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Kenya to sell 35 state companies as Africa seeks to jumpstart IPOs

Kenya to sell 35 state companies as Africa seeks to jumpstart IPOs

KENYA'S President William Ruto said the government was poised to privatise 35 state companies after enacting a law last month to guide the process. Kenya last privatised a state-owned company in 2008 with an initial public offering (IPO) for 25% of the shares in telecommunications firm Safaricom. "We have identified the first 35 companies that we are going to offer to the private sector. We have another close to 100 we are working with financial advisers on what to do," Ruto said in remarks at the opening ceremony of the African Stock Exchanges Association's annual meeting in Nairobi. Finance Minister…
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Airtel Uganda doubles bonus shares ahead of IPO close

Airtel Uganda doubles bonus shares ahead of IPO close

AIRTEL Uganda said it has doubled the amount of bonus shares for potential investors, to boost participation in its initial public offering (IPO) set to close on Friday. Bonus offers will be doubled for investors across all categories, Airtel said in a statement issued late on Tuesday. The firm launched its share sale on August 29 and set the share price at 100 Ugandan shillings. It had initially announced bonus shares of various sizes ranging from 1-37 for different categories of investors. Airtel is selling 20% of its equity in a move aimed at raising 800 billion Ugandan shillings ($213…
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