African Business News
Tue, 17 Jun 2008 09:21UGANDA OIL
Uganda's President Yoweri Museveni announced yesterday that the country will not export crude oil, but rather have it refined to maximise returns from exploration. He was speaking at the Organisation of Islamic Countries first business forum in Kampala. He said that the exploration of petroleum and gas accumulated financial surpluses which could be invested to expand Uganda's GDP. Museveni also called on the delegates to invest in Uganda, especially in processing local materials.
KENYA COMMERCIAL BANK
Kenya's biggest retail bank, Kenya Commercial Bank plans to cross list its shares in Tanzania and Uganda by the end of 2008. Once the move is completed, KCB will join Kenya Airways, East African Breweries and insurance firm Jubilee Holdings, which are already listed on the Dar Es Salaam and Kampala bourses. KCB Managing Director, Heri Bomani said the bank is in the process of seeking regulatory approval to cross list across East Africa.
ECOBANK
Meanwhile, Pan-African banking group Ecobank has completed entry into the Kenyan market after acquiring a 75% stake in Kenya's EABS Bank. Ecobank's regional director for east Africa, Albert Essien said that Listing on the Nairobi Stock Exchange could be in the works. Essien said increased capitalisation will enable the new company, called Ecobank Kenya Ltd, to handle "big ticket transactions" in Kenya. The multinational said it plans to use Kenya as a platform to venture into the region. A foothold in Burundi is next in line while Uganda will come in the fourth quarter of this year.
