KenGen approves rights issue to raise billions for energy projects
The Kenya Electricity Generation Company (KenGen) board has approved a rights issue to raise billions of shillings for its energy projects.
The power producer said it would seek investors’ approval to issue up to 7.8 billion shares, reversing last year’s decision to issue up to 2.2 billion ordinary shares. KenGen has previously said it would raise Sh28 billion.
Company secretary Rebecca Miano said the board’s resolution on the cash call now awaits the approval of the firm’s shareholders at an annual general meeting to be held in December 16.
Further approvals are expected from the Capital Markets Authority and the Nairobi Securities Exchange (NSE).
Drugs firm injects Ksh1bn in 4 new medicines
Laboratory & Allied has launched new medicines in the East African market to help alleviate various conditions. The pharmaceutical company has invested Kshs1 billion towards the development and launch of the four new medicines as the company celebrates 45 years since inception.
Laboratory & Allied CEO Suprakash Mandal said the four medicines have also been laucnhed in Tanzania and Ethiopia. “Out of these, 30% has been directed towards increasing production capacity, an additional 30% towards packaging and 40% towards registration of the products in the respective countries,” said Mr Mandal.
Construction of phase II of Mombasa port terminal in Kenya to begin
The construction of phase II of Mombasa port terminal in Kenya will start early 2017, Kenya Ports Authority managing director Gichiri Ndua has said. When complete, the second container terminal will provide and additional capacity of 470,000 and 550,000 TEUs.
Mr Ndua added that the construction project of phase II of Mombasa port terminal in Kenya will cost US$ 213m to complete.
He further pointed out that the Kenyan government had signed a US$241.3mn loan agreement with the government of Japan to help finance the project construction.
IFC to invest Sh8.2b in beverage can factory on Nairobi’s Mombasa Road
The International Finance Corporation (IFC) will invest Sh8.2 billion in a can factory to be set up on the Nairobi-Mombasa highway by Nigeria’s GZ Industries.
IFC, the World Bank Group’s private lending arm, announced the planned equity investment in a disclosure document released on Thursday.
Once completed, the multimillion-shilling factory, which will primarily produce aluminium beverage cans, is expected to provide 220 direct permanent jobs and more indirect jobs in the local supply chain in sectors such as logistics and transportation, maintenance and other support services.
