Blog Archive

Wednesday, September 12, 2007

The Nairobi Stock ATM... Olympia, Diamond Trust & NIC

The Olympia Capital Holdings Rights Offer comes to a "close" on Friday (14 Sep 2007). The Rights will stop trading on Friday but the exercise date is 28 Sep 2007 giving buyers 2 weeks to get their finances in order. They will raise KShs 420mn.

Barely after the close of the Olympia Rights Offer then Diamond Trust Rights Offer will start soon after the EGM on 1 Oct 2007. They will sell 23,291,015 shares at a yet undetermined price. As happened with the earlier Rights Offer in 2007, it is expected the Offer will be oversubscribed as well.

Then there is NIC Bank which plans to sell 16.5 million shares at KShs 70 = KShs 1,155mn. From the excitement shown for the shares on the market (selling at 175/-) it is likely the Offer will be heavily oversubscribed.

Barclays Bank announced a KShs 3bn bond offer today.

So all in all... the NSE cash ATM continues unabated whether it is an election year or not!

21 comments:

ka-investor said...

I've been following your discussion on Olympia's Rights issue and it has been very informative. Thanks alot. Kwani how many shares do you have there?
We have alot on our plates before the Safaricom THING checks in.

bankelele said...

Banks will have to raise capital to comply with Basel II (and have capital of at least 8% to cover all risks) by 2010

for listed banks, it's much easier to tap the public

coldtusker said...

ka-investor:

I enjoy blogging on "unknown" firms. Or I would be no different from any other Kenyan blog out there!

The firm has only 1,200 shareholders but the Rights will increase the shareholder numbers substantially.

The other AIM or smaller counters are not raising funds but if they do, I will try to highlight them.

Safaricom will be over-subscribed. I feel the IPO should be open to only Kenyans & Ugandans coz we have the capacity to take it up.

After it is listed on the NSE, then apply for a listing in London or elsewhere.

coldtusker said...

Banks:

Many Kenyan banks do not meet Basel I requirements. The CBK is trying to get them there before Basel II provisions/guidelines come into play.

Some Basel I guidelines have been superseded by Basel II guidelines i.e. even if a bank does not meet Basel I, they still have to adopt some Basel II standards.

Many developing countries' banks will be given more time to comply. Even India doesn't think they can manage till 2012 & they have a far larger/sophisticated financial sector than we do.

MainaT said...

What most banks don't realise is that adapting Basel 2 earlier can be a source of competitve advantage over their rivals because it forces to upgrade your risk systems and implictly should mean you end up with lower capital requirements than your late rivals.

coldtusker said...

MainaT: True but the level of expertise is lacking...

Kenya can help by passing laws allowing banks to recover debts faster than the current process.

This also benefits "good" consumers/borrowers.

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