Platinum Credit Uganda raised UGX 30Bn after its latest bond placement attracted UGX 49.28Bn in bids against an initial UGX 20Bn offer, a 246.4% subscription rate that triggered the full UGX 10Bn green shoe.
The lender accepted UGX 13.14Bn in 3-year notes at 16.50%, UGX 13.86Bn in 5-year paper at 17.40% and UGX 3Bn in 8-year notes at 19.00%, with listing on the Uganda Securities Exchange set for October 5.
The deal extends a debt-market funding history dating back at least to 2017, when ALCB Fund invested UGX 10.845Bn in Platinum’s 3-year notes and UGX 3.615Bn in 5-year paper.
ALCB reinvested UGX 15Bn in a four-year Platinum Uganda issue in 2023, while a separate 2021 bond issue is also documented.
Platinum also secured a US$4Mn, 24-month Symbiotics facility in late 2025, announced in February 2026, to expand MSME and household lending.
The lender accepted UGX 13.14Bn in 3-year notes at 16.50%, UGX 13.86Bn in 5-year paper at 17.40% and UGX 3Bn in 8-year notes at 19.00%, with listing on the Uganda Securities Exchange set for October 5.
The deal extends a debt-market funding history dating back at least to 2017, when ALCB Fund invested UGX 10.845Bn in Platinum’s 3-year notes and UGX 3.615Bn in 5-year paper.
ALCB reinvested UGX 15Bn in a four-year Platinum Uganda issue in 2023, while a separate 2021 bond issue is also documented.
Platinum also secured a US$4Mn, 24-month Symbiotics facility in late 2025, announced in February 2026, to expand MSME and household lending.
❤3
With inflation rising to 6.8% in September, we looked at how much a KSh 1,000 note has lost in purchasing power since January 2010.
_➠ KSh 1,000 then is worth about KSh 344 today, a 65.6% erosion in buying power._
_➠ A KSh 10,000 monthly basket in 2010 would cost about KSh 29,060 today._
The note’s real value fell below KSh 500 in April 2020, while nearly 20% of its purchasing power was lost in the first two years alone.
_➠ KSh 1,000 then is worth about KSh 344 today, a 65.6% erosion in buying power._
_➠ A KSh 10,000 monthly basket in 2010 would cost about KSh 29,060 today._
The note’s real value fell below KSh 500 in April 2020, while nearly 20% of its purchasing power was lost in the first two years alone.
Former Absa Bank Kenya CEO Abdi Mohamed will take over as CEO of I&M Bank Kenya effective 5 October 2026 after receiving all regulatory approvals, completing a move first announced in June.
Mohamed brings more than 30 years of banking experience, having led Absa Bank Kenya and Absa Bank Tanzania and held senior roles in Kenya and Zambia.
He succeeds Kihara Maina, who has served as interim CEO alongside his role as I&M Group Regional CEO.
I&M said Mohamed will lead the bank's next phase of growth, drawing on his experience across the Kenyan and regional financial services sector.
Mohamed brings more than 30 years of banking experience, having led Absa Bank Kenya and Absa Bank Tanzania and held senior roles in Kenya and Zambia.
He succeeds Kihara Maina, who has served as interim CEO alongside his role as I&M Group Regional CEO.
I&M said Mohamed will lead the bank's next phase of growth, drawing on his experience across the Kenyan and regional financial services sector.
❤2
*Kenya’s DT-SACCO sector remains highly skewed by size despite broad asset growth in 2025.*
_➠ The median DT-SACCO held just KSh 1.73Bn in assets, compared with a sector average of about KSh 5.97Bn_
_➠ Just KSh 1.04Bn separated Mwalimu National and Stima, the country’s two largest DT-SACCOs_
_➠ The top five controlled KSh 293.83Bn, or 27.5% of all DT-SACCO assets_
_➠ 18 SACCOs had grown beyond KSh 15Bn in assets by year-end_
_➠ Growth varied sharply: Defence +57.7%, Transnation +25.2%, Amica +23.6% and Tower +23.3%, while Afya contracted 3.7%_
_➠ The median DT-SACCO held just KSh 1.73Bn in assets, compared with a sector average of about KSh 5.97Bn_
_➠ Just KSh 1.04Bn separated Mwalimu National and Stima, the country’s two largest DT-SACCOs_
_➠ The top five controlled KSh 293.83Bn, or 27.5% of all DT-SACCO assets_
_➠ 18 SACCOs had grown beyond KSh 15Bn in assets by year-end_
_➠ Growth varied sharply: Defence +57.7%, Transnation +25.2%, Amica +23.6% and Tower +23.3%, while Afya contracted 3.7%_
Kenya’s Competition Authority has approved Volkswagen AG’s acquisition of sole control of Europcar Mobility Group, clearing a deal that will raise the German automaker’s indirect stake from 66% to 93%.
Volkswagen agreed to buy Attestor’s 27% holding in Europcar’s parent, Green Mobility Holding, for about €1 billion, while Pon Holdings will retain 7%. The transaction is expected to close in 2027, subject to remaining regulatory approvals.
Europcar operates in Kenya through independent franchisees and is part of a global car-rental network spanning more than 130 countries.
Volkswagen agreed to buy Attestor’s 27% holding in Europcar’s parent, Green Mobility Holding, for about €1 billion, while Pon Holdings will retain 7%. The transaction is expected to close in 2027, subject to remaining regulatory approvals.
Europcar operates in Kenya through independent franchisees and is part of a global car-rental network spanning more than 130 countries.
❤2
First Chartered Securities, the Ndegwa family investment vehicle, has secured CAK approval to take sole control of ICEA LION Insurance Holdings, paving the way for a Prudential-backed investor to exit its roughly 24.1% stake.
The minority holding was acquired through LeapFrog Investments for about KSh 2.4Bn, valuing ICEA LION at roughly KSh 10Bn at entry.
Prudential disclosed in January 2026 that it had agreed to sell its 24% interest, subject to regulatory approvals.
ICEA LION operates life and general insurance and asset management businesses across East Africa.
Its Kenyan life unit generated about KSh 32.8Bn in 2025 premiums, giving it a 13.9% market share, second in the long-term insurance market. The latest sale price has not been disclosed.
The minority holding was acquired through LeapFrog Investments for about KSh 2.4Bn, valuing ICEA LION at roughly KSh 10Bn at entry.
Prudential disclosed in January 2026 that it had agreed to sell its 24% interest, subject to regulatory approvals.
ICEA LION operates life and general insurance and asset management businesses across East Africa.
Its Kenyan life unit generated about KSh 32.8Bn in 2025 premiums, giving it a 13.9% market share, second in the long-term insurance market. The latest sale price has not been disclosed.
❤3
Monarch Capital has secured regulatory clearance to take a 60% controlling stake in De La Rue Kenya EPZ Limited, replacing Thomas De La Rue AG as majority shareholder while the National Treasury retains 40%.
The company operated De La Rue’s Ruaraka banknote-printing facility, which suspended production in 2023 after new CBK orders dried up.
The deal forms part of De La Rue’s broader exit from Kenya, with Monarch also acquiring another local De La Rue subsidiary earlier in 2026.
De La Rue’s FY2026 accounts show the EPZ business had zero revenue and £8.8 million in net assets before disposal. No transaction value has been disclosed.
The company operated De La Rue’s Ruaraka banknote-printing facility, which suspended production in 2023 after new CBK orders dried up.
The deal forms part of De La Rue’s broader exit from Kenya, with Monarch also acquiring another local De La Rue subsidiary earlier in 2026.
De La Rue’s FY2026 accounts show the EPZ business had zero revenue and £8.8 million in net assets before disposal. No transaction value has been disclosed.
❤2
Quickmart has launched a KSh 15Billion IPO, offering 2.0Bn existing shares, equivalent to 50% of the retailer, at KSh 7.50 each ahead of its NSE debut.
The price implies a KSh 30Bn equity valuation.
Proceeds will go to selling shareholder Sokoni Retail Kenya rather than Quickmart, with no new shares being issued.
➠ Offer opens: 5 October 2026
➠ Offer closes: 30 October 2026
➠ Minimum application: 500 shares, or KSh 3,750
➠ Minimum subscription: 75%, equivalent to KSh 11.25Bn
➠ IFC commitment: Up to US$ 15Mn (KSh 1.94Bn), potentially taking about 13% of the offer
➠ Offer results: 6 November 2026
➠ NSE listing: 12 November 2026
Quickmart will list on the NSE Main Investment Market Segment, with the remaining shareholder subject to a 24-month lock-up on 60% of its post-offer stake.
The price implies a KSh 30Bn equity valuation.
Proceeds will go to selling shareholder Sokoni Retail Kenya rather than Quickmart, with no new shares being issued.
➠ Offer opens: 5 October 2026
➠ Offer closes: 30 October 2026
➠ Minimum application: 500 shares, or KSh 3,750
➠ Minimum subscription: 75%, equivalent to KSh 11.25Bn
➠ IFC commitment: Up to US$ 15Mn (KSh 1.94Bn), potentially taking about 13% of the offer
➠ Offer results: 6 November 2026
➠ NSE listing: 12 November 2026
Quickmart will list on the NSE Main Investment Market Segment, with the remaining shareholder subject to a 24-month lock-up on 60% of its post-offer stake.
The Competition Authority of Kenya has approved Cable Experts Limited’s acquisition of control of East African Cables, which remains under administration, according to a Kenya Gazette notice.
The approval, granted on 21 August and gazetted on 2 October, follows Cable Experts’ May agreement to acquire TransCentury’s 68.37% stake, comprising 173.1Mn shares.
The rescue transaction is intended to address East African Cables’ debt structure and improve its financial viability.
The cable maker said on 31 August that the share purchase transaction had been completed. Its NSE shares remain suspended from trading.
The approval, granted on 21 August and gazetted on 2 October, follows Cable Experts’ May agreement to acquire TransCentury’s 68.37% stake, comprising 173.1Mn shares.
The rescue transaction is intended to address East African Cables’ debt structure and improve its financial viability.
The cable maker said on 31 August that the share purchase transaction had been completed. Its NSE shares remain suspended from trading.
Ahead of its KSh 15Bn IPO, Quickmart is wholly owned by Mauritius-based Sokoni Retail Kenya Ltd, whose largest shareholder is Sokoni Retail Holdings with 50.8%.
Quickmart's founders hold 31.8%, while the founders of Tumaini, which merged with Quickmart in 2020, own 12.0%.
CEO Peter Kang'iri holds a 5.4% indirect stake.
Quickmart's founders hold 31.8%, while the founders of Tumaini, which merged with Quickmart in 2020, own 12.0%.
CEO Peter Kang'iri holds a 5.4% indirect stake.
❤3
Quickmart has reserved 55% of its KSh 15Bn IPO for Kenyan investors, equivalent to 1.1Bn shares worth KSh 8.25Bn at the KSh 7.50 offer price.
Kenyan institutional investors have the largest allocation at 35%, or KSh 5.25Bn, while retail investors are allocated 20%, or KSh 3Bn.
➠ Kenyan Retail: 20% | KSh 3.00Bn
➠ Kenyan Institutional: 35% | KSh 5.25Bn
➠ EAC Investors: 12% | KSh 1.80Bn
➠ Foreign Investors: 20% | KSh 3.00Bn
➠ Cornerstone Investor: 13% | KSh 1.95Bn
The allocations are indicative and can be adjusted depending on demand. If a category is undersubscribed, excess shares will first be reallocated to Kenyan retail investors, with Quickmart staff receiving priority within that pool, followed by Kenyan institutions, EAC investors, foreign investors and the cornerstone investor.
Oversubscribed categories may be scaled back, subject to CMA approval.
Kenyan institutional investors have the largest allocation at 35%, or KSh 5.25Bn, while retail investors are allocated 20%, or KSh 3Bn.
➠ Kenyan Retail: 20% | KSh 3.00Bn
➠ Kenyan Institutional: 35% | KSh 5.25Bn
➠ EAC Investors: 12% | KSh 1.80Bn
➠ Foreign Investors: 20% | KSh 3.00Bn
➠ Cornerstone Investor: 13% | KSh 1.95Bn
The allocations are indicative and can be adjusted depending on demand. If a category is undersubscribed, excess shares will first be reallocated to Kenyan retail investors, with Quickmart staff receiving priority within that pool, followed by Kenyan institutions, EAC investors, foreign investors and the cornerstone investor.
Oversubscribed categories may be scaled back, subject to CMA approval.
❤1
Kenya's modern grocery market has about 500 outlets across roughly 20 chains, with the three largest operators controlling an estimated 60% of revenue in 2025.
Naivas leads with 31% market share, followed by Quickmart at 15% and Carrefour at 14%. Magunas holds 6% and Foodplus 4%, while other operators account for about 29%, according to Sagaci Research.
Naivas leads with 31% market share, followed by Quickmart at 15% and Carrefour at 14%. Magunas holds 6% and Foodplus 4%, while other operators account for about 29%, according to Sagaci Research.
❤2
Quickmart distributed or advanced about KSh 4.81Bn to its shareholder between FY2022 and H1 2026, including KSh 1.65Bn in FY2025 and a KSh 1.1Bn shareholder advance related to interim dividends in H1 2026.
Dividend payouts exceeded annual profit for three consecutive years, reaching 174% of PAT in FY2023, 104% in FY2024 and 109% in FY2025.
The retailer projects another KSh 4.5Bn in dividends across FY2026 and FY2027, with payout ratios of about 95% and 90%, respectively.
Post-listing, Quickmart targets distributing at least approximately 80% of annual PAT, subject to capital requirements and board approval.
Dividend payouts exceeded annual profit for three consecutive years, reaching 174% of PAT in FY2023, 104% in FY2024 and 109% in FY2025.
The retailer projects another KSh 4.5Bn in dividends across FY2026 and FY2027, with payout ratios of about 95% and 90%, respectively.
Post-listing, Quickmart targets distributing at least approximately 80% of annual PAT, subject to capital requirements and board approval.
❤1
The Capital Markets Authority has approved a Short Form Prospectus allowing eligible Kenyan investors to participate in the Dangote Petroleum Refinery & Petrochemicals IPO through Global Depositary Receipts (GDRs).
Renaissance Capital Kenya will aggregate local investor funds, work with Renaissance Capital Africa in Nigeria and structure GDRs after allocation of the underlying shares.
The GDRs are intended for listing on the NSE, subject to Nigeria SEC approval, a successful fund raise and share allocation.
CMA said the transaction is the first of its kind under Kenya’s GDR framework and clarified that the offer does not include Dangote’s planned Lamu refinery.
Renaissance Capital Kenya will aggregate local investor funds, work with Renaissance Capital Africa in Nigeria and structure GDRs after allocation of the underlying shares.
The GDRs are intended for listing on the NSE, subject to Nigeria SEC approval, a successful fund raise and share allocation.
CMA said the transaction is the first of its kind under Kenya’s GDR framework and clarified that the offer does not include Dangote’s planned Lamu refinery.
❤2
Kenya’s Eurobond yields have surged sharply in recent days as a global government bond selloff spills into frontier markets.
◉ The 2032 yield jumped 109 basis points to 8.752% between September 22 and October 1, while the 2034 rose 107 bps to 9.202%.
◉ The 2028 climbed 95 bps to 7.626%, with yields rising as bond prices fell.
The selloff comes as the benchmark U.S. 10-year Treasury yield touched 5.34%, its highest since 2002, amid renewed inflation, interest-rate and government debt concerns.
Higher global yields could complicate Kenya’s planned US$815Mn Eurobond issuance in October-December, increasing the return investors may demand on new borrowing.
◉ The 2032 yield jumped 109 basis points to 8.752% between September 22 and October 1, while the 2034 rose 107 bps to 9.202%.
◉ The 2028 climbed 95 bps to 7.626%, with yields rising as bond prices fell.
The selloff comes as the benchmark U.S. 10-year Treasury yield touched 5.34%, its highest since 2002, amid renewed inflation, interest-rate and government debt concerns.
Higher global yields could complicate Kenya’s planned US$815Mn Eurobond issuance in October-December, increasing the return investors may demand on new borrowing.
❤5
Kenyan investors could gain access to the Dangote Petroleum Refinery IPO through a proposed Global Depositary Receipt (GDR) listed on the Nairobi Securities Exchange, subject to final CMA and NSE approvals.
➠ 1. Kenyan investors apply through licensed local brokers.
➠ 2. Brokers collect orders and complete KYC requirements.
➠ 3. Renaissance Capital Kenya aggregates the applications.
➠ 4. Renaissance Capital Nigeria submits the combined order into the Dangote Refinery IPO.
➠ 5. Underlying shares are allotted in Nigeria through the NGX offer.
➠ 6. Stanbic Bank holds the underlying shares in custody.
➠ 7. GDRs are issued in Kenya against those Nigerian shares.
➠ 8. The GDRs list on the NSE and trade in Kenyan shillings.
➠ 9. CDSC settles the trades and credits investors’ CDS accounts.
Target NSE listing: 8 December 2026, subject to CMA and NSE approval.
➠ 1. Kenyan investors apply through licensed local brokers.
➠ 2. Brokers collect orders and complete KYC requirements.
➠ 3. Renaissance Capital Kenya aggregates the applications.
➠ 4. Renaissance Capital Nigeria submits the combined order into the Dangote Refinery IPO.
➠ 5. Underlying shares are allotted in Nigeria through the NGX offer.
➠ 6. Stanbic Bank holds the underlying shares in custody.
➠ 7. GDRs are issued in Kenya against those Nigerian shares.
➠ 8. The GDRs list on the NSE and trade in Kenyan shillings.
➠ 9. CDSC settles the trades and credits investors’ CDS accounts.
Target NSE listing: 8 December 2026, subject to CMA and NSE approval.
🥰1
Uganda has approved the distribution of Dangote Petroleum Refinery and Petrochemicals FZE’s Nigerian IPO to eligible local investors, extending the offer’s reach into East Africa after Kenya cleared a separate access route.
CMA Uganda said the offer may only be marketed through licensed intermediaries that receive its written no-objection, with promotion restricted to high-net-worth individuals and professional investors.
Mass solicitation to the general public is prohibited. The application was submitted by Stanbic IBTC Capital on behalf of Dangote, while Nigeria’s SEC had already approved the underlying IPO.
Kenya, meanwhile, has cleared investor participation through approved intermediaries and an NSE-linked GDR structure, giving Dangote two distinct regional distribution channels.
CMA Uganda said the offer may only be marketed through licensed intermediaries that receive its written no-objection, with promotion restricted to high-net-worth individuals and professional investors.
Mass solicitation to the general public is prohibited. The application was submitted by Stanbic IBTC Capital on behalf of Dangote, while Nigeria’s SEC had already approved the underlying IPO.
Kenya, meanwhile, has cleared investor participation through approved intermediaries and an NSE-linked GDR structure, giving Dangote two distinct regional distribution channels.
❤1
Uganda’s Capital Markets Authority has restricted local participation in Dangote Petroleum Refinery’s IPO to high-net-worth individuals and professional investors, barring mass marketing to the general public.
Eligible investors must access the offer through CMA-licensed intermediaries that have separately received the regulator’s written no-objection.
CMA said its approval covers distribution of the Nigerian IPO in Uganda and does not amount to an endorsement of the investment or its expected returns.
Eligible investors must access the offer through CMA-licensed intermediaries that have separately received the regulator’s written no-objection.
CMA said its approval covers distribution of the Nigerian IPO in Uganda and does not amount to an endorsement of the investment or its expected returns.