@BusinessDaily

Shelter Afrique now kicks off search for debt-fixing director

10 months ago, 8 Jan 16:38

By: Brian Ngugi

Shelter Afrique has kicked off the search for an independent director in charge of investment analysis, finance and debt restructuring and capital raising from within its 44 countries. Shelter Afrique listed a Sh5 billion five-year medium-term unsecured notes on the Nairobi Securities Exchange (NSE) in 2013 and the bond matures on September 28. One tranche of Sh4.23 billion has a coupon rate of 12.75 per cent while the other Sh760 million note is priced at 11 per cent. Acting managing director Femi Adewole did not respond to the Business Daily queries on whether the organisation is sufficiently capitalised to cater for the repayments. In a notice on dailies, the firm specified that applicants for the independent debt restructuring director position will be expected to provide “technical, financial and other independent expertise” to its board. “The independent director shall serve for a minimum of 3 years renewable only once. (He/she is expected) to reduce potential conflicts between the management and wider interest of the company and shareholders,” said the firm. Shelter Afrique turned to the 44 member states who are shareholders late last year for Sh9.2 billion to steady its finances after turbulence. The cash-strapped financier said mid-October it had by then received written commitments from 11 shareholders to inject additional capital of up to $60 million last year, less than half the requirement. Ratings agency Moody’s last October withdrew the Caa1 credit rating for Shelter Afrique, nearly a year after it lost its top credit rating.
Read More


Category: business lifestyle news corporate economy opinion markets

Suggested

3 hours ago, 00:41
@TheStar - By: Abel Muhatia And ...
SportPesa plays down reports on NSE listing

 Betting firm Sport Pesa yesterday denied reports that it plans to sell shares to the public and trade at the Nairobi Securities exchange in the first quarter of next year.This followed reports by int ...

Category: topnews news business
6 hours ago, 21:33
@AfricaNews - By: Africanews
Congo calls for agro-industry financing | Africanews

The Republic of Congo is looking for new investors to finance national agri-food processing projects. ...

Category: africa topnews news africa_business business
3 hours ago, 00:20
@StandardMedia - By: David Gichuru
New look for Valentine Cake House

Valentine Cake House re-brands to maintain its foothold in the hospitality sector ...

Category: business news
3 hours ago, 00:20
@StandardMedia - By: Lee Mwiti
More losses for importers as Kebs sticks to mandatory inspection

Importers have started feeling the heat of a Government directive requiring all goods arriving at Kenya’s entry ports to undergo mandatory inspection ...

Category: business news
8 hours ago, 19:42
@AfricaNews - By: Content Provided ...
Oil search: Rwanda may invite investors for exploration | Africanews

Rwanda already extracts methane from Lake Kivu, which borders Lake Albert, where neighboring Uganda has found 6.5 billion litres of oil. ...

Category: africa topnews news africa_business business
11 hours ago, 15:56
@TheEastAfrican - By: Beatrice Materu
Acacia’s gold output rises threefold in Quarter 3

The company attributes the good performance to high production in the North Mara sites. ...

Category: topnews news business

@BusinessDaily

Shelter Afrique now kicks off search for debt-fixing director

10 months ago, 8 Jan 16:38

By: Brian Ngugi
Shelter Afrique has kicked off the search for an independent director in charge of investment analysis, finance and debt restructuring and capital raising from within its 44 countries. Shelter Afrique listed a Sh5 billion five-year medium-term unsecured notes on the Nairobi Securities Exchange (NSE) in 2013 and the bond matures on September 28. One tranche of Sh4.23 billion has a coupon rate of 12.75 per cent while the other Sh760 million note is priced at 11 per cent. Acting managing director Femi Adewole did not respond to the Business Daily queries on whether the organisation is sufficiently capitalised to cater for the repayments. In a notice on dailies, the firm specified that applicants for the independent debt restructuring director position will be expected to provide “technical, financial and other independent expertise” to its board. “The independent director shall serve for a minimum of 3 years renewable only once. (He/she is expected) to reduce potential conflicts between the management and wider interest of the company and shareholders,” said the firm. Shelter Afrique turned to the 44 member states who are shareholders late last year for Sh9.2 billion to steady its finances after turbulence. The cash-strapped financier said mid-October it had by then received written commitments from 11 shareholders to inject additional capital of up to $60 million last year, less than half the requirement. Ratings agency Moody’s last October withdrew the Caa1 credit rating for Shelter Afrique, nearly a year after it lost its top credit rating.
Read More

Category: business lifestyle news corporate economy opinion markets

Suggested

3 hours ago, 00:41
@TheStar - By: Abel Muhatia And ...
SportPesa plays down reports on NSE listing

 Betting firm Sport Pesa yesterday denied reports that it plans to sell shares to the public and trade at the Nairobi Securities exchange in the first quarter of next year.This followed reports by int ...

Category: topnews news business
6 hours ago, 21:33
@AfricaNews - By: Africanews
Congo calls for agro-industry financing | Africanews

The Republic of Congo is looking for new investors to finance national agri-food processing projects. ...

Category: africa topnews news africa_business business
3 hours ago, 00:20
@StandardMedia - By: David Gichuru
New look for Valentine Cake House

Valentine Cake House re-brands to maintain its foothold in the hospitality sector ...

Category: business news
3 hours ago, 00:20
@StandardMedia - By: Lee Mwiti
More losses for importers as Kebs sticks to mandatory inspection

Importers have started feeling the heat of a Government directive requiring all goods arriving at Kenya’s entry ports to undergo mandatory inspection ...

Category: business news
8 hours ago, 19:42
@AfricaNews - By: Content Provided ...
Oil search: Rwanda may invite investors for exploration | Africanews

Rwanda already extracts methane from Lake Kivu, which borders Lake Albert, where neighboring Uganda has found 6.5 billion litres of oil. ...

Category: africa topnews news africa_business business
11 hours ago, 15:56
@TheEastAfrican - By: Beatrice Materu
Acacia’s gold output rises threefold in Quarter 3

The company attributes the good performance to high production in the North Mara sites. ...

Category: topnews news business
Our App