sugar woes.. ict.. kengen

THE MINISTRY OF AGRICULTURE EXPECTS SUGAR PRICES TO START COMING DOWN WITHIN THE NEXT 14 DAYS AS STOCKS FROM MANUFUCTURERS, WHO HAVE RE-OPENED AFTER SHUTTING DOWN FOR ROUTINE MAINTENANCE ARE RELEASED INTO THE MARKET. MINISTER WILLIAM RUTO SAYS BESIDES SUGAR FROM THE COMESA QUOTA, WHICH IS EXPECTED TO START TRICKLING INTO THE COUNTRY, THE GOVERNMENT WAS ALSO EXPLORING IMPORTING MORE SUGAR FROM NON-COMESA MEMBERS UNDER A CONCESSONARY DUTY REGIME.

BEGINNING TOMORROW, BOTH RETAIL AND INSTITUTIONAL INVESTORS HAVE ANOTHER OPPORTUNITY TO PARTICIPATE IN KENYA’S INFRASTRUCTURAL DEVELOPMENT.
THE TEN – YEAR KENGEN INFRASTRUCTURE BOND ISSUE, THROUGH WHICH THE COUNTRY’S MAIN ELECTRICITY PRODUCER HOPES TO RAISE 15 BILLION SHILLINGS TO FUND SEVERAL POWER GENERATION PROJECTS GOES ON SALE FROM SEPTEMBER THE 8TH – THAT IS TOMORROW, TO CLOSE ON SEPTEMBER THE 29TH. IT ATTRACTS INTEREST AT THE RATE OF 12.5 PERCENT PER ANNUM, PAYABLE SEMI-ANNUALLY WITH A TWO – YEAR GRACE PERIOD. RETAIL INVESTORS, PREVIOUSLY LOCKED OUT OF THE FIXED INCOME SECURITIES MARKET CAN INVEST AS LITTLE AS 100,000 SHILLINGS IN THE BOND. 20 PERCENT, OR THREE BILLION SHILLINGS OF THE TOTAL VALUE OF THE BOND HAS BEEN SET ASIDE FOR RETAIL INVESTORS, WHILE THE REMAINING 80 PERCENT OR 12 BILLION SHILLINGS HAS BEEN RESERVED FOR INSTITUTIONAL INVESTORS. SIX COMMERCIAL BANKS, BROKERS AND INVESTMENT BANKS WILL ACT AS AGENTS FOR THE OFFER, WITH STANDARD INVESTMENT BANK LEADING THE PROCESS. PROCEEDS FROM THE BOND ARE TO FINANCE PART OF KENGEN’S FIVE – YEAR STRATEGY, WHOSE KEY PLANK IS TO INCREASE CAPACITY BY 500 MEGAWATTS TO STABILISE THE ERRATIC POWER SITUATION IN KENYA. EARLIER IN THE YEAR, THE GOVERNMENT SUCCESSFULLY RAISED 18.5 BILLION SHILLINGS THROUGH AN INFRASTRUCTURE BOND THAT WAS OVERSUBSCRIBED BY 45 PERCENT.

THE MEDIA COULD BE INDIRECTLY CONRIBUTING TO THE HIGH COST OF INTERNET IN THE COUNTRY THROUGH ADVERSE REPORTING. INFORMATION PERMANENT SECRETARY BITANGE NDEMO SAYS, WHILE ITS IS TRUE THAT THE EXPECTED FALL IN THE COST OF BANDWIDTH HAS NOT COME TO FRUITION, IT COULD BE BECAUSE THE MEDIA HAS MADE THE PUBLIC BELIEVE THAT SERVICE UPTAKE WAS LOW, LEADING COMPANIES INTO HIGH PRICING AS THEY SEEK TO BREAK EVEN. THE P-S WAS ADDRESSING THE EAST AFRICA INTERNET GOVERNANCE FORUM WHICH IS IN SESSION HERE IN NAIROBI. IT AIMS TO STRIKE A COMMON POSITION TO BE PRESENTED AT THE WORLD FORUM WHICH IS BEING HELD IN EGYPT IN NOVEMBER.