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14 items tagged "Uchumi"
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10:52
This Time Around
» bankelele This Time Around -
Crunch time for supermarket
» bankelele Over the weekend, the Receiver/Manager team of Uchumi Supermarkets (under receivership) published their six month accounts for the ½ year to December 2008
- P&L: Sales Kshs. 4.43 billion ($55 million - up 30%), gross profit 845 million (up 20%), operating expenses 676m (up 24%), financial 99m (unchanged), pre tax profit 69 million (up 10% from 63m in December 07)
- Balance sheet: fixed asset 706 million (down 7%), current assets 1,123 million (up 20%), current liabilities 1,742 million (up 57%), net current assets (-619 million), total assets 87 million (down 85% from 589m in December 07).
Liabilities: capital 900 million, reserves -1,835 million, loans 1,021 million (down 36%), total liabilities 86 million
The attached notes state that cash & equivalents were 130 million, debenture holders were paid 23m, and principal banks have received 346m to date (including 16m in the last 6 months).
However, despite increased sales, basket size, customer numbers and product ranges, the statement notes the urgent need to address the technical solvency challenges in the balance sheet through
- restructuring of some secured obligations (bank loans)
- increased equity from shareholders,
- or failure to that, (imminent) invitation to third parties (search for strategic investor is ongoing ).
The ultimate objective of Uchumi receivership plan (URP) is re-listing at the Nairobi Stock Exchange (NSE) -
Kutwa Tuesday: December 31 2008
» bankelele 1. Yes it’s Wednesday
2. this is the final post for 2008
3. Happy New Year
4. Welcome first time readers searching online for primary school exam (KCPE) results. This is a blog on finance and investment issues in Kenya mainly
5. stories you may have missed in December 2008
- National Oil Corporation NOCK will borrow $65 million from French Bank PNB Paribas
- Triton Petrol (now under receivership) has left several local and international banks exposed to bad loans. They were also partners of Reliance (India) in the second national Operator contract
- From January 2009 Kenyans can buy government bonds and bills for just Kshs. 100,000 (~$1,300) through the Central bank of Kenya. The next bill auctions are on 5th January for bills while bond are on 26th January. one must open a CDS account with the CBK (currently they hold 4,222 accounts that trade in GoK securities) more details here
- The CBK also released a report on commercial banks readiness and compliances with Basel II requirements
- New branches Banks opening new branches in December were National bank of Kenya (Kakamega, Eldoret airport, Embu, Ongata rongai), Bank of Baroda (Nakuru) and CFC Stanbic (Kisumu, Westlands – Westgate)
- Dyer & Blair Investment Bank will arrange a fund raising plan for TransCentury, one of Kenya’s leading Private Equity firms
- Standard Chartered expected to roll out a mobile banking platform in 2009 in Kenya for funds transfer, utility payments etc. (already operational in Uganda)
- Uchumi made a payment to debenture holders in December, can it re-list at the Nairobi stock exchange in 2009?
- Co-Op Bank shares began trading at the NSE – but mini bounce on day one was not sustainable
from the blogs
- Kshs. 2.5 billion worth of Equity shares trade hands in a surprisingtrade yesterday
- NIC Kenya’s leader in asset finance, but more retail and corporate has ventured into Tanzania acquiring 51% of S&F Bank - more here
- Want to buy goods online, but you don’t have a credit card – read up on Afripay - a local company that offers that service in Nairobi
- Why is it so hard for foreign (German) companies to invest in Tanzania?
- While Pirate terrorize the east African Coastline, what should be Kenya’s flagship navy vessel is rotting away in Europe.
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NSE: one step back, one step forward
» bankelele NSE: one step back, one step forward -
Kutwa Tuesday: Equity Bank & Tiomin
» bankelele recently in the media
Equity Bank returned to super nova status with almost 200% growth in June 2008, compared to a year before. From a pedestrian growth (at their rate) in Q1 of 8% for deposits and asset, they rebounded to 23% gains in both during the second quarter of 2008 after the Kenyan peace deal and their heavy involvement in the Safaricom IPO - redeploying funds from government securities.
March to June income grew faster for the first time in three quarters, after being evenly matched in December and March. And at 70 billion ($1.05 billion) in assets, will be 3rd largest bank in Kenya by year end (how long before they overhaul Barclays and KCB?). Also how much of a boost did NBK get from Safaricom and Barclays lose by staying on the sidelines? - Thank Kofi or Safaricom?
Alternative investments
in my mailbox
- The Barclays Bond is looking to be a good investment for retail crowd – a Kshs. 100,000 ($1,500) investment will deliver 11.5 %% for the next 7 years. Third tranche of bond coming soon
- Following the Stanbic IPO, Uganda has a rights issue from New Vision
- Tanzania has Nicol - the National Investments Company Ltd newly listed on the Dar es Salaam Stock Exchange
Biz briefs
- The Jinchuan Group Limited China will invest $25 million into the stalled Tiomin Kenya Limited project (purchasing 70%)
- From Indian Ocean Newsletter: Transcentury eyes a bid for Uchumi Supermarkets
- Rate hikes - four mid-size banks have hiked their base lending rates above 15%
- Diamond Trust Bank answers some common shareholder FAQ on deceased, lost, or dormant shares
- Stanbic Uganda leads the way communicating with its (31,000) shareholders – from sending annual reports by e-mail to communicating about divided payment calendars and difficulties, while inviting shareholders who have not received theirs to contact the Bank. Any Kenyan companies doing that yet?
- Vodafone to buy back under valued shares: what about Safaricom?
From the blogs
- Archer finds a faux/fan site for embattled Kenyan Transport Minister - Chirau Mwakwere
- How good is Safaricom’s bambanet service? (a review)
- A marketer’s perspective on the Coke vs. Alvaro brew war
Opportunities
- Nominate a company as one of Kenya’s Top 100 (D/L 31/7)
Internships/scholarships
- science & technology scholarships to study in Algeria (10) and Morocco (15) for recent high school graduates.
- Graduate trainees at the Kenya Revenue Authority. Apply by 22/8 using snail mail to the senior deputy commissioner HR 48240-00100 Nairobi
- British Council - Africa knowledge transfer partnerships for (2) graduates to work at MEA Limited and Booth Extrusions d/l 8/8
Jobs
- Marketing manager at East African Breweries
- Google Africa: Geographic Specialist (Temporary), HR and Communications Associate, Localisation Project Manager – Africa, Strategic Partner Development (SPD), Local Markets, Technical Support Associate, Google Applications (all Nairobi)
- I & M Bank: Cashiers/Tellers for Nairobi, Mombasa & Kisumu, Relationship Manager/Officer
- Jetlink Airlines: technicians, engineers, telesales officers, reservations officer. Apply to hr@jetlink.co.ke by 8/8
- KCB: Contact center services manager, quality assurance & business processing manager. Apply to recruitment@kcb.co.ke by 8/8
- Neptune software: Lead developer, associates consultant (2), consultants (2), sales manager, and client relationship manager. Apply to Kenya@neptunesoftwareplc.om
- Executive director Media council of Kenya (D/L 8/8)
- Paynet: Sales accounts manages, system support analyst. Apply to careers@paynet.co.ke 1/8
- USIU: Network administrator, internal auditor, purchasing coordinator, jobs@usiu.co.ke 8/8 -
Business Briefs – May 24
» bankelele Business Briefs – May 24 -
Kutwa Tuesday
» bankelele West to East: Following Bank of Africa (2004) and Ecobank (taking over EABS), West African’ leading bank, United Bank of Africa (UBA) is making an entry to East Africa starting with Uganda and have also applied for a license to bank in Kenya.
Venture Capita Fund: From the East African Development Bank (EADB) is now operational, with small and medium enterprises (SMEs) in East Africa are eligible for funding.
Uchumi’s turnaround : Uchumi have finally published their financial results of the receivership period from 2006 to 2008. The turnaround has been remarkable and in the half year ending December 2007, they surpassed full year sales from 2006 (year of collapse). Still, the current ratio is still poor (less than 1), but that’s about three times better than it was when the company sunk.
The company lost 751 million in June 06, which improved the first year of receivership to a loss of 257m in 07 – and are on track to make a profit in 2008 – while operating fewer stores. It’s probably too soon to be re-listed (there would only be sellers, no buyers) and a dividend would not be likely for 5 years as the company still has an accumulated loss (negative reserves) of about 1 billion shillings ($15 million)
peeves two things irritate me though at Uchumi (i) their cashiers never have any shilling coins and insist on giving out sweets in lieu of change (ii) Cashiers’ who take advantage of my not having a u-card to top up their accounts with points I pay for.
Insurer collapses: Invesco assurance finaly goes under. The company which insured many matatu’s is now under statutory management and can’t make any policy payments or sign up new business. And when the history of the company is written, one paragraph must address why almost every insurance company (including Invesco) decided to put up an expensive office building in the Upper Hill area of Nairobi, far away from their core clientele.
Kenya Re profits: How much did Kenya Re earn in 2007? An interesting discussion at stockskenya.
Diaspora dollars: How much do Kenya’s abroad remit to the country (through official channels)? CBK reports $54 million in January 2008 and teh country is on track for an increase from the $573 million sent in 2007.
Dollar launderer: A Nation report cites US concern about money laundering in Kenya which has weak laws regarding the crime. The State Department report notes the difficulty as Kenya is a hub that mixes regional trade with exports to East & Central Africa, donor aid & NGO’s (managing over U.S. $1 billion annually), remittances from expatriate Kenyans estimated at $680-780 million annually, and Eastleigh Estate which handles unofficial remittances by the Somalia Diaspora. Also, though banks maintain records of transactions over U.S. $100,000 and international transfers over U.S. $50,000 (and report them to the CBK) they fear customer reactions to such release of information – and thsi was hammered home by a November 2007 court award that ordered Barclays Bank to pay a customer 400,000 shillings ($5,700) for providing customer details to the British High Commission.
New boards
- The Kenya college of communication and technology (KCCT) board now has Michael Joseph, Nick Nesbitt, Naushad Merali and Paul Kukubo to guide some relevance in communications training.
- The Resettlement fund (for election victims) has retired archbishop Ndingi, former minister Akaranga, and retired athlete Kipchoge Keino on board. -
Depressing Banking
» bankelele Banking can be depressing sometimes. People come to you with their dreams and business plans. They may look promising initially, but after going through the numbers, you have to tell them there's no way it’s going to work.
Entrepreneurs have such strong beliefs in their proposals;
They run around from bank to bank, each time rehearsing how to improve their funding request, and remembering what tripped them up at the last bank. But approaching each new bank, means a fresh start, explaining your dream again, what you have done, what it entails, and why it requires a small bit of funding to push it over the top.
But just because a bank has a product for group lending, "women entrepreneurs", "youthful entrepreneurs", "SME's", doctors or pilots, does not mean that you automatically qualify, just because you are the subject of a colouful brochure.
Some desperate entrepreneurs even throw in their house, ancestral farm, in as security to secure a loan, they also go to church/temple/mosque over the weekend, and run around looking for sweeteners to entice the bank, but the decision is made in a cold boardroom on Thursday or Friday that – you are not economically viable.
It's depressing to be a banker sometimes.
Elections & banking
Because it is not known how badly the political violence will go on and what effect it has had, there's an unofficial policy go slow on new lending as banks watch the existing loans for signs of trouble.
Banks have to think safety first, as it's not their money - it belongs to shareholders or depositors, and whatever is given out must be paid back and preferably without having to go to court.
The post-election mess needs to be sorted out, and not just for this month. Dr. Condi Rice has arrived and said that since the election did not 'produce a presidential result' it has to come from negotiations.
But we can't have a repeat of these events in 2012, 2017 or when we next hold presidential elections. We can't keep inviting and dis-inviting mediators. Otherwise banks will not give loans or will have their loans ending in November 2012 or November 2017 - so that their exposure is minimized come election time.
news briefs
- Stockbrokers Dog ate my homework excuse: Your stockbroker sold your shares and pocketed the money because he was broke. But that doesn’t mean he should go to jail, nor can you find out if he did it, how much he has stolen or and how long he has been doing it until the firm collapses!
- The fabulous Tinapa, advertised heavily on DSTV, may turn out to be a White Elephant
- Two KQ directors resign: If true, these KLM appointees replacements should be announced shortly
- Uchumi claim they are profitable and will soon publish their financial results. At least they have a better (though somewhat stale) website - than many super-profitable local companies who fail to do any updates after their site-launches.
- Diamond Trust Bank has petitioned to have new MP Kipkalya Kones declared bankrupt - which can eventually cause him to lose his parliamentary seat
- New mag: Kenya Weekly – a revival of the Weekly Review - out this week at 100/= each from Oakland Media - not NMG. Magazines in Kenya have a very short half life though.
- New university – the Pan African Christian University (Kasarani)
- Mumias Sugar company looking companies to transport sugar from Western Kenya. Good luck finding someone willing to risk a lorry on some of those routes.
Bank developments
- The IFC giving loans to profitable, registered SME companies – ranging from 3.5 million to 35 million shillings.
- Group accounts: Both K-Rep (Ungana) and Standard chartered (Diva chamma) have new accounts targeted at women’s savings groups (chamas)
– new branches: KCB has new branches in buru buru, garsen, kisumu west, isiolo as Barclays bank has a new one at the main Nairobi university campus
Opportunities
most from the daily papers
- BPO call centre training at KCCT: it takes 8 weeks and costs 40,000 shillings.
Jobs
- HR manager at Finlay's.apply to human.resource@finlays.co.ke by 29/2
- G4S; finance managers (3). Apply to career.move@ke.g4s.com by 27/2
Tax senior at HLB Ashvir. Apply through consult@hlbashvir.com
- IFAD regional economist. d/l is 8/3
- Regional grants manager at the international federation of Red Cross & Red Crescent societies
– KCB; Head of SME business, audit manager: group business, support & controls. Apply to recruitment@kcb.co.ke by 22/2
- Renaissance Capital: Associate, VP and Director positions
- Standard newspaper: part time professional contributors writers@eastandard.net by 27/2. Also writers and photo journalists
- Telkom Kenya; manager – financial accounting, manager – financial reporting, manager – credit control & revenue accounting, manager – financial systems; apply through pricewterhousecoopers at ess.ke@ke.pwc.com by 29/2 -
Post-election Winners
» bankelele (Non political) : For a month, we have concentrated on the losers - Kenya’s image, banks, truth, profits, employees, tourism sector, insurers, economy; so it's a good time to look at some 'winners' today – people, concepts, companies who proved themselves and who may make some money from the post-election turmoil.
- Mobile phone companies - Safaricom and Celtel were a vital link throughout the country. Airtime was worth more than money at times.
- Language schools: Why? Cause you never know when it will be an advantage to multi-lingual in our multi-tribal Kenya again.
- NGO’s: Are back in business in a big way.
- Dick Morris: He never had a chance to participate in the election, but his ilk i.e. dirty tricks campaign managers were at work and in full force such that many professionals who ran clean, issue-oriented campaigns rarely had a chance in this election.
- Gated community housing projects.
- Uchumi Supermarkets: Won a lot of points for being open and doing business even when urban clashes were at outide their doors. Investors can expect no dividends until 2011, but the company may get a better reception if they approach investors with another rights issue thsi year.
- Kenyans online: From blogs, to online initiatives (reporting violence, airtime/voucher transfer) thousands turned online to vent, tell their stories, get news, correct their country's image and restore sanity - after a media blackout and/or fatigue from the political bickering and violent images that ran on TV all day.
Can you name any other winners? -
Wikileaks: Charterhouse
» bankelele Charterhouse revealed
Fresh off the kroll reports, Wikileaks moves on to another Kenyan financial saga - uncovering secrets of charterhouse bank .
The bank was placed under statutory management in 2006 after a long battle with the central bank governor, finance minister, amid allegations of money laundering and tax evasion that almost brought down Nakumatt supermarket who banked with them and hosted several Charterhouse branches.
Euro needs more marketing
The US Dollar keeps dipping lower, not just against the shilling, but is all over recording lows against the Euro and now achieveing parity with the Canadian dollar (no more cheap buys from Canada).
I feel bad when I travel to another country with my Dollars and they don't go as far as tehy used to, or as if I had carried Euros instead.
While the dollar is laid low, there is no other currency stepping up to grab its space. The pound is a colonial relic and the yen is too far & exotic.
The Euro needs to step up and lobby to become the currency of choice for hotels, shops, forex bureaus, Kenya airways, Somali & Sudanese businessmen, companies and most important the Kenya government
Family Bank gets cheques
After applying for a waiver (and getting it), Family Bank finally is now fully fledged with cheque books for customers and access to the Central Bank clearing house. This meshes will with their growth plans – as a recent report found they had the highest new account growth among all banks last year.
IPO savings loan
From Transnational Bank, comes the Fanikisha enabling people to save money and buy IPO shares on the NSE – which TNBL will finance up to 2 ½ times what you have saved. The account is aimed at Kenyans abroad – but my question is with the fractional IPO applications yielded (1/4 or 1/3 of shares paid for) what gain is there in taking a loan for an IPO?
Story con or cover up?
KTN had a story this week about the Tesco supermarkets (local chain – not UK-related) who just ended their Uchumi franchise partnership. KTN said they had seen documents showing that Tesco was insolvent with negative share capital, numerous bounced cheques, rent arrears of many months at its stores, and suppliers reclaiming their merchandise. The story ended there with not follow up in the Standard (KTN sister paper) or any other newspaper. So was it hushed up, or was it a case of more mud slinging in the supermarket wars? -
Kutwa Tuesday - June 26
» bankelele Uchumi revealed: Shedding some lights on the Uchumi bond proposal, the receiver manager has stated that the problems that shut down Uchumi had more to do with management style than the market conditions. The newspaper says that the 650 million to be raised, 280 million will go to pay to pay suppliers & creditors, 23 million interest on (bank) loans, 52m to pay terminal benefits of staff, 200m working capital as the company plans to open 3 new branches in Mombasa, Nairobi, and Kisumu.
The article adds that all suppliers have been paid for deliveries made in the last 12 months i.e. the company is profitable. The company had sales of Kshs. 1.3 billion in the first quarter of the year and had 2.8 million shoppers visit their stores. Sarit is their best store with April revenue of 90 million followed by Ngong Rd hyper with 68m (last was Eldoret with 8m) from an offline story in the financial standard.
Note - even if they re-list, won't they be in the same boat as NBK and be unable to pay dividends for several years?
Rights Issue: Olympia’s rights issue was formally announced today with an offer for shareholders to buy 3 shares for each held.
Newspapers: New newspaper from the KISS team - called the Nairobi Star and billing itself as Kenya’s first full color daily newspaper launches next week
- But what happened to the Kenya Times website frozen on June 8?
Trade not aid
According to , an Oxfam report subsidies are responsible for poverty among African cotton farmers.
Political worm
Raila Odinga gets unfairly blamed for a lot of things, but he is not responsible for a malicious computer virus bearing his name that has caused IT admin’s some headaches this month
uh oh: Why is Obama’s campaign getting stuck?
uh oh 2: Sad to read that former track darling Marion Jones is
almost broke. Even though she wasn’t a big spender like Tyson or Jackson, legal bills fending off drug allegations have taken their toll on her finances.
Uh oh 3 & 4 : Zimbabwe to do a takeover of foreign businesses as Uganda parliamentarians have given Barclays, Sheraton, Kakira Sugar, and Uganda Telecom one year to float part of their share on the Uganda stock exchange.
War what is it good for?
Is there a difference between Somalia, Darfur and Palestine? -
Uchumi shareholder bond
» bankelele Uchumi Supermarkets (in receivership) has now formally asked shareholders to subscribe to a bond to raise Kshs 650 million ($9.85 million). These bondholders will rank alongside the government who lent Kshs. 675 million to Uchumi last year, but subordinate to (paid after) to bank ‘s debt
The bond offers 10% per annum, (which is more than any bank savings account in the country) and is allocated at a rate of 5 shillings for each share held (minimum subscription is 5,000 shillings, in 1,000 increments thereafter) D/L is 31/7
While the solicitation for the bond mentions the company’s’ very successful and impressive turnaround in receivership, there are no numbers to back this up.
I remain a faithful shopper (for groceries & other household items) at Uchumi, but as a shareholder, it is prudent to ask some questions before considering reinvesting:
- What is the performance of the company in receivership? Is it profitable on a monthly basis? Is it generating or consuming cash? Putting together a bond prospectus is expensive and a receiver manager is under no obligation to disclose financial performance to shareholders – but Uchumi was is a public company and disclosing such information to potential investors and the public should not coats more than 100,000 by way of a newspaper advertisement
- What is the level of bank debt and has it gone down? How much is still owed to the banks i.e. KCB and PTA? This is the 4th or 5th time the company is raising money in 3 years (after the 1.2 billion rights issue, 300 million suppliers assistance, 657 million from the government, 300 million attempted from shareholders
- If company is doing so well (media have reported 50% improvement over Uchumi’s best ever recent year), what was so wrong that the company collapsed? I have written before on how receiver managers can sometimes be better managers than the owners of a company and would like to see if this is a textbook example. -
Uchumi Anniversary
» bankelele One year ago today, Uchumi closed down. The management resigned, and the government later stepped in with a rescue package, receiver manager, and arrangement with the company’s' banks.
AGM season; Yesterday Uchumi held a meeting for shareholders. Watching KTN, it appears the media were kept out (as had been at past shareholder meetings). I was not able to attend (as a shareholder) and I am requesting any reader who attended to comment with a synopsis or key issues mentioned at the Uchumi meeting or any other AGM at KICC yesterday. Anonymous comments are given less weight, so do sign your comment with a name/profile please. (Media reports here and here)
This is AGM season and there are too many events to cover. I have tried to avoid going back to the same companies, but when you have two or three on a given day, in addition to other duties – yesterday company AGM's included Nation Media Group, Standard chartered and Uchumi, one can't be everywhere.
Uchumi Receivership: Media reports indicate that Uchumi (under receivership) may have improved performance by 50% over their best recent year. The audited results have not been released do they public, nor do they when a company is under receivership.
A receiver / manager (RM) (or bank hangman) is appointed by debenture holders (usually bank or financial institution) when they see a company is going to crash. His/her job is to salvage what they can for the banks to recover their money (usualy by sale of assets), not other shareholders or suppliers. By that measure, the Uchumi team (led My Mr. Ciano) has gone an extra mile in engaging & informing suppliers and shareholders in the recovery plan. Shareholders because Uchumi needs their goods on the shelves and shareholders to raise money.
RM's usually are unable to revive companies. This is because, by the time they are appointed, the company is beyond salvation. The owners/management will have run it down, hidden information from banks on the poor performance of the company, withheld payments to banks, staff and unfortunately to the tax man and city council, among other fatal decisions.
Some RM's have gotten very rich in this country, selling the assets of the company to themselves – at throwaway prices, employing their relatives, and enjoying the power to manager giant companies that they would not have risen to manage even if they had worked for 50 years. For others it has become a permanent way of life, as the company (under their management) remains profitable and they see it as a long term job – see the Naiorbi Grand Regency Hotel - that has been run by different RM's for over 10 years now). RM's also have to contend with lengthy court battles with the previous owners who also meddle in the company's affairs through proxies.
But occasionally, and if appointed early enough, an RM can actually save a company. He/she can make some harsh decisions to trim fat e.g. shut down an unprofitable unit that was consuming too much money, terminate bad contracts, and fire excess/expensive employees. They are able to make decisions that a sentimental management were unable to. It has happened before (rarely) and sometimes the now greatful previous owners will acknowledge the work of the RM to turn around the company and will now come back and pay the bank and takeover their now lean & profitable company. -
Summer Calendar
» bankelele Up comings events
What ICT can do for your business: besides make you a multi-millionaire - A talk by Jonathan Somen, Access Kenya CEO.
Uchumi anniversary: One year after the company was shut down, the receiver manager will on May 31, explain the way forward to shareholders
Welcome to Kenya: June 1 sees the arrival of CNBC broadcasts and Virgin Atlantic air services
Rhino Charge: The 2007 Kenya Rhino Charge presumably in the Kerio Valley, June 1 - 3
TED Global in Arusha: Dubbed Africa: The Next Chapter, June 4-7.
edit - Tusker Safari Sevens
Kenya's premier rugby event: June 8 - 10
Satellite & wireless conference: The African Satellite & Wireless Broadband Conference & VoIP Forum at Safari Park Hotel, Nairobi, 11-13 June with the theme of "Broadband bridges across Africa: First and last mile solutions."
Get ready for election 2007: June 30 is the deadline for public servants (employees of government, local authorities, academia, parastatals, judiciary, military, others) who intend to contest for parliamentary seats in this years election to resign from their jobs.
Meet the President: A business roundtable with Kenyan government leaders on July 17 & 18 in Nairobi. Speakers include H. E. President Mwai Kibaki and Ministers Amos Kimunya, Mukhisa Kituyi, and John Koech
Africa investor Awards : The 2007 awards will be handed down on 8 November in Lagos, Nigeria. Kenyan nominees short listed include;
- The Nairobi Stock Exchange for Best African Stock Exchange
- Kengen for Best African IPO (also in the running is Stanbic Uganda)
- African Alliance for Best Africa Research Team
- Kenya Commercial Bank for Best Ai 40 company
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