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East Africa Financial Review OFFICIAL PARTNER: October 2014

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East Africa Financial Review OFFICIAL PARTNER: October 2014 East Africa Financial Review OFFICIAL PARTNER: October 2014 Practitioners of the craft of private banking PART I: KEY MARKET INDICATORS Burbidge Capital Limited Head Office: 4th Flr, Nivina Towers, Westlands Road, London Office: Key Africa & Global Equity Indices Performance Nairobi, Kenya i4 Albany, Piccadilly Tel: +254 (0) 20 2100 102 London, W1J 0AX Tel: +44 (0) 207 099 1452 Equity Index 2/01/2014 1/09/2014 30/09/2014 % Ch. m/m % Ch. YTD Uganda Office: [email protected] 7th Floor, Course View Towers, NSEASI Index (KE) 136.65 157.94 163.45 3.5% 19.6% Plot 21 Yusuf Lule Road, P.O. Box 7519, Kampala, Uganda. FTSE NSE Kenya 25 174.27 206.79 214.86 3.9% 23.3% Tel: +256 (0)312 314384 DARSDSEI (TZ) 1,866.57 2,404.32 2,576.48 7.2% 38.0% www.burbidgecapital.com UGSINDX 1,522.46 1,760.38 1,859.42 5.6% 22.1% NGSEINDX 41,329.19 41,532.33 41,210.10 -0.8% -0.3% EGX 30 6,782.84 9,446.83 9,811.40 3.9% 44.7% CONTACTS OF THE EDITORIAL TEAM JALSH (SA) 46,256.23 50,959.02 49,336.31 -3.2% 6.7% S&P 500 1,848.36 2,003.37 1,972.29 -1.6% 6.7% FTSE 100 6,749.09 6,819.75 6,622.72 -2.9% -1.9% Edward Burbidge, CFA Key Africa & Global Currency Performance Chief Executive Officer [email protected] Currency 2/01/2014 1/09/2014 30/09/2014 % Ch. m/m % Ch. YTD KES / USD 86.45 88.50 89.30 0.9% 3.3% TZS / USD 1,585.49 1,665.47 1,675.49 0.6% 5.7% Vimal Parmar, CFA Head of Research (SSA) UGX / USD 2,524.93 2,609.94 2,649.98 1.5% 5.0% [email protected] ETB / USD 19.15 19.87 19.97 0.5% 4.3% ZAR / USD 10.49 10.66 11.31 6.1% 7.7% NGN / USD 159.95 162.26 163.65 0.9% 2.3% EGP / USD 6.95 7.15 7.15 0.0% 2.9% GBP/USD 0.60 1.66 1.62 -2.3% 168.9% Nicholas Kiprotich EUR / USD 0.73 0.76 0.79 4.1% 9.1% IT Manager [email protected] Key Events & Press Zoe and Roto tank firm to list Thursday Africa Oilfield Logistics to Dual List on NSE Gerald Njugi Africa Oil raises Turkana estimates to 1.3bn barrels Senior Analyst - Corporate Finance London Stock Exchange to pursue African company listings [email protected] Kenya’s corporate bond demand rises Prices of Kenya Eurobond rise on high demand Housing boom lifts Kenya to league of mid income nations Corporate Insurance plans 2015 Nairobi IPO – CEO Lello Halake NSE share price gains surpass 2008 record Research Analyst Foreign Insurers eye piece of Kenya [email protected] UCL to expand across Uganda in fresh marketing strategy “I made my first investment at age eleven. I was wasting my life up until then.” – Warren Buffet Advisory services: A corporate finance firm, an investment advisor licensed by the Capital Originating and structuring Equity and Debt capital raising, IPOs, M & A Markets Authority and a licensed Nominated Advisor by the Nairobi transactions, Strategic Options advisory, PE advisory and Independent Research Securities Exchange creating long term advisory relationships & solutions services. across Eastern Africa. NAIROBI DAR-ES-SALAAM KAMPALA ADDIS ABABA KIGALI LONDON PART II: MONTHLY COMMENTARY In a busy month for BC we were delighted to announce our appointment for the Africa Oilfield Logistics (now Atlas Development & Support Services) dual listing in Nairobi. This will be the first ever NSE listing of an AIM listed company, and we expect it to be the first of many companies in the sector to list in Kenya. We also announced the oversubscription of our private placing for Flame Tree Group ahead of it's GEMS listing by introduction on 6 November. We expect this to be a great step forward for GEMS in Kenya as well as for FTG and its new shareholders. Please find more detail on p7. In oil and gas, Kenya’s emerging onshore oil industry received another significant boost this past month as Toronto listed Africa Oil revealed a major upgrade to its estimated oil resources at its two exploration blocks in Kenya’s South Lokichar Basin. Total 2C gross contingent resources increased 67% to 616 million barrels of oil and total 3C gross contingent resources increased 52% to 1.29 billion barrels of oil. Similarly, In Uganda the Petroleum Exploration and Production Department announced that the estimate of country’s petroleum resource base has almost doubled with an additional three billion barrels in the Albertine region. In mining, Gunson Resources Limited announced that, subject to shareholder approval, it has agreed to acquire 100% of the shares in Tanzania’s mineral sands focused Strandline Resources Pty Ltd while IMX Resources Ltd completed a placement of 110 million shares and raised USD 2.97 million to be used to fund exploration of minerals in Tanzania. In private equity 3 investment deals were announced in the mining and ICT sectors in Kenya and in the renewable energy sector in Uganda. In M&A we saw 4 deals in the banking, insurance, ICT and mining (see Deals on p5). The landmark deal this month was the exit of PE firm LeapFrog Investments from Kenya’s insurance firm Apollo Investments to one of the world’s largest reinsurance companies Swiss Re Group. This follows last month’s entry of Prudential Plc into the Kenyan insurance market. In the month of September, the listed equities market remained buoyant as turnover rose to USD 221.16m (previous month USD 178.31m) while NSEASI advanced 3.5% to close at 163.45 points (16.7% YTD). Kenya Orchards (+380.3% m/m) and NSE (+147.4% on IPO price) counters marked the top gains in the month as the small-mid cap counters dominated the gainers list. Net foreign outflows of USD 10.64m (previous month foreign inflows of USD 37.5m) was registered. Banking counters Equity Bank (-USD4.4m) and Co-op Bank (-USD 3.9m) recorded the highest foreign outflows as foreign investors cashed in on price gains. In spite of which the counters were up 10.2% and 13.6% in the month respectively. Oil marketer Kenol Kobil (USD 3.5m) was the most purchased stock by foreign investors, the counter gained 10.1% (-8.4% YTD). Finally, we are pleased and would like to welcome our new education partner, Strathmore University School of Finance and Applied Economics (see details on page 6). Edward Burbidge, CFA Chief Executive Officer, & BC Newsletter Team OTHER KEY MARKET INDICATORS Other Key Events & Press Interest Rates Kwale keeps delivering for Base Resources ERHC plans to drill Turkana well Country/Region Current Base Rate Previous Base Rate Uganda discovers more oil Central Bank of Kenya (Kenya) 8.50 % 8.50 % Statoil makes seventh gas discovery off Tanzania Bank of Uganda (Uganda) 11.00 % 11.00 % Bank of Tanzania (Tanzania) 7.58 % 7.58 % New Dar bourse capital rules to lift Kenyan stock South African Reserve Bank (RSA) 5.75 % 5.75 % trade Central Bank of Nigeria (Nigeria) 12.00 % 12.00 % IT start-up gets KES 89m VC funding Central Bank of Egypt (Egypt) 9.25 % 9.25 % Bank of England (UK) 0.50 % 0.50 % Federal Reserve Bank (USA) 0%-0.25% 0%-0.25% European Central Bank (EU) 0.05 % 0.05 % Inflation and GDP growth Projected Inflation Rates Projected GDP Growth Country 2014 2015 2014 2015 Kenya 7.3% 6.0% 5.3% 6.2% Uganda 5.5% 5.9% 5.9% 6.3% Tanzania 5.9% 4.9% 7.2% 7.0% Rwanda 2.6% 4.7% 6.0% 6.7% Burundi 7.0% 5.4% 4.7% 4.8% Ethiopia 7.7% 9.1% 8.2% 8.5% Source: IMF, World Economic Outlook, Oct. 2014 2 ‘Jeanne’. Made of 3,842 wine corks by Scott Gundersen. www.scottjamesgundersen.com Simplifying complexity Your intelligent filter. Seeking out quality; assembling the right solution for you. Practitioners of the craft of private banking EFG is the marketing name for EFG International and its subsidiaries. EFG International’s global private banking network includes offices in Zurich, Geneva, London, Channel Islands, Luxembourg, Monaco, Madrid, Hong Kong, Singapore, Shanghai, Taipei, Miami, Nassau, Bogotá and Montevideo. www.efginternational.com PART III: DEAL STATISTICS Total number of deals in East Africa - 2014 YTD1 35 30 30 25 20 15 11 9 7 10 5 No. dealsNo. of 4 5 3 2 0 PE deals Farmouts Corporate Joint Private PE exits Rights issue IPOs bonds ventures placements (shares) Investment type Total number of deals per month in East Africa - 2014 YTD Sep 10 Aug 8 Jul 16 Jun 18 May 9 Month Apr 6 Mar 12 Feb 17 Jan 16 0 2 4 6 8 10 12 14 16 18 20 Number of deals No. of deals per sector - 2014 YTD2 6; 9% 14; 20% 6; 9% 8; 11% 15; 21% 21; 30% Oil & gas Mining Financial services Agribusiness Transport & logistics Real estate 1Based on deals as calculated by Burbidge Capital 2The top six sectors which recorded the highest number of deals 4 Source: Burbidge Capital Research PART IV: SELECTED DEALS Investment Date Buyer Seller Investment size Sector type Country Synopsis 6th September 2014 IMX Resources USD 2.9 million Mining Share Tanzania Australian-based exploration company IMX Resources Ltd has placement completed a placement of 110 million shares and raised USD 2.97 million to be used to fund exploration of minerals in Tanzania.
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