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Absa Group to raise stake in Kenyan unit to 72%; Equity Bank reports half year results

  • Equity Group Holdings to release its half year earnings report this morning before markets open.
  • Absa Group will raise its stake in Absa Bank Kenya to about 72 per cent after buying 189.4 million shares in a tender offer at Sh34.50 each.
  • Minority shareholders tendered 189,981,668 shares, of which 189,380,644 were accepted, representing about 21 percent of the maximum number of shares targeted in the offer.
  • Kenya Pipeline share price continues to rally after Dangote purchase
    Kenya Pipeline’s share price continues to rally following news of Dangote’s stake purchase.
    The stock touched a high of Sh11.60 today.
    Kenya Pipeline shares have gained about 27% since Dangote confirmed one of his companies acquired 24 per cent stake in Kenya Pipeline.
    The company reported 13% growth in net profit to Sh11.6 billion early this month and declared a final dividend of Sh0.32 per share for the year ended June 2026.
  • BREAKINGNEWS
    Dangote buys 25% stake in Kenya Pipeline
    Nigerian billionaire Aliko Dangote said on Wednesday at the Financial Times Africa Summit in London that his company had ​bought a 25% stake in Kenya ‌Pipeline Company to move petroleum products.
    The deal involves the purchase of 4.5 billion shares previously held by state institutions, including the National Social Security Fund (NSSF) and the Unclaimed Financial Assets Authority (UFAA).
    The transaction comes barely a month after President William Ruto and Dangote broke ground on a planned oil refinery in Lamu.
    Link to the full story on Bloomberg: https://www.bloomberg.com/news/articles/2026-10-21/dangote-buys-25-stake-in-kenya-pipeline-for-327-million
  • BREAKINGNEWS
    Equity Group half-year profits jump 32% to Sh45.5bn
    Equity Group Holdings has reported 32 per cent growth in profit after tax to Sh45.5 billion for the half year period ended June 2026 driven by strong growth in income.
    Net interest income grew 17 per cent to Sh69.3 billion while non-funded income surged 36 per cent to Sh55.6 billion.
    Earnings per share grew to Sh11.61, up from Sh8.82 reported during the same period last year.
    More to follow
  • Absa Group falls short in bid to raise Absa Kenya stake
    Absa Group Limited has fallen well short of the target it set for a tender offer to minority shareholders of Absa Bank Kenya PLC, picking up only about 21 per cent of the shares it had offered to buy, lifting its stake in the Kenyan unit up to roughly 72 per cent.
    The Johannesburg-based banking group announced on Tuesday that it received and accepted valid tenders from 2,045 shareholders for a combined 189,380,644 ordinary shares in Absa Bank Kenya PLC, at a price of Sh34.50 per share, translating into a payout of roughly Sh6.53 billion to participating investors.
    Shareholders tendered a total of 189,981,668 shares, of which Absa Group accepted 189,380,644, falling well short of the maximum size of the offer
    Absa Group will hold 3,910,196,644 ordinary shares in its Kenyan unit, up from the 3,720,816,000 shares it held before the offer began, once the settlement process and share transfer are complete.
    The additional shares purchased under the tender will raise Absa Group's stake in the bank from roughly 68.5 per cent to about 72 per cent of Absa Bank Kenya's issued ordinary share capital.
  • Tata Chemicals Magadi seeks resumption of operations
    Tata Chemicals Magadi says it has complied with all Ministry requests following the 28 July suspension, but warns the prolonged closure is hurting 500 employees and 30,000 community members who depend on its activities.
    The company says it has submitted all information requested by Ministry of Mining in connection with the suspension of its mining operations.
    Mining operations were suspended on July 28, 2026 over alleged non-compliance with mining laws.
  • Standard Group secure exclusive EPL rights
    Standard Group has secured exclusive radio broadcast rights for the 2026/2027 English Premier League season in Kenya, warning that unauthorized broadcasts will face legal action.
    The media firm will air the matches on Radio Maisha, Spice FM, and Berur FM.
  • Quickmart opens two new 24-hour outlets
    Quickmart Supermarkets has opened two outlets in Thika and Syokimau in a bid to tap into customers in the wider Nairobi Metropolitan area.
    The supermarket chain has opened 12 new outlets in the last 12 months, five of which have been within the wider Nairobi Metropolitan region.
    With the new additions, Quickmart now operates 72 stores countrywide, trailing Naivas which operates 114 outlets.
    BranchStore number
    Makongeni, Thika72
    Diamond, Syokimau71
    Section 58, Nakuru70
    Adams, Ngong Road69
    State House, Nakuru68
    Elgon View, Eldoret67
    Likoni-Ukunda66
    Kenyatta Avenue, Nakuru65
    Kitengela64
    Banana Road, Ruaka63
    Circle Mall, Kilimani62
    Joska61
    Note: Quickmart stores opened in the last 12 months
    Compiled by: Pesa Wall