractices & sanctions, cross border listings & trading, methods of dispute resolution among others. In Part II, the consultants will come up with revised regulations that, based on the weaknesses identified in part 1, ensure that Kenya investor laws & regulations adhere to international best practices. This is part of the FLSTAP reform program of the Ministry of Finance and consulting firms can apply by June 13.
• April 18, 2007
• 11:26

  Kudos all round

   » ‎ bankelele

  Tags:  CMA Kenya  

  Today is a day to give thanks for and recognize some notable happenings to empower investors.
  
  Businss Daily: I was skeptical about the newspaper at the start but it has come through and is a great read, with all the major stories posted online (the site also has RSS feeds). I don’t know if/when it will break even and I also fear that it become ”online subscriber only once it reaches a critical number of readers.
  
  
  Hisanet: Is one of the many upcoming platforms that aspires to offer online trading at the Nairobi Stock Exchanges (and so investors wont have to queue for IPO shares). It’s still not possible to trade in real time (i.e. you can’ place orders till nest day, unless you’re a major player) but this is something that has been lacking at most stockbrokers and will be a welcome avenue for Kenyans living abroad.
  
  NSE site: The new web site of the Nairobi Stock Exchange has been a great improvement with daily price lists and some corporate news, conference reports and presentations and is also easier t navigate. The only drawback has been its massive PDF scans instead of simple text files. E.g. a one page statement on the collapse of Francis Thuo was 1.13 MB in size.
  
  CMA wakes up: The collapse of Francis Thuo and alleged misdeeds at other stockbrokers has turned the heat up at the Capital Markets Authority who have now turned the heat on to other entities such as stockbrokers, insiders, and directors of companies.
  
  In proposed new rules posted at the CMA site (which is also due for a spruce up) the CMA;
  
  - Cracks down on misbehavior such as insider trading by raising possible penalties to 15 million shillings ($214,286) for companies, 10 million for employees and 5 million for directors. They will also have to reimburse their gains and have their names published. it’s about time
  - Locks in management of companies coming up for IPO’s. While owners/managers at Equity, Access Kenya and Scangroup voluntarily agreed to stay on, the CMA has now formally endorsed that they can't sell their shares for two years following listing
  - The new rules also clear the way for other country shares to be cross listed on the NSE