Kenya Awards JKIA Upgrade Contract to Chinese Firm and Family Bank Gets Listed on NSE

Hello, I am Janeffer. Welcome to today’s edition of The Business Roundup. In this edition, we focus on these three top stories:

• Kenya Awards $2.9B JKIA Upgrade Contract to Chinese Firm
• Family Bank Listed on NSE: What it means
• CBK Lending Rates

Major This Week

Kenya Awards $2.9B JKIA Upgrade Contract to Chinese Firm

Kenya has awarded a $2.9 billion (KSh375 billion) contract for the long-awaited upgrade of the Jomo Kenyatta International Airport (JKIA) to China Communications Construction Company (CCCC).

Bloomberg reported that the project will be financed through a combination of proceeds from the proposed National Infrastructure Fund and commercial loans backed by securitized air passenger service charges.

Further, it stated that the contract had been awarded to CCCC, although the Kenyan government had not made a formal public announcement on the deal by the time of publication.

The development comes two years after Kenya canceled the proposed concession deal with India’s Adani Group.

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Family Bank Listed on NSE: What it Means

Good news as Family Bank is set to join the Nairobi Securities Exchange (NSE).

On June 12, the NSE announced that the bank will be listed by introduction, a process that allows existing shares to be admitted to trading on the exchange without issuing new shares or raising additional capital from investors.

But what is the difference between a Listing by Introduction and an IPO?

Here is the breakdown:

And what does it mean for investors in a nutshell:

• Yes, you can buy Family Bank shares once trading begins on June 23, 2026, through a licensed stockbroker.
• The share price will not be fixed in advance. It will be determined by market demand and supply once trading starts.
• There is no application, subscription, or ballot process. Investors will buy shares directly from existing shareholders on the exchange.
• Since Family Bank is listing by introduction, the bank will not issue new shares or raise fresh capital from the market.
• Existing shareholders will be able to sell their holdings from the first day of trading, while new investors can purchase shares through the NSE.
• As a listed company, Family Bank is subject to stricter disclosure and governance requirements, providing investors with greater visibility into its performance.

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CBK Announces Lending Rates

Still in the banking sector, the Central Bank’s Monetary Policy Committee decided to keep the base lending rate unchanged at 8.75 percent for the next two months.

The MPC noted that inflation remained within the government’s target range of 2.5 percent to 7.5 percent, allowing policymakers to maintain current borrowing costs while continuing to monitor emerging risks.

According to CBK, the conflict in the Middle East has disrupted global supply chains, leading to higher energy prices and transportation costs, which have in turn pushed up inflation.

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ALSO, BIG THIS WEEK:

• Kenya Airways has clarified that it is not broadly closing key destinations but is instead reshaping its route network to improve profitability amid rising operating costs.
• Old Mutual Holdings PLC announced the appointment of John Rwangombwa as an independent non-executive director of the company.
• On June 11, Treasury Cabinet Secretary (CS) John Mbadi presented a KSh4.84 trillion budget for the 2026/27 financial year before Parliament.

NSE Today

The Nairobi Securities Exchange closed the session on June 12 with a mixed performance, as select counters posted gains while others edged lower. Here are gainers, losers, and movers:

Quote of the week

Before we wrap up this week’s Business Roundup, let me leave you with something to think about and motivate you:

“Often when you think you’re at the end of something, you’re at the beginning of something else.” — Fred Rogers

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