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bankelele nairobi writer on banking, finance, technology, and investments menu skip to content home arm cement goes into insolvency leave a reply the appointment last friday of joint administrators for arm cement was a surprise for the shareholders of the cement company that is listed on the nse. but by arm going into insolvency, this will give the company an opportunity to continue operations while organizing its debt position. arm cement had loans with stanbic bank kenya, african finance corporation and overdrafts with barclays, stanbic, guaranty trust and uba banks. maweni, its tanzanian subsidiary, had loans with eastern and southern african trade and development bank (pta bank), and development bank of south africa and overdrafts with stanbic and standard bank (mauritius). the financial statements for the year prior to the arm insolvency noted that the company was not in compliance with financial covenants with afc, stanbic, and aureos pic.twitter.com/yztflki7fg — mihr thakar (@mihrthakar) august 18, 2018 the arm insolvency move comes two years after britain’s cdc invested in the company and became its largest shareholder, while earlier this year the company insisted a process to sell its non-cement businesses to further reduce its debt position. but the moves appear to have not been completely successful and there have been a raft of board changes this year that has seen the exit of pradeep paunrana the company ceo and founding family representative and other longtime directors of the company and the arrival last week of linus gitahi (former ceo of the nation media group), as the new chairman alongside other directors from cdc . the arm insolvency move apparently has the support of cdc. edit august 19: official statement: arm cement plc (in administration) 9 th floor, the westwood, ring road, westlands p.o. box 41908 – 00100 nairobi, kenya to all shareholders and stakeholders, arm cement plc (in administration) -press release. _____________________________________________ as the board, we acknowledge that on 17 august 2018, arm cement plc was placed under administration following an application by the secured lenders. the running of the company has now been placed in the hands of pwc’s muniu thoithi and george weru, who have been named the joint administrators of arm cement plc. according to the kenyan insolvency act, administration is a proceeding intended to maintain the company as a going concern. the powers of the board transfer to the administrator who owes its duties to the company, and to the court. this is in contrast with receivership, where the administrator owes duty to creditors. we support any orderly process that secures the long-term viability of the company and the future of employees, suppliers and other stakeholders and shall lend our support where called upon to ensure that this goal is realized. by order of the board linus gitahi (kenyan), pradeep h paunrana (kenyan), john ngumi (kenyan), rohit anand (british) konstantin makarov (american), sofia bianchi (italian),aliya shariff (canadian),thierry metro (french). tel: +254 202 692 978 (pilot line) + 254 202 667 675/6 mob: + 254 733 636 456 email: [email protected] website: www.armcement.com this entry was posted in athi river mining , npa , nse investments , receiverships and tagged cement on august 19, 2018 by bankelele . kenya banks – super profits back? leave a reply the simultaneous release on thursday morning of half-year results of kenya’s three largest banks portrays a picture of the banks resuming their super profits streak even as the government looks set to repeal interest rate caps later this year. but the results are deceptive in that the banks have all shown flat growth in loans, despite the growth in customers deposits which have increasingly been channelled towards funding government debt, at the expense of the private sector. the results showed: flat growth in loans: e.g while kcb deposits are up by kshs 40 billion this year, net loans are actually lower than december 2017. decline in assets and capital – as the banks noted that the adjusted capital ratios were due to cbk guidance on ifrs9. npa’s up. growth in the diaspora and the east africa region. kcb is expected to complete the acquisition of imperial bank later this year james mwangi ceo of equity spoke of the bank’s total income now being ahead of where they were in june 2016 before the interest rate caps were set by parliament, and that the june 2018 results were achieved despite losing 40% of loan interest income in kenya. interest rate caps which were reintroduced in kenya in 2016 were pushed at a time when large banks were recording “super profits” and which parliamentarians attributed to them charging high-interest rates to borrowers. rate caps have enabled government to finance deficit without political cost of rising interest rates. (un)intended consequence? https://t.co/voy4aa9wv6 via @bd_africa — david ndii (@davidndii) august 17, 2018 another factor has been cost efficiency improvements through digitization and a move away from fixed investments in brick and mortar. equity also reported that 97% of customer transactions were done outside branches and these accounted for 55% of the value of transactions, and their ceo said that in future, branches will be for high-value transactions, advisory services, and cross-selling products. with the result of the three, along with that of barclays and stanbic earlier this month, we have results of five of the seven largest banks in kenya and none from the smaller banks. last year,, the top -ten banks took over 90% of the industry profits. what does ifrs9 portend for the smaller banks? this entry was posted in basel ii , co-op , equity bank , imperial bank , in duplum , kcb , kenya taxation and tagged ifrs9 , interest rates on august 19, 2018 by bankelele . bank closures in ghana and tanzania leave a reply august 2 saw bank closures in ghana and tanzania with interesting back stories on the institutions from regulators in both countries. tanzania: the regulator bank of tanzania (bot) issued notices that covered two separate cases. bot took over bank m, closing it down for three months and appointed a statutory manager (in place of the directors and management of the bank) who will determine the future of the institution. the statement (pdf) read that this was done for reasons that “.. bank m has critical liquidity problems and is unable to meet its maturing obligations. continuation of the bank’s operations in the current liquidity condition is detrimental to the interests of depositors and poses systemic risk to the stability of the financial system. “. two years ago, bank m distanced itself from m oriental bank in kenya. the bank of tanzania also published an update (pdf) on other banks whose licenses it had revoked in january 2018. of these earlier bank closures, three of them had been given up to 31 july to increase their level of capitalization and as a result, the bot had approved a decision to merge one of the affected banks – tanzania women’s bank with another bank – tpb which will result in all its customers, employees, assets, and liabilities transferring to tbp plc . meanwhile, two of the other banks, tandahimba community bank and kilimanjaro cooperative bank managed to meet the set minimum capital requirements and have been allowed to resume normal banking operations. ghana: meanwhile in ghana, the regulator bank of ghana revoked licenses of five banks – unibank ghana, royal bank, beige bank, sovereign bank, and construction bank – and appointed a receiver manager to supervise their assets and liabilities as a combined new indigenous bank, called the consolidated bank. a ll deposits at the five banks have been transferred to the new bank and customers will continue banking at their usual branches which will now become branches of consolidated. also, all staff of the five banks will become staff of consolidated, except for the directors and sh

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