The Nairobi Securities Exchange has lately been cold, thanks to a drought of IPOs and the exit of thousands of retail investors who entered the market riding the IPO wave over a decade ago. Yet still stocks remain one of the key revenue earners for investors who keenly invest in listed companies.
The company, incorporated in Kenya, is a wholly owned subsidiary of ClickBeauty International based in Denmark. Africanhair PLC's shareholders recently approved its quest to raise new equity to bolster the commercialisation of its beauty products portfolio, enhancing its technology-backed e-commerce platform and accelerating growth both in Kenya and the region. The approval included a directive to immediately start the listing process.
The equity market closed the week with 62 million shares valued at Ksh2 billion against 85 million shares valued at Ksh3 billion transacted the previous week. Turnover today rose to Ksh466 million from Ksh458M posted yesterday, the number of shares traded stood at 14.9 million against 15 million posted the previous session.
The firm which has interests in events, audio-visual production, sports and youth marketing saw its event division, in particular, take a hit during the pandemic as the entertainment and events sector was affected by restrictions on gatherings and the curfew.
The ranks of super-rich Kenyans with a net worth of more than $30 million (Sh3.3 billion) fell from 106 in 2019 to 90 in 2020, the Knight Frank Wealth Report has revealed. 16 Kenyans fell off the list as the Covid-19 pandemic and the economic shocks it occasioned saw most asset classes affected.
Bharat Thakrar has over thirty six years in advertising and communication. He is considered a pioneering figure for the country's lucrative marketing industry. He founded Scanad, now Scangroup, in 1982 and built it up into a marketing behemoth.
The Capital Markets Authority (CMA) has previously flagged as a big risk the dominance of five companies at the bourse, including Safaricom, as a big risk due to their influence on key market indicators. The performance of a handful of firms essentially determines the performance of the market, creating a problem for investors looking to measure the true performance of the bourse.
Explaining the decision, Safaricom stated: “This is in recognition of the company’s solid half-year performance and to support our shareholders during these difficult economic times occasioned by the Covid-19 pandemic.”