Justin N. Mwangi

Investments Analyst

[Mwango Capital @MwangoCapital]

𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐝𝐚𝐲'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟐𝟔𝐭𝐡 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟔]:

1. Kenya Treasury bill yields edged higher this week, with accepted rates at 8.8275% for the 91-day (+0.69 bps), 8.8438% for the 182-day (+6.56 bps) and 8.9932% for the 364-day (+1.86 bps).

The government accepted KES 17.43B of KES 24.00B offered, with demand concentrated in the 91-day paper while the 182-day and 364-day tenors remained undersubscribed.

[Mwango Capital @MwangoCapital]

𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐝𝐚𝐲'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟐𝟓𝐭𝐡 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟔]:

1. Car & General shareholders have approved the termination of the company's Employee Share Ownership Plan (ESOP), subject to regulatory approvals.

The resolution was passed at the company's 86th AGM held on 23 June 2026.

[Mwango Capital @MwangoCapital]

We have some notes from yesterday afternoon’s Committee of the Whole House stage debates on the Finance Bill 2026.

—MPs softened or dropped several taxpayer-facing proposals, including NIL-return filing obligations, small-trader VAT invoicing rules, mobile phone activation excise duty, agency notices before appeal, and the proposed 60% deemed dividend distribution threshold.

—The most contested issue was New Clause 47A, which sought to require taxpayers appealing tax decisions to pay part of the principal tax upfront, raising concerns over access to justice and KRA’s enforcement powers.

Link for our notes: https://t.co/VL4DO08QpP

[Gichuki Kahome @kahome_steve]

What bargain buana? Be serious

These are very low quality earnings and not sustainable

Headline profit (Sh 5.5bn, +378%) and 43% asset growth are flattering but mostly paper

70% of pre-tax profit and 88% of comprehensive income are non-cash property revaluations, not earned cash.

Strip those out and a one-off Sh 1.41bn “other income,” and core trading profit is only Sh 221m on Sh 7bn revenue (3.1% margin).

Cash conversion is just 4.4%, the company is funding itself by selling assets, and liquidity is tight (current ratio 0.67x)

yet it’s resuming a dividend that eats nearly half of thin operating cash.

[Julians Amboko @AmbokoJH]

The perennial debate on Agency Notices & pay-to-play was in full display in the National Assembly this evening.

An amended version of Finance Bill 2026's New Clause 47A, moved by the Majority Leader, has taken the House into division as members shot down a proposal to introduce a mandatory deposit of 50.0% of disputed principal taxes before filing an appeal.

The National Treasury & the Revenue Authority lose for the fourth consecutive time, the proposal is dropped...but with a promise that it will be reconsidered upon further review (Finance Bill 2027).

New Clause 47A has been dropped...Both the amendment & further amendment (i.e. the 50.0% principal tax deposit) withdrawn!

[Mwango Capital @MwangoCapital]

𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐝𝐚𝐲'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟏𝟗𝐭𝐡 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟔]:

1. Absa Group intends to raise its stake in its Kenyan subsidiary, Absa Bank Kenya, from 68.5% to 85.0% after making a tender offer to acquire up to an additional 895.99M shares at KES 34.50 per share, an 18.1% premium to the 17 June 2026 closing VWAP.

[Ramah Nyang @Ramah_Nyang]

Looks like MPs agree with the arguments put forward by @KeTreasury , to try and raise taxes on interchange and merchant fees - after December's loss at the Supreme Court. This is from Parliament's order paper for the June 18 afternoon session.

[Mwango Capital @MwangoCapital]

5. Equity Afya has launched its first standalone community pharmacy at Britam Towers, Upper Hill, marking its entry into dedicated retail pharmacy services beyond its clinic network.

—The outlet will complement Equity Afya’s 154 medical centres across Kenya and DRC, offering medicines, wellness and nutrition guidance, plus free blood pressure and blood sugar screening, with referrals into its clinic network.

—Equity Afya says the pharmacy is the first step in a planned regional network, building on a healthcare model that serves an average of 130,000 patients every month.

[East African Breweries PLC @EABL_PLC]

HIGH COURT DECLINES FURTHER BID TO HALT DIAGEO–ASAHI TRANSACTION

[Mwango Capital @MwangoCapital]

Today’s National Assembly agenda includes Second Readings for these bills:

—The Central Bank of Kenya (Amendment) Bill, 2026: https://t.co/xjlrVyYcZG

—The KRA (Amendment) Bill, 2026: https://t.co/DL5Mqdz2Nn

—The Sovereign Wealth Fund Bill, 2026: https://t.co/tBv0bcnTVG

—The Competition (Amendment) Bill, 2026: https://t.co/EWc5JOro7W

Links:

[Energy and Petroleum Regulatory Authority @EPRA_KE]

The Government will in this cycle, cushion the consumers through the Petroleum Development Levy (PDL) Fund by utilizing approximately KShs.10 billion to subsidize the prices of Diesel and Kerosene. Find full press release here https://t.co/9HCdSVgq0X

[Barnaba Korir. @KorirOfficial]

NATIONAL CHAMPIONSHIPS/ COMMONWEALTH GAMES TRIALS!

[Mwango Capital @MwangoCapital]

𝐑𝐨𝐮𝐧𝐝𝐮𝐩 𝐨𝐟 𝐓𝐨𝐝𝐚𝐲'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 [𝟏𝟏𝐭𝐡 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟔]:

1. Kenya, Uganda, and Tanzania will present their FY2026/27 budgets today, with Kenya’s Treasury CS John Mbadi, Uganda’s Finance Minister Henry Musasizi, and Tanzania’s Finance Minister Khamis Mussa Omar setting out spending, tax, and borrowing plans for the next fiscal year.

[Mwango Capital @MwangoCapital]

Kenya Power will progressively close all remaining payment counters in its banking halls by June 2027.

The first closures will be Nyeri, Thika and Kisii by June 2026, followed by Nakuru, Kisumu Electricity House and Eldoret by Dec 2026, then Nairobi Electricity House, Stima Plaza and Mombasa Electricity House by June 2027.

[Justin N. Mwangi @InvAnalystKe]

@MwangoCapital They are defending workers' futures.

[The Trading Room @tradingroomke]

Kenya's real interest rate (the delta between the Central Bank Rate and the Inflation Rate) is at its lowest since May 2023.

In May 2026, the real interest rate was 2.05%, lowest since 1.50% in May 2023.

For comparison:
Uganda: 6.55%
Tanzania: 1.75%
Rwanda: -4.25%

[The National Treasury @KeTreasury]

NOTICE:
The Cabinet Secretary for the National Treasury, Hon. FCPA John Mbadi Ng’ongo, EGH, has approved the formal notice for the FY 2026/27 Budget Statement.

The Budget Statement will be presented to the National Assembly on Thursday, 11th June 2026.

Read the notice attached below 👇

[Stanbic Bank Kenya @StanbicKE]

Geopolitics is no longer a distant headline; it is shaping Kenya’s economic reality in real time. In the latest Markets Unplugged, we unpack the impact of the evolving conflict on growth, liquidity, and supply chains.

Watch the full episode for insights

[Justin N. Mwangi @InvAnalystKe]

@MwangoCapital Hi, what's the CBK bill about?

[Justin N. Mwangi @InvAnalystKe]

@AmbokoJH Hi, what's the CBK bill about?