Business highlights – November 30, 2017

Business highlights – November 30, 2017

Kenya Airways shares jump 135% after national carrier resumes trading

Kenya Airways’ share price has jumped by 135.5% to Ksh12 after it reopened on Wednesday at Ksh2 following a two week suspension to enable a share split and consolidation of the company’ stock as part of the airlines capital restructuring plan. The restructuring saw the Government increase its shareholding to 48.9% of the ordinary voting shares with a consortium of local banks through a special purpose vehicle.

Tullow Oil raises Ksh258 billion to fund Africa operations in 2018

International mining company, Tullow Oil has raised Ksh257.8 billion in new loans to help fund its Africa’s operations in 2018. The firm announced Wednesday the new cash injection comprises a commercial bank loan and a loan from the International Finance Corporation. “The refinancing of our reserve based lending (RBL) credit facility was a key objective for 2017 and we are very pleased to have completed this process in line with stated guidance and ahead of our year-end target,” the company said in a statement.

Millers stock up on maize as subsidy supplies dwindle

Kenya’s maize millers have started purchasing local maize to build up stocks as supplies under the government’s subsidy programme dwindle. The Cereal Millers Association, a representative body for farmers engaged in the trade, has stated that there is a likelihood of not getting enough maize when the subsidy ends on December 31. This may lead to a spike in local flour prices. The Association noted that its members are not getting enough stocks from farmers, which is likely to create a shortage on their side once the government stops supplying them with the cheap maize.

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