2011 I Issue 2 I 1 2 I 2011 I Issue 2 Publisher EXCHANGE TEAM

Chief Editor Carol Karugu [email protected]

Sub Editor Susan Kabui [email protected]

French Translation Emma Wenani [email protected]

The Exchange Committee Members Joseph Kitamirike (Chairman, CEO - USE) Peter Mwangi (Member, CEO - NSE) Donald Ouma (Member - NSE) Harriet Kiwanuka (Member - USE) Emanuel Nyalali (Member - DSE) Celestin Rwabukumba (Member - ROTC)

Contributors Evelyne Ogutu Caleb Atemi Handerson Mwandembo Kinoti Gatobu Felix Okatch Cathy Mputhia Isaac Rutenburg Sammie Kamuti

Design Kichimbi Brand Solution [email protected]

Photography Shutterstock, Image Library

Advertising Sales [email protected] [email protected] TEL: 254 (020) 2831000

Distributed by Nation Media Publishing in Uganda, Tanzania, Kenya and Rwanda.

The Exchange Magazine is owned by Nairobi Stock Exchange, Uganda Securities Exchange, Rwanda OTC Market and Dar es Salaam Stock Exchange.

2011 I Issue 2 I 3 CONTENTS

10 Region Analysis 32 Inspired Horizon 44 Since I Got Listed How the Markets and their When Ian Kabiru quit his well KQ flies Kenyan flag high in rapid Economics are doing. paying job at a multinational route and fleet expansion to venture into business, he plan 22 EASEA thought all will be a rosy affair The establishment of the 46 Since I Got Listed Tanzania Mortgage Refinance 34 Capital Markets From very humble beginnings dating Company Limited (TMRC) James Muratha, the current regional back to 1896 when its predecessor, director of Stanbic Investments, has the National Bank of India opened its spent much of his career working very first outlet in Zanzibar, KCB has in Canada’s financial sector and grown to become Eastern Africa’s 24 Intellectual Property knows of how part of Canada’s premier banking institution that Does your Business have a social beautiful city of Toronto came up: provides financial services to both media presence? It should. the retail and corporate sectors 36 Book Review 26 Capital Markets as a Economic Gangsters Corruption, Violence & the 48 Since I Got Listed Dependable Spring Board Poverty of Nations The Fall & Rise of Uchumi “NSE SMEx Draft Regulation, “We found out the fate of A Welcome Alternative the company on TV. for SME Financing” It was shocking and terrifying 40 C.I.C Micro Insurance and we did not know whether The Sultan of the Co-operative we still had jobs or not. It was 28 Bagamoyo Movement Insurance Company: a period of wait and see”, The story of Bagamoyo is written Nelson C. Kuria, on recalls head of ICT Charles Thuku. in tears and blood. It is a narrative Micro Insurance and SMEs that can move even the most callous of hearts to sobs and tears

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2011 I Issue 2 I 5 Chairmans Note in that market in order to provide a product or service, the issuer lists on that Exchange in order to raise its profile; 2. The market has an institutional investor base that will enable the issuer to raise the capital it requires in the currency of it’s choice; 3. The market is sufficiently deep to provide liquidity for the issuer’s securities so as to enable investors take up or exit from their investment. For the issuer, the provision of liquidity reduces the liquidity premium demanded by the investor, which translates to a lower cost of capital for the issuer; 4. The market can also facilitate liquidity, by assuring a critical mass of sectoral analysts who provide optimal coverage of the issuer in the secondary market.

Companies who understand how they can use the capital markets to progress their strategic initiatives and are willing to adhere to the disclosure requirements of markets Chairmans Note will be rewarded by the market and prosper. Besides, a flexible regulatory environment t the Forum for Developing shares among exchanges. While this practice (which still addresses investors’ needs Markets, held in Beijing from June has increased investment opportunities for for accurate, timely, easy to understand, 1 – 3 2005 by the World Federation domestic investors and provided increased information), and affordable costs of listing, of Exchanges, Hsieh Fu Hua, Chief stability for the exchanges, it is a process exchanges that meet the above criteria, are ExecutiveA Officer of the Singapore Exchange that gives a false sense of progress. Securities able to attract issuers and hold up against introduced the theme by noting that despite exchanges should be an integral element competition from the corporate banking the demutualization process, exchanges were in a country’s capital market. East Africa’s sector – in which banks come together as a still serving a public good, especially when it economy is dominated by firms whose size syndicate and pool their resources to provide comes to Small and Medium sized Enterprises is medium to small. The capital market is a loan facility to a corporate borrower. (SMEs). Prior to listing, venture capitalists and intended not only to provide investment government start up schemes are essential to opportunities, but more importantly, for In today’s increasingly globalizing world, SMEs. When listing, higher standards should domestic economic growth, securities exchanges are also fending off competition apply to SMEs, and the listing sponsor should exchanges should provide incentive and from other exchanges. Further trade have an essential role. A strong retail market is assistance to the capital growth of domestic amongst the members of East Africa, more important to back up listed SMEs. enterprises. That this is not occurring is a globalization and certainly more deregulation cause for concern, yet it is a matter that can and competition is creating issuers that wish Investor confidence should be built mainly be addressed through public and private to expand beyond their home and regional on corporate governance and surveillance. sector measures. markets. They will migrate to the exchanges Particularly for SMEs, the investor, must be It is the twin objective of addressing the that offer them the deepest pools of capital confident that their investment is protected above two (2) scenarios that makes the in the currency of their choice at the most and that they have continual access to case for an SME market in East Africa ever affordable cost. In summary, in order to be information to enable them make decisions. more plausible. In numerous fora, one hears relevant, Exchanges must position themselves The investor also needs to be assured that repeatedly that the future economic growth to serve those issuers that dominate their the trading platform is robust and quick – of developing African countries is dependent economies and particularly those in the facilitating order execution; then they will upon the success of the small and medium- fastest growing sectors of the economy. bring their capital - deepening the pools sized enterprise sector. From rural areas to of capital available to credible issuers. It is the cities, the growth of small businesses therefore important to encourage research on will generate increased employment, wages, SMEs. In 2005, a third of the SME companies goods and services, and tax revenues. Not listed on the Singapore Exchange were only is the growth of SMEs a vital element to a covered by a research scheme. A common nation’s economy, but also that today’s SMEs Mr. Joseph S. Kitamirike lament heard throughout the securities will become tomorrow’s main market listings. Chief Executive Officer exchanges of Africa’s developing countries is The theme of this issue of the Exchange Uganda Securities Exchange that there are too few investment products magazine is “The capital markets, a and too little investor demand. dependable springboard for the growth of The principal growth in listings has come SMEs.” An issuer lists for a variety of reasons:- from privatizations and cross-listings of 1. As a precursor to establishing itself one life one bank

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2011 I Issue 2 I 7 Members East Africa

Nairobi Stock Exchange Dyer & Blair Investment Bank Ltd CFC Stanbic Financial Services Member Firms Pension Towers, 10th floor, CFC Stanbic House, P.O. Box 45396 - 00100 P.O. Box 47198 – 00100 Drummond investment Bank Limited Nairobi Nairobi Hughes Building, 2nd floor, Tel: 3240000/2227803/4/5 Tel: 3638900 P.O. Box 45465, 00100 Fax: 2218633 Fax: 3752950 Nairobi. E-mail: [email protected] E-mail: [email protected] Tel: 318690/318689 Web: www.dyerandblair.com Web: www.csfs.co.ke Fax: 2223061 E-mail: [email protected] Reliable Securities Ltd. ABC Capital Ltd Web: www.drummond.co.ke IPS Building, 6th Floor IPS Building, 5th Floor P.O BOX 50338 - 00200 P.O. Box 34137- 00100 Kingdom Securities Ltd Nairobi Nairobi Co-operative Bank House,5th Floor, Tel: 2241350/4/79 Tel: 2246036/2245971 P.O. Box 48231 00100 Fax: 2241392 Fax: 2245971 Nairobi E-mail: [email protected] E-mail: [email protected] Tel: 3276000 Fax: 3276156 Afrika Investment Bank Ltd. Faida Investment Bank Ltd. [email protected] Finance House, 9th Floor. Windsor House, 1st floor, P. O. Box 11019-00100 P.O. Box 45236-00100 NIC Securities Limited Nairobi Nairobi Ground Floor, NIC House, Masaba Road Tel: 2210178/2212989 Tel: 2243811/2/3 P.O. Box 63046 – 00200, Fax: 2210500 Fax: 2243814 Nairobi E-mail: [email protected] E-mail: [email protected] Tel:2888 444 / 0711 041 444 Web: www.afrikainvestmentbank.com Web: www.faidastocks.com Fax: 2888 544 E-mail: [email protected] African Alliance (Kenya) Securities Ltd Kestrel Capital (EA) Limited 1st Floor, Trans-national Plaza ICEA Building, 5th floor, Discount Securities Ltd. P.O. Box 27639 - 00506 P.O Box 40005-00100 (Under Statutory management) Nairobi Nairobi NHIF Building Tel: 2762000/2762557/0733333140 Tel: 251758/2251893,2251815,2250082 P.O. Box 42489-00100 Fax: 2731162 Fax: 2243264 Nairobi E-mail: [email protected] E-mail: [email protected] Tel: 2219552/38, 2773000 Web: www.africanalliance.com Web: www.kestrelcapital.com Fax: 2230987 E-mail: [email protected] ApexAfrica Capital Ltd Renaissance Capital (Kenya) Ltd Web: www.dsl.co.ke Rehani House, 4th floor Purshottam Place, 6th floor, P.O. Box 43676 - 00100 Westland , Chiromo Road Suntra Investment Bank Ltd Tel: 311898/313492/310540 P.O. Box 40560-00100 Nation Centre, 7th floor, Fax: 2215554 Nairobi P. O. Box 74016-00200 E-mail: [email protected] Tel: 3682000/3754422 Nairobi Website: www.www.apexafrica.com Fax: 3632339 Tel: 2870000/247530/2223330/2211846 Web: rencap.com 0724- 257024, 0733-222216 Standard Investment Bank Ltd Fax: 2224327 ICEA Building, 16th floor Sterling Investment Bank Ltd E-mail: [email protected] P.O. Box 13714- 00800 Barclays Plaza, 5th floor, Web:www.suntra.co.ke Nairobi P.O. Box 45080- 00100 Tel: 2228963/2228967/2228969 Nairobi MEMBERS Genghis Capital Ltd. Fax: 240297 Tel: 2213914/244077/ Prudential Building, 5th Floor E-mail: [email protected] 0723153219/0734219146 P.O. Box 1670-00100 Fax: 2218261 Nairobi Ngenye Kariuki & Co. Ltd. E-mail:[email protected] Tel: 2337535/36, (Under Statutory Management) Web : www.sterlingstocks.com 8008561, 2373984/968/969 Corner House, 8th floor, Fax: 246334 P.O. Box 12185-00400 E-mail: [email protected] Nairobi Tel: 224333/2220052/2220141 Fax: 2217199/241825 E-mail: [email protected] Web: www.ngenyestockbrokers.co.ke

8 I 2011 MEMBERS I Issue 2

Uganda Securities African Aliance (Uganda) Ltd Dar-Es-salaam CMAC MEMBERS Exchange Workers’ House, 6th Floor Stock Exchange Plot 1 Pilkington Road FAIDA Securities Rwanda Ltd Tel: +256 414 235 577 Rue de I’Akagera Baroda Capital Markets (U) Ltd. CORE securities Ltd Tel:+254722522724 P.O. Box: 7197 Kampala Fax: +256- 414 235575 Ground Floor, Twiga House E mail:[email protected] Tel: +256-414 233680/3 E-mail: [email protected] Samora Avenue, DSM P.O Box 6679 Fax: +256-414 258263 Contact Person: Mr. Kenneth Kitariko Tel: +255 22 212 3103 KIGALI Email: [email protected] Fax: +255 22 218 2521 Renaissance Capital Ltd [email protected] ReNaissance Capital Limited, African Alliance Rwanda Ltd UAP Financial Services 6th Floor,Centenary House Unit 3, Plot 15 Kitante Close Orbit Securities Co. Ltd 1st Floor, Communication House P.O Box 6368, Lower Kololo 3rd Floor, Twiga house P. O. Box 1610, Kampala KIGALI. P.O.Box 893 Kampala, Uganda Samora Avenue, DSM Tel: +256 414 332 743, 312 332 743 Office: +250 785 694 490 E-mail: [email protected] Tel: +256 312 264 775/6 Tel: +255 22 211 1758 [email protected] E-mail: [email protected] +256 414 340 018/9 Fax: +255 22 211 3067 Fax : +256 414 340 016 [email protected] Continental Discount House Crane Financial Services (U) Ltd. E-mail: [email protected] 5th Floor Ecobank building Plot 20/38 Kampala Road Rasilimali Ltd [email protected] P.O. Box: 22572 Kampala Crested Stocks and Securities Limited Former TACOSHILI Offices Tel:+250-570785 Tel: +256-414 341414/ 345345 6th Floor Impala House Sokoine Drive, DSM P.O. Box 6237 Fax: +256-414 231578 Plot 13-15, Kimathi Avenue Tel: +255 22 211 1708 KIGALI P.O. Box 31736, Fax: +255 22 212 2883 Equity Stock Brokers (U) Ltd. Kampala, Uganda [email protected] DALLAS Securities Brokerage Orient Plaza Plot 6/6A Kampala Road Tel: +256 41 4 230900 Mrs. Immy Kamarade P.O. Box: 3072 Kampala Fax: +256 41 4 230612 Solomon Stock Brokers Ltd E-Mail :[email protected] Tel: +256-414 236012/3/4/5 Email: [email protected] Ground Floor, PPF House Tel:+250 08-302113 Fax: +256-414 348039 Website: www.crestedsecurities.com Samora Avenue/ Morogoro P.O. Box 1028, KIGALI Email: [email protected] Contact Person Mr. Robert Baldwin Road, DSM Contact Person: Mr. Tel: +255 22 211 2874 MBEA Brokerage Services Rwanda Edward Ruyonga Fax: +255 22 213 1969 S.A & MBEA Financial Services Sarl [email protected] [email protected] MBEA Brokerage Services (U) Ltd. +0783 0203745 Lumumba Avenue, Nakasero Tanzania Securities Ltd P.O Box 92, Fax: 256-414-342045 7th Floor, IPS Building KIGALI Avenue de la paix P.O. Box: 24613 Kampala Samora Avenue/ Azikiwe Tel: +256-312-260011 / +256- Str, DSM Dyer and Blair 414 341448/231960 Tel: +255 22 211 2807 Simon Kalenzi Email: [email protected] Fax: +255 22 211 2809 +250 08-308080 Website: www.mbea.net [email protected] Chadel Building, Avenue Contact Person: Mr. Andrew Owiny des milles collines, Vertex International Securities Ltd P.O Box 5292, KIGALI Dyer & Blair (Uganda) Ltd Annex Building – Zambia Tel: +250570390 Rwenzori House Ground Floor High Commission P.O. Box: 36620 Sokoine Drive / Ohio Street, DSM Tel: +256-414-233050 Tel: +255 22 211 0392 Fax: +256 -414 231813 Fax: +255 22 211 0387 Email: [email protected] [email protected]

2011 I Issue 2 I 9 EASEA Mortgage Finance The establishment of the Tanzania Mortgage Refinance Company Limited (TMRC): a catalyst for the promotion of mortgage finance in Tanzania

The Housing Finance Project (HFP) which is supported by the World Bank, focuses on the provision of long term finances to commercial banks in order to enable banks extend mortgage products to Tanzanian market. The project facilitates the availability of long term funding to meet financial requirements of housing finance through provision of liquidity via a mortgage refinancing window. The project addresses the funding gap in the financial markets and assist banks to extend mortgage products through creation of the Tanzania Mortgage Refinance Company (TMRC). TMRC as a liquidity facility is responsible for sourcing long term funds and channeling them to the commercial banks through mortgage refinancing. In this process, commercial banks lend long term to home buyers using short term deposit and later on refinance the portfolios by borrowing from TMRC on long term basis.

The establishment of TMRC is set to bridge the funding mismatch which is apparent when banks offer mortgages. TMRC is therefore expected to facilitate the creation of mortgage products by commercial banks who are TMRC members by making available long term financing to member banks. he Government of Tanzania encourages self-construction Ownership through the provision of land and Tanzania Mortgage Refinance Company credit finance. It established the Limited (TMRC) is a private sector TanzanianT Housing Bank (THB) in 1973 for institution owned by the banks with the this purpose. THB provided around 14,000 sole purpose of supporting banks to mortgages until its demise in August 1995. conduct mortgage lending by refinancing banks’ mortgage portfolios. TMRC will Cognizant of this absence, the Government of start operations with capital that will be Since independence in 1961, Tanzania with the support of the World bank, provided solely by the member banks. embarked on the Housing Finance Project housing featured heavily as which had the objective of ensuring that the Sources of Funding part of government policy. existing housing deficit estimated to be at 2.2 Apart from capital from member banks, TMRC million units is addressed through mortgage will be financed by the World Bank through Initially the policy was of financing. The project aimed at among other on-lending to Bank of Tanzania (BOT), but universal state provision of things, enabling the recreation of mortgages over time, the bond of Tanzania intends to in the country. Currently, only a handful of start issuing bonds to fund a small share of housing in rural and urban banks and financial institutions are engaged its funding needs alongside the World Bank areas, but as this proved in mortgage products. By 2008, Tanzania had on-lending money. The share of market an estimated mortgages amounting to 0.3% funding through bonds will be progressively unaffordable, the policy was of the GDP compared to South Africa whose increased over time and the maturities of the changed in 1972 towards a figure stood at 34%. The main reason cited by bonds will be progressively extended as the commercial banks has been absence of long market develops, making TMRC financially slum improvement program. term funds to match mortgage maturities. independent and sustainable in the long run.

10 I 2011 I Issue 2 investors a safe channel to lend their in return the borrower will provide regular Purpose and Benefits excess funds to banks that need the repayments to repay the loan principal plus There are presently no long-term fixed funds to expand mortgage lending. interest. The borrower will also provide rate funding options available to banks. collateral in the form of a mortgage over Thus, banks rely on short-term deposits • TMRC will be a first resort and market- the property purchased, constructed, and short-term bank borrowing to finance based liquidity provider for banks, versus refinanced and/or renovated by using their mortgage portfolios. Some banks a similar but last resort role played funds from member banks. It is expected consciously limit the size of their mortgage by the Bank of Tanzania for banks. that the portfolio will remain outstanding portfolios to avoid increasing the resulting • TMRC will play a crucial role to develop in the member bank balance sheets maturity mismatch risk. The lack of long- prudential lending standards for the term funding has also resulted in the nascent residential mortgage markets Once a member bank has created a portfolio banks offering mortgage tenors/terms through its refinance requirements. of mortgages, the second step is for a that are typically 7-10 years instead of • The provision of secure long term member bank to apply for refinancing of the 25-30 years needed to make housing funding at attractive rates. Lowering the portfolio. The application procedure finance more affordable toborrowers. the cost of funds, which can lead to a will follow the standard lending procedures. lowering of mortgage rates, thereby TMRC will refinance the mortgage loans of improving affordability and extending member banks with recourse to the banks. Additionally, TMRC can the range of potential borrowers. To start with, TMRC will utilize the loan from act as an efficient way • The availability of long term fixed World bank to refinance the portfolio of rates can help provide a degree member banks. Once the loan is exhausted, of connecting long-term of certainty which can help the TMRC will move to the third phase by investors with the institutions markets develop with confidence. raising funds through capital markets. • Allow for greater competition in the Accessing the capital markets will be generating long-term assets mortgage market. The introduction through the issuance of bonds. TMRC will in Tanzania, thus helping of TMRC means new institutions to issue standard corporate bonds which develop a debt market and enter the market which was previously will not involve any credit risk attached to restricted to those with either a good the mortgages. TMRC will act as a simple a longer term yield curve. credit rating or to those who had intermediary between mortgage lenders invested in a branch network and had and the capital markets. By using its balance significant deposit collection capabilities. sheet size, combined member banks’ TMRC would serve as a secure source of • Deepen the financial market by balance sheets and credit worthiness TMRC long-term funding at attractive rates whilst providing a long term investment to is expected to be able to access capital ensuring sound lending habits amongst institutions with long term liabilities. markets funding at a cheaper rate than banks. This would help reduce any maturity Institutions such as pension funds, any bank would be able to do alone. This mismatch risk for banks and increase social security funds or insurance is attributable to the strong shareholders, available loan terms. This would in turn help companies which have long dated strong capital base, excellent quality of improve the affordability of mortgages and liabilities are not always able to match assets in its books and the fact that TMRC is extend the range of qualifying borrowers that adequately solely using public regulated by BOT and CMSA. This is one of which would result in the expansion of debt issuance. So often they engage the key benefits of TMRC especially for small the primary mortgage market and thus directly in the mortgage market or real and medium size banks who wouldotherwise home ownership in the country. estate markets (both commercial and not be able to access capital markets. residential) often with poor results. Mortgage Liquidity Facilities (MLF) has Additionally, TMRC can act as an efficient TMRC will act as an efficient way of played a key role in facilitating the growth way of connecting long-term investors with connecting long term investors with the of mortgage market in many parts of the the institutions generating long-term assets institutions generating long term assets. world. Some of the MLFS which have been in Tanzania, thus helping develop a debt established and are working include Egypt market and a longer term yield curve. TMRC’s Charter (Egypt Mortgage Refinance Company) existence may also lead to the establishment TMRC is licensed by Bank of Tanzania (BOT) [EMRC] which was established in 2006 with of specialized housing finance companies in as a non-deposit taking financial institution support of World Bank. Others include the private sector. This has been evidenced for the purpose of conducting its business. Jordan Mortgage Refinance Co. (JMRC) in Egypt where at least four such companies In addition, TMRC will also be licensed by established in 1986, France and Malaysia. got established once the mortgage the Capital Markets and Securities Authority liquidity company was established there (CMSA) for the purpose of bond issuance. in 2006. TMRC can also facilitate increased For further details please contact: competition in the mortgage market by Refinancing cycle Mr. Rished Bade creating a longer term funding source. As stated above, TMRC core business Chief Executive Officer Overall the key benefits will be to refinance mortgages portfolio TMRC can be summarized as: originated by member banks. The portfolio Bank of Tanzania Middle Building • TMRC can become a catalyst to is expected to have been originated and Room 217 develop the Tanzanian financial remains in the member bank balance sheet P.O Box 7539 and capital markets. for a minimum period of six months before Tel +255 22 2235560/61 • TMRC will play an important role for a member bank applies for refinancing. It is E-mail: [email protected] the financial sector by offering banks, expected that member bank customers will www.tmrc.co.tz insurance companies and other take out a loan from a member bank and

2011 I Issue 2 I 11 Read stories of listed companies, their road maps and milestones in our new segment SECURITIES INDUSTRY TRAINING INSTITUTE (SITI) STRUCTURED TRAINING SINCE I GOT LISTED Oﬃcers and Directors Course: in this issue we feature: Tailored to oﬃcers and directors of companies with an Understanding of their responsibilities to ensure supervisory Kenya Airways compliance. Kenya Commercial Bank The Fundamentals Course: Introductory course comprised of 10 modules which introduce Uchumi Supermarket individuals to capital markets. The Market Participants Course: Topics aim at equipping individuals who are market participants with a practical approach on how to be licensed securities professionals. Since i got Listed Since i got Listed got i Since Specialty Seminars: Bond Simulation, Portfolio Management Corporate Finance, Bond Underwriting and Corporate Governance.

To ﬁnd out more, please contact SITI East Africa at the address below, or visit the regional Stock Exchange.

KAMPALA - HEAD OFFICE NAIROBI - Nairobi Stock Exchange NSE SITI EAST AFRICA KIGALI - Capital Market advisory Council Plot 1, Pilkington Road Worker’s House DAR ES SALAAM - Dar es Salaam Stock Exchange 2nd Floor Northern wing kampala, UGA Telephone: + 256 414 342 818 E-mail: [email protected] Website:www.sitieastafrica.com 12 I 2011 I Issue 2 SECURITIES INDUSTRY TRAINING INSTITUTE (SITI) STRUCTURED TRAINING

Oﬃcers and Directors Course: Tailored to oﬃcers and directors of companies with an Understanding of their responsibilities to ensure supervisory compliance. The Fundamentals Course: Introductory course comprised of 10 modules which introduce individuals to capital markets. The Market Participants Course: Topics aim at equipping individuals who are market participants with a practical approach on how to be licensed securities professionals. Specialty Seminars: Bond Simulation, Portfolio Management Corporate Finance, Bond Underwriting and Corporate Governance.

To ﬁnd out more, please contact SITI East Africa at the address below, or visit the regional Stock Exchange.