Hot off the press
US firm Seaboard woos Unga investors in buyout bid
US conglomerate Seaboard Corporation has embarked on an intensive campaign aimed at winning shareholders to unlock its quest to take control of Kenyan miller Unga Group. Seaboard Corporation has placed a bid to buy the Nairobi Securities Exchange-listed firm at the price of KES 40 per share and is required to win the support of investors controlling at least 75.0% of Unga Group for the deal to sail through. Read more (Source: Business Daily)
Seaboard Corporation is expected to face an uphill task in convincing the shareholders of Unga Group to accept their current offer price of KES 40.00 per share. Minority shareholders will be interested to capitalize on short term capital gains in the stock as they believe that Seaboard corporation will revise its offer which is currently deemed as a low bargain on Unga Group’s true value.
StanChart lures SMEs with unsecured loans
Standard Chartered Kenya says it will use automated analysis to advance unsecured loans to households and SMEs, which most Kenyan banks have shunned since the onset of interest rate controls, citing their perceived high-risk levels. StanChart head of retail banking David Idoru said yesterday the country’s fifth-largest lender by market share would track and analyze borrowers’ transactions dating back to 10 years, helping lock out those who do not meet its credit risk threshold. Read more (Source: Business Daily)
Stanchart’s move to use its high technological infrastructure to vet clients’ creditworthiness and in determination of risk pricing is expected to position the lender in the forefront of the now contracted unsecured loans market.
AGM Notice – CIC Insurance Group
CIC Insurance Group will hold its Annual General Meeting today at The Hilton Hotel, Nairobi from 10.00a.m