Immediately the listed nonbanking financial services company Sanlam Kenya Plc announced a rights issue, seeking to raise up to Sh2.5 billion on Friday, the firm’s share price at the Nairobi Securities Exchange soared to a year high.
Capital market analysts expect it to rise further as the issue awaits opening in a fortnight following regulatory approvals.
It closed Friday at Sh8.60.
“The company has secured all the regulatory and related approvals from the Capital Markets Authority of Kenya (CMA), the Nairobi Securities Exchange (NSE), the Insurance Regulatory Authority (IRA) and the South African Reserve Bank (SARB) ahead of the commencement of the Rights Issue, which is now set to open on Friday, 25 April 2025 and close on Monday, 12 May 2025,” the company statement reads.
The week also saw Jubilee Holdings share gain six units after recording a gross profit of Sh6.2 billion for the year ended December 31, 2024.
This marked the first time in the company’s history that PBT surpassed the Sh6 billion mark, underscoring its sustained growth, strategic resilience, and market Gross Written Premiums (GWP) grew by 34 per cent to Sh53 billion, up from Sh39.6 billion in the previous financial year.
The insurance provider’s total assets grew by 12 per cent from Sh190.5 billion to Sh213.6 billion, reinforcing the group’s financial strength and strategic growth trajectory.
This saw the board recommend a record dividend payout of Sh978 million, translating to Sh13.5 per ordinary share, a move likely to trigger more activities at the counter as investors give a celebratory lap of honour.
The biggest gainer for the week was Eaagads Limited which principally engage in the growing and selling of coffee.
The firm’s share rose by a massive 10 per cent.
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