Blog

NAIROBI (Reuters) -Kenya's Centum Investment plans to buy back up to 10% of its issued shares, it said on Tuesday after reporting a wider first-half loss.
The group, which invests in listed firms and private companies, said it planned to buy the shares from the market over a period of 18 months at a maximum of 9.03 shillings per share and a minimum of 0.50 shillings.
Centrum's shares were trading at 8.00 shillings by 0723 GMT, up 1.3% on the day.
"The share buyback is expected to provide liquidity to shareholders who may not have been able to trade due to the current depressed market conditions," said James Mworia, Centum's chief executive officer.
Centum's performance is keenly watched by investors as it offers exposure to opportunities such as shopping mall developments and companies across East Africa.
The group's pretax loss widened to 1.24 billion shillings ($10.14 million) in the six months to end-September from a loss of 697 million shillings in the same period a year earlier.
"This performance was primarily driven by the impact of unrealised foreign exchange losses on U.S. dollar liabilities and currency translation losses on Uganda shilling," Mworia said.
The Kenyan shilling has fallen 7.6% versus the dollar so far this year and 2.7% versus the Ugandan currency.
Unrealised foreign exchange losses rose to 517 million shillings from 48 million shillings in the same period of 2021, the company said in a presentation.
Group results include the performance of Centum's subsidiaries, associates and joint-venture investments.
Centum said company net asset value per share, a key measure of performance for investment firms, fell to 59.77 shillings from 62.10 shillings.
It said it expected the sale of its 83.4% stake in Kenya's Sidian Bank to Nigeria's Access Bank, for 4.3 billion shillings, to be completed in December.
($1 = 122.3500 Kenyan shillings)
(Reporting by George Obulutsa; Editing by Alexander Winning, Kirsten Donovan)
Premium membership including access to the best flight deals in Economy (Premium+ users can check out deals in other classes including First Class, Premium Economy) and mistake prices; domestic and international deals from your home airports; up to 50% discounts and perks with Dollar Flight Club’s travel partners; travel tips and instant alerts so you can strike when the iron’s hot. What reviewers say about Dollar Flight Club: A reviewer at The Points Guy says Dollar Flight Club is “a solid service that sends out plenty of international flight deals that are curated to just the departure airports you want.”
Kroger CEO Rodney McMullen and Albertsons' top executive, Vivek Sankaran, will face questions this week on plans for the two giant grocery companies to merge in a $25 billion deal, Senator Amy Klobuchar's office said in a statement. The hearing was called by Klobuchar along with Senator Mike Lee, the top Republican on an antitrust panel of the Senate Judiciary Committee.
Bad weather and air traffic congestion are cited as reasons for cancellations as Americans made their return journeys after Thanksgiving.
STORY: In his first major foreign policy speech, Sunak said Britain's approach to China needed to evolve and Beijing was "consciously competing for global influence using all the levers of state power". "Let’s be clear, the so-called 'golden era' is over, along with the naive idea that trade would lead to social and political reform," Sunak said in London's financial district, a reference to former finance minister George Osborne's description of Sino-British ties in 2015."We recognize China poses a systemic challenge to our values and interests, a challenge that grows more acute as it moves towards even greater authoritarianism," he said, referring to the BBC statement that one of its journalists had been assaulted by Chinese police.Sunak said Britain needed to take the same long-term approach as its adversaries and competitors such as Russia and China."In the face of these challenges, short-termism or wishful thinking will not suffice. We can’t depend on Cold War arguments or approaches, or mere sentimentality about the past," he said.
In October, some 4.2 million tonnes of grain left Ukrainian ports, Kubrakov said on his Facebook page. "It was the custom to conduct 40 inspections a day, now, due to Russia's position, there are five times fewer checks," he said. A deal aimed at easing global food shortages by helping Ukraine export its agricultural products and protecting the transit corridor from three Black Sea ports that was originally reached in July was extended for four months in mid-November.
The EPA decided to revoke a coal plant's permit to dump coal ash into unlined pits.
To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd…
Investors can approximate the average market return by buying an index fund. But if you buy individual stocks, you can…
Usually, when one insider buys stock, it might not be a monumental event. But when multiple insiders are buying like…
In this article we are going to estimate the intrinsic value of Jenoptik AG ( ETR:JEN ) by estimating the company's…
To get a sense of who is truly in control of Dufry AG ( VTX:DUFN ), it is important to understand the ownership…
Shop the iconic red lipstick for up to 40% off right now.
The average of price targets set by Wall Street analysts indicates a potential upside of 26.4% in Patterson-UTI (PTEN). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks…
(Bloomberg) — South Korea’s plan to land on the moon and Mars in a few decades propelled shares of the nation’s rocket-related stocks on Tuesday. Most Read from BloombergApple to Lose 6 Million iPhone Pros From Tumult at China PlantNext Covid-19 Strain May be More Dangerous, Lab Study ShowsMusk Threatens War With Apple, Jeopardizing Vital RelationshipStocks Hit by Fedspeak as China Woes Boost Havens: Markets WrapPresident Yoon Suk Yeol spelled out the country’s space roadmap late Monday with an
(Bloomberg) — A BBC journalist was “beaten and kicked” by police during Covid-19 protests in China, the broadcaster said.Most Read from BloombergApple to Lose 6 Million iPhone Pros From Tumult at China PlantNext Covid-19 Strain May be More Dangerous, Lab Study ShowsThere’s a Job-Market Riddle at the Heart of the Next RecessionStocks Hit by Fedspeak as China Woes Boost Havens: Markets WrapEd Lawrence was “attacked” while covering the demonstrations in Shanghai before being handcuffed and arreste
Kasey Caleb McConville, 25, was arrested by Oklahoma City police Friday after allegedly shooting a man while driving a hearse in what officials said was a road rage incident.
Support for weary Chinese property developers boosted Chinese and Asian stocks on Tuesday but inflation clearly tops the agenda for European investors this session. German and Spanish consumer prices will set the tone for markets ahead of Wednesday's preliminary reading of euro zone inflation for November. Though the numbers are set to show a slight cooling from the record levels hit in October, it might take a lot more to convince the European Central Bank that it can slow the pace of rate hikes.
Charlotte City councilmembers approved nearly $20 million to cover cost overruns for eight previously approved affordable housing projects.
(Bloomberg) — A US court has temporarily banned imports of New Zealand fish caught in the habitat of the Māui dolphin because the South Pacific nation’s protections for the critically endangered species are not comparable to those in the US.Most Read from BloombergApple to Lose 6 Million iPhone Pros From Tumult at China PlantNext Covid-19 Strain May be More Dangerous, Lab Study ShowsMusk Threatens War With Apple, Jeopardizing Vital RelationshipStocks Hit by Fedspeak as China Woes Boost Havens:

source