Kenyan Wall Street

Latest Business and finance news From Kenya and Sub Saharan Africa.

[Kenyan Wall Street @kenyanwalstreet]

From one store in Nakuru to the Nairobi Securities Exchange. 🛒

@QuickmartKenya ’s IPO closes on Friday 30 October. Before it does, join our live webinar, “From Nakuru to the NSE: Inside Quickmart’s KSh 15Bn IPO.”

With:
Simon Macharia, CFO, Quickmart
Martha Osier, Partner, Adenia Partners
Jacques Dôme, MD Kenya, Quickmart

Hosted by Harry Njuguna, Financial Analyst, The Kenyan Wall Street.

📅 Tuesday, 27th October
🕗 8:00 pm EAT
🔗 Register now - https://t.co/ToMCxh5A5a

For information only, not investment advice. Read the Information Memorandum before applying.

[Kenyan Wall Street @kenyanwalstreet]

DStv will introduce a new package lineup in Kenya from 5 November 2026, with monthly subscriptions ranging from KSh 750 to KSh 7,300. The top tier costs 37.61% less than the existing KSh 11,700 Premium subscription.

▸ Starter: KSh 750 monthly for local entertainment, movies, music and selected sport.

▸ Select: KSh 1,500 monthly for family entertainment, movies, children’s channels, WWE and selected Premier League and Champions League matches.

▸ Sports: KSh 3,000 monthly for major football leagues, UFC and WWE, alongside movies, series and local entertainment.

▸ Top tier: KSh 7,300 monthly for broader sports coverage, including Formula 1, rugby, golf and tennis, plus M-Net and Discovery.

[Kenyan Wall Street @kenyanwalstreet]

Uganda has begun drawing on its foreign-exchange reserves to defend the shilling, which became the world's second-worst-performing currency against the US dollar in October, according to Bloomberg.

The currency lost more than 11% during the month, closing at UGX4,419.95 per dollar on 23 October, behind only Iraq's dinar in Bloomberg's global ranking.

The decline persisted despite the Bank of Uganda's emergency 225-basis-point interest rate hike to 12.00% on 14 October and its resumption of direct dollar sales.

Governor Michael Atingi-Ego earlier estimated Uganda's FX reserves at US$6.7Bn, up from US$2.7Bn in FY2022/23.

[Kenyan Wall Street @kenyanwalstreet]

The Bank of Uganda resumed direct dollar sales on 14 October 2026, ending a four-year pause in foreign-exchange intervention to contain the shilling's sharp depreciation.

Currency dealers estimated the central bank sold up to US$30Mn (UGX120Bn), according to reports by Bloomberg, Daily Monitor and New Vision.

The intervention followed an emergency 225-basis-point interest rate increase to 12.00%, the highest since December 2016.

Governor Michael Atingi-Ego had earlier said BoU last sold dollars directly in June 2022, relying instead on FX swaps and liquidity management to preserve reserves.

Uganda's foreign reserves have risen from approximately US$2.7Bn in FY2022/23 to US$6.7Bn, while its current account deficit has widened to US$4.6Bn.

[Kenyan Wall Street @kenyanwalstreet]

Tomorrow, 8:00 PM EAT

From one store in Nakuru to the Nairobi Securities Exchange. 

Quickmart’s KSh 15Bn IPO closes on Friday 30 October. Tomorrow, hear directly from the people behind it in our live webinar, “From Nakuru to the NSE: Inside Quickmart’s KSh 15Bn IPO.”

Meet the speakers

→ Simon Macharia, Chief Financial Officer, Quickmart
→ Martha Osier, Partner at Adenia Partners
→ Jacques Dôme, Managing Director Kenya, Quickmart

Hosted by Harry Njuguna, Financial Analyst, The Kenyan Wall Street.

📅 Tuesday, 27 October 2026 | 8:00 PM EAT
🔗 Register here → https://t.co/ToMCxh52fC

[Kenyan Wall Street @kenyanwalstreet]

Kenya Pipeline Company (KPC) has joined the NSE's exclusive KSh 200 Bn market capitalisation club, becoming the sixth currently listed company valued above the threshold.

KPC shares surged 9.95% to a record KSh 11.60 in Monday morning trading, lifting its valuation to KSh 210.81 Bn.

NSE's KSh 200 Bn Club:

▸ SCOM ➠ KSh 1,334.18 Bn
▸ EQTY ➠ KSh 367.93 Bn
▸ KCB ➠ KSh 273.95 Bn
▸ COOP ➠ KSh 215.91 Bn
▸ EABL ➠ KSh 214.30 Bn
▸ KPC ➠ KSh 210.81 Bn

The stock has gained 28.04% in three sessions, adding KSh 46.16 Bn in market value following Aliko Dangote's 25% stake acquisition and KSh 194.8 Bn pipeline expansion plan.

[Kenyan Wall Street @kenyanwalstreet]

Kenya Pipeline Company $KPC Hits Record KSh 10.75, Gains Nearly 10% for Second Straight Session Intraday Following Dangote Deal.

[Kenyan Wall Street @kenyanwalstreet]

Ronald Read fixed cars and swept floors for a living, yet he died in 2014 with a net worth above $8 million. His secret was not a big salary or an inheritance. He saved small amounts, invested in blue-chip stocks and gave it time.

That is compound interest: like a snowball rolling downhill, growth starts slowly, then accelerates as returns build on past returns. Time does more of the work than the size of your paycheck.

In Kenya, the I&M Capital Wealth Fund offers a practical way to apply the same approach. It is a conservative money market fund investing in government-backed instruments and Tier-1 bank deposits, targeting a gross return of 9%-10%. Transfers can be made through the I&M OTG app, with no withdrawal charges or penalty fees.

You can start with KES 2,000.

Read more - https://t.co/8rBKi74nua

[Kenyan Wall Street @kenyanwalstreet]

Asilia Africa and Go2Africa’s parent company, Nawiri Group, has secured Kenyan competition approval for Swiss investment firm A Squared Holding AG’s proposed acquisition of sole control.

Nawiri employs more than 1,300 people across sub-Saharan Africa, with Asilia operating safari camps and lodges in Kenya, Tanzania and Uganda.

The group told Tourism Update in October the transaction involves existing shareholders increasing their holdings, with no changes to Asilia or Go2Africa’s management or operations.

[Kenyan Wall Street @kenyanwalstreet]

Devki Group chairman Narendra Raval will hold a groundbreaking ceremony on Tuesday for a KSh50 billion clinker and cement plant in Ngaaie, Kitui County, as the industrial group expands its manufacturing operations near local limestone deposits.

The ceremony for the National Cement Company project is scheduled for 9 a.m. in Mwingi North, with President William Ruto expected to attend.

Construction of the plant had already begun by late September and is expected to start operations in mid-2027. 
The factory will be Kitui County’s first cement plant, adding production capacity in a region with valuable deposits of limestone, a key raw material in cement manufacturing.

[Kenyan Wall Street @kenyanwalstreet]

The Supreme Court has dismissed Kakuzi Plc’s final appeal in a 24-year legal battle over approximately 70 acres claimed by Makuyu Club, upholding earlier rulings granting the club ownership through adverse possession.

Established in 1934, the club developed a golf course on the land before Kakuzi acquired the wider property in 1967. Relations deteriorated in the 1990s after Kakuzi withdrew maintenance support and later sought to formalise the club’s occupation.

Makuyu Club filed suit in 2002, winning at the Environment and Land Court in 2019 and the Court of Appeal in 2024.

In its October 23, 2026 judgment, the Supreme Court ruled that the original informal donation did not bind the new landowner and Kakuzi failed to assert its ownership rights within the statutory 12-year period. Kakuzi must pay appeal costs. The financial impact remains unquantified.

[Kenyan Wall Street @kenyanwalstreet]

Good morning from TKWS ☀️ Today’s Financial Dictionary term: Non-Competitive Bidding

[Kenyan Wall Street @kenyanwalstreet]

The Competition Authority of Kenya has authorised Malta-based Credinvest International Corporate Finance Limited’s proposed acquisition of 100% of Rafiki Microfinance Bank

In 2021 Rafiki sought a buyer for Chase Bank’s shareholding after exclusion from SBM’s 2018 acquisition of selected Chase assets and liabilities.

Credinvest is a corporate finance and consulting firm founded in 1993.

[Kenyan Wall Street @kenyanwalstreet]

CMA has approved Quickmart’s revised IPO allocation, raising the cornerstone investor pool to 48% from 13%, while the retail allocation falls to 12%.

The expanded cornerstone book includes IFC, the UK FCDO-backed MOBILIST programme, RWC Asset Management and 337 Frontier.

The KSh15Bn offer closes on 30 October 2026, with local institutions allocated 32% and foreign investors 8%.

[Kenyan Wall Street @kenyanwalstreet]

Quickmart has revised the allocation of its KSh 15Bn IPO after adding MOBILIST, RWC LLP and 337 Frontier as cornerstone investors alongside IFC.

Cornerstone investors will now receive an indicative 960Mn shares worth KSh 7.20Bn, equivalent to 48% of the 2Bn shares on offer.

The Kenyan and East African retail pool has been reduced to 12% from 20%, while local institutional investors receive 32% and foreign investors 8%.

MOBILIST and 337 Frontier each applied for about KSh 1.94Bn of shares, while RWC applied for about KSh 1.30Bn.

The KSh 7.50 offer price and 30 October closing date remain unchanged, and existing applications remain valid.

[Kenyan Wall Street @kenyanwalstreet]

Quickmart has revised the allocation of its KSh 15Bn IPO after adding MOBILIST, RWC LLP and 337 Frontier as cornerstone investors alongside IFC.

Cornerstone investors will now receive an indicative 960Mn shares worth KSh 7.20Bn, equivalent to 48% of the 2Bn shares on offer.

The Kenyan and East African retail pool has been reduced to 12% from 20%, while local institutional investors receive 32% and foreign investors 8%.

MOBILIST and 337 Frontier each applied for about KSh 1.94Bn of shares, while RWC applied for about KSh 1.30Bn.

The KSh 7.50 offer price and 30 October closing date remain unchanged, and existing applications remain valid.

[Kenyan Wall Street @kenyanwalstreet]

The UK Government, through its MOBILIST programme, has subscribed US$15Mn (KSh 1.94Bn) to Quickmart’s IPO, equivalent to nearly 13% of the KSh 15Bn offer.

The investment follows IFC’s separate conditional commitment of up to KSh 1.94Bn, pending Board approval.

Together, the two institutions could account for KSh 3.88Bn, or 25.9% of the offer, if IFC proceeds in full.

Quickmart operates 72 stores across 16 counties and generated KSh 50.4Bn in FY2025 revenue.

The IPO closes on 30 October, with NSE trading expected on 12 November. Proceeds go to selling shareholder Sokoni Retail Kenya, not Quickmart.

[Kenyan Wall Street @kenyanwalstreet]

Kenyans Doing Cool Stuff Abroad

#003: Sylvia Mulinge

Sylvia Mulinge is a Kenyan business executive serving as Chief Executive Officer of MTN Uganda, one of Uganda's largest telecommunications companies, based in Kampala.

She became MTN Uganda's first female CEO in October 2022, following about 16 years at Safaricom, where she rose to Chief Consumer Business Officer. She previously worked at Unilever in Kenya and South Africa.

Ms Mulinge graduated from the University of Nairobi with first-class honours in Food Science and Technology. She was named a Young Global Leader by the World Economic Forum in 2015 and received Kenya's Moran of the Order of the Burning Spear (MBS) honour.

Know a Kenyan doing cool stuff abroad? Tell us who we should feature next.

[Kenyan Wall Street @kenyanwalstreet]

Meet the Speaker

Simon Macharia is the Chief Financial Officer of Quickmart. A practising accountant registered with ICPAK, he has over 10 years of finance and management experience spanning audit, tax, accountancy and management consultancy, along with leading the digitisation of businesses.

On 27 October, he joins our live webinar to take you inside Quickmart’s KSh 15Bn IPO, days before the offer closes on Friday 30 October.

📅 Tuesday, 27 October 2026 | 8:00 PM EAT
Hosted by Harry Njuguna, Financial Analyst, The Kenyan Wall Street

🔗 Register here → https://t.co/ToMCxh52fC

[Kenyan Wall Street @kenyanwalstreet]

Meet the Speaker

Martha Osier is a Partner at Adenia Partners, a pan-African private equity firm, where she leads East Africa investments and operations. She also sits on the board of Quickmart.

On 27 October, she joins our live webinar to take you inside Quickmart’s KSh 15Bn IPO, days before the offer closes on Friday 30 October.

📅 Tuesday, 27 October 2026 | 8:00 PM EAT
Hosted by Harry Njuguna, Financial Analyst, The Kenyan Wall Street

🔗 Register here → https://t.co/ToMCxh52fC

[Kenyan Wall Street @kenyanwalstreet]

JPMorgan Chase, the world's largest bank by market capitalisation, has secured preliminary approval from the Central Bank of Nigeria to establish a merchant bank, expanding its presence in Africa's most populous country.

The US banking giant reportedly deposited ₦50Bn (US$38Mn) to meet regulatory capital requirements for the proposed JPMorgan Merchant Bank Nigeria Limited.

The bank will focus on corporate finance, capital markets, investment banking and advisory services. JPMorgan already operates a representative office in Lagos.

The approval remains conditional, with the lender required to meet further regulatory requirements before receiving a final operating licence.

[Kenyan Wall Street @kenyanwalstreet]

KenGen PLC has appointed Eng. Ronoh Kibet Charles as Managing Director and CEO-designate, effective 1 February 2027, succeeding Peter Waweru Njenga, who is retiring after leading the company since August 2023.

Eng. Kibet, currently General Manager of Commercial Services, brings over 17 years of experience in geothermal development, project delivery and commercial strategy.

He oversees KenGen's electricity sales, investments, partnerships and sustainability initiatives, including work on the Olkaria Green Energy Park.

/After @AmbokoJH

[Kenyan Wall Street @kenyanwalstreet]

KenGen PLC has appointed Eng. Ronoh Kibet Charles as Managing Director and CEO-designate, effective 1 February 2027, succeeding Peter Waweru Njenga, who is retiring after leading the company since August 2023.

Eng. Kibet, currently General Manager of Commercial Services, brings over 17 years of experience in geothermal development, project delivery and commercial strategy.

He oversees KenGen's electricity sales, investments, partnerships and sustainability initiatives, including work on the Olkaria Green Energy Park.

/After @AmbokoJH

[Kenyan Wall Street @kenyanwalstreet]

KenGen PLC will seek shareholder approval to replace its existing Memorandum and Articles of Association at its 74th Annual General Meeting on 29 October 2026.

The special resolution seeks to align the company’s governance framework with the Companies Act, 2015, and other applicable laws.

The proposed reforms provide for a nine-member board, including six independent directors, with minority shareholders exclusively electing two directors under Class A voting arrangements, excluding the National Treasury.

The revised Articles also outline board appointment procedures, director independence requirements and shareholder voting rights.

The AGM follows earlier governance restructuring linked to the Government Owned Enterprises Act, 2025.

The resolution requires at least 75% of votes cast to pass.

[Kenyan Wall Street @kenyanwalstreet]

JPMorgan Chase, the world's largest bank by market capitalisation, has secured preliminary approval from the Central Bank of Nigeria to establish a merchant bank, expanding its presence in Africa's most populous country.

The US banking giant reportedly deposited ₦50Bn (US$38Mn) to meet regulatory capital requirements for the proposed JPMorgan Merchant Bank Nigeria Limited.

The bank will focus on corporate finance, capital markets, investment banking and advisory services. JPMorgan already operates a representative office in Lagos.

The approval remains conditional, with the lender required to meet further regulatory requirements before receiving a final operating licence.