Cherry Picking - 2011

2011 has opened with more than enough offers for East African investors. After several rights issues were over-subscribed last year and with the economy looking quite optimistic, the bull market could be back in the region.

A quick line up of some corporate actions across East Africa[no particular order]:

Kenya
- TransCentury (net assets worth $150mln) - to raise Ksh.3 bln through introduction
- British American Group: planning a Ksh.7 bln IPO
- CFC Insurance Holdings to list this year.
- Kenya Airways fund raising for expansion (right issue/corporate bond?)
- TPS EA planning a second rights issue
- Cooperative Insurance Company (CIC) IPO [2013]
- National Bank of Kenya – government 51% divesture
- Consolidated Bank – government divesture
- 30 year state bond {on going}
- NSE trading at a seven months low = undervalued stocks?

Uganda
- Kinyara Sugar Works - to list a 49% stake this year
- Tullow Oil - to cross list some shares in USE

Rwanda
- MTN Rwanda – state to sell off it’s 10% stake
- SONARWA – Rwanda’s biggest insurer. Govt to sell a 20% stake in an IPO.

Tanzania
- Precision Air – 55 mln shares or 65% of its authorized shares worth $28 mln to be sold in an IPO
- African Barrick Gold Plc – listed on London Stock Exchange in March 2010. To cross list some shares at the DSE

mostly sourced from Reuters