Kenya

Rich investors to buy extra shares without CMA approval

Investors will be free to buy stakes of up to 30 percent in listed companies without the approval of the Capital Markets Authority (CMA), raising the threshold for notifying the regulator of a potential takeover.

The Treasury is seeking to amend the regulations guiding takeovers in changes that will raise the limit for seeking approval for share purchases from 25 percent.

Presently, the regulator requires investors who own more than a quarter of a Nairobi Securities Exchange-listed firm to state whether they intend to take full control when buying stocks equivalent to at least five percent in it.

The investors are allowed to seek regulatory exemption from the complete purchase of the company. The law also provides that investors who own more than a quarter of a listed firm must seek approval when purchasing extra shares equivalent to at least five percent shareholding within a year.

(Source: Business Daily)

Tanzania

KCB partners with German agency to empower Tanzanian youth

KCB Bank Tanzania has partnered with the German Development Agency (GIZ) to launch a €846,000 (about Sh2.2 billion) initiative that will increase employability and income generation of 960 Tanzanian youth in the construction sector.

The targeted group will receive technical and vocational training, as well as construction toolkits to enable them to start up their own businesses.

According to a statement issued by KCB Bank yesterday, the 50/50 partnership arrangement is implemented under the Employment and Skills for Development in Africa (E4D) program jointly carried out by GIZ and KCB Foundation through KCB’s 2jiajiri Programme.

(Source: The Citizen)

Uganda

Crown Beverages bets on UgShs336b plant to expand product lines

Crown Beverages, the franchise bottler of Pepsi and other products, has said it will rely on the $90m (UgShs336b) new plant to expand its product portfolio to meet new and emerging consumer tastes and preferences. 

Speaking at the launch of the plant in Kakungulu, Kajjansi Town Council in Wakiso District, Mr Eugene Willemsen, the PepsiCo Africa, Middle East & South Asia chief executive officer, said the plant, built for $76m (UgShs283.7b), which is the first phase of a $90m (UgShs336b) expansion project, was being undertaken to meet new demand, as well as expand its product portfolio to meet new and emerging consumer tastes. 

(Source: Monitor)

Rwanda

Inside Rwanda’s plan to make avocado a major export crop

Hundreds of thousands of avocado trees are being planted every year across Rwanda, as part of the efforts to make most of the fruit that fetches billions of dollars for some countries. Rwanda’s avocado farming industry is quite young, having started about 10 years ago.

Despite this, avocado is one of the agricultural exports that are expected to increase exponentially so that by 2026, the volumes will triple to around 16,000 tons per year. Considering the current trends in planting trees, some farmers even think that the projections will be exceeded.

Partnering with farmers who offer their land to be used for collective avocado growing, Best Fruit has planted more than 250 hectares of new avocado trees that will be first harvested in June next year. The company expects to extend its farming area to 300 hectares in the future. A single hectare of avocado trees can yield up to 20 tons per year.

Just like Best Fruit, many companies and investors around the country have planted new avocado trees that will be harvested within the next two to three years. Such companies include SOUK Farms, one of the largest growers and exporters of fresh horticultural produce from Rwanda.

(Source: The NewTimes)

Ethiopia

Ethiopia, France holding 3rd economic bilateral committee

This year, the 3rd French-Ethiopian General Committee will include a closed discussion between Ethiopian government officials and select French companies to discuss key investment challenges and solutions, according to French Embassy in Ethiopia

The statement added they will also discuss on how can French companies support Ethiopian economic transformation, focusing on the renewable energies sector and presentation of the Ethio-French Business Club’s (CAFÉ) latest Business Climate Report based on a study conducted from September to December 2022 among more than 50 French companies.

This will be followed by an open discussion on the way to address identified issues and improve the collaboration between the public and private sectors. Various key institutions from both countries will be represented on this committee, it said.

Higher government officials of Ethiopia including State Minister of Finance, Eyob Tekalign among others and Ambassador of France to Ethiopia, Rémi Maréchaux attended the meeting.

(Source: ENA)

Eritrea

Eritrea-China cooperation in health sector

Ms. Amina Nurhussein, Minister of Health, said that the cooperation between Eritrea and China in the health sector emanates from the solid bilateral relations and cooperation between the two countries.

Minister Amina made the comment at the reception ceremony held at the Asmara Palace Hotel to welcome the new, 16th round of the Chinese Medical team and to bid farewell to 18 preceding team.
Indicating that the cooperation between Eritrea and China in the health sector has counted a quarter of a century, Minister Amina said that so far over 200 Chinese medical professional have provided medical service in Eritrea.
The Ambassador of the People’s Republic of China, Mr. Cai Ge on his part said that the cooperation between Eritrea and China is based on mutual partnership and cooperation and that has been very successful. Ambassador Cai Ge also expressed readiness to support the Chinese medical group in all their activities during their stay in Eritrea.

(Source: Ministry of Information)