Johannesburg Stock Exchange scores record with 395,969 equity trades in one day

Johannesburg Stock Exchange (credit: JSE)

Johannesburg Stock Exchange (credit: JSE)

The Johannesburg Stock Exchange (www.jse.co.za) equity market scored a record number of 395,969 securities trades on 16 October. The total value was just over R24.6 billion ($2.2 bn).

The previous record of one day’s trading on the JSE Equity Market was just under 300,000 trades on, but the average number of trades per day during 2014 is approximately 176,000 per day on the equity market.

Leanne Parsons: Director Trading and Market Services at the JSE, says in a press release that the JSE’s trading systems handled the large number of transactions without any difficulty: “Records like this show that the JSE continues to provide a stable, credible and world class trading platform as well as access to a very liquid market with deep pools of capital.”

The JSE offers a fully electronic, efficient and secure market and is the world’s best-regulated exchange. It has world-class trading and clearing systems, settlement assurance and risk management. It has been a marketplace for trading financial products for 125 years, connecting buyers and sellers in equity, derivative and debt markets and is in the world top 20 exchanges for market capitalisation and a member of the World Federation of Exchanges (WFE).

Total Senegal offers shares in IPO until 7 Nov for BRVM listing

BRVM in Abidjan (photo: AfricanCapitalMarketsNews.com)

BRVM in Abidjan (photo: AfricanCapitalMarketsNews.com)

Total Senegal is bringing the first initial public offer (IPO) of shares to the growing Abidjan-based Bourse Regionale des Valeurs Mobilieres (BRVM) since 2010, with shares on sale until November. Parent company Total Outre-Mer is selling 8.9% of the shares in the oil products company , in a share offer that began 8 Oct and closes 7 Nov.
Reuters quotes Odile Sene Kantoussan, chief executive of brokerage company CGF Bourse, based in Dakar, saying: “This operation … consists of the divestment of 290,000 shares held by Total Outre-Mer in Total Senegal’s capital..The shares will be listed on the (BRVM) alongside 22% of the capital representing the stake of minority shareholders, bringing the floating capital on the Bourse to 30.9%. ” The ordinary shares each cost XOF 12,000 (CFA franc) equivalent to USD 23.19, with a minimum subscription of 5 shares, according to this announcement by Compagnie de Gestion Financière (CGF Bourse), which is sponsoring broker and Société de Gestion Intermédiation (SGI) in a syndicate of 20 brokers placing the shares. Initial priority is giving to investors in Senegal before extending across the CFA zone. The shares have XOF 1,000 nominal value according to the information memorandum available here. The transaction value is XOF 3.48 billion ($6.7million).
Total has already listed its Ivory Coast subsidiary among the 37 companies listed on the BRVM which trades securities from 8 nations across the West African region.
According to another news report by Agence Ecofin, Gabriel Fal, Chairman of the BRVM and Edoh Kossi Amenounve, CEO, hosted a ceremony for the offering on 10 Oct. It reports that the BRVM’s market capitalization has soared past XOF6 trillion ($11bn) driven by demand for Sonatel – the previous Senegalese listing in 1998 – and capital increases by subsidiaries of Bank of Africa group.

Gabriel Fal, Chairman of the BRVM (photo: BRVM)

Gabriel Fal, Chairman of the BRVM (photo: BRVM)


In April Fal was reported to forecast other potential BRVM listings could include Ivorian banks, Banque Internationale pour l’Afrique de l’Ouest en Cote d’Ivoire and Societe Ivoirienne de Banque, 51% owned by Morocco’s Attijariwafa Bank, as well as Matforce, a Senegalese company which provides energy equipment, an insurance company based in Dakar and a Canadian gold mining company operating in Cote d’Ivoire.
After the sale and listing, Total Outre-Mer will own 23.1% and Total Africa Limited will own 46%.
See the CGF Bourse website for details on the share offer.

Nairobi SE appoints Andrew Wachira as acting CEO

The Board of Directors of the Nairobi Securities Exchange appointed Andrew Wachira as the Acting CEO of the exchange, effective from 1 Oct 2014. Peter Mwangi left on 30 Sept, as reported on this blog. The process to recruit a permanent Chief Executive is ongoing.
According to the NSE announcement, lawyer Mr. Wachira has over 10 years’ experience at the Nairobi exchange. He has been the Head of Compliance and Legal Department, NSE since 2009. He has a Bachelor of Law Degree from the University of Nairobi and is an Advocate of the High Court of Kenya. He is a member of the Law Society of Kenya.
Board Chairman Mr. Eddy Njoroge said: “Andrew has been instrumental in the implementation of a number of key initiatives at the exchange. His experience, leadership skills and wealth of knowledge will ensure a smooth transition for the exchange. As we formalise the substantive recruitment of a Chief Executive, we are confident that he will execute this interim position commendably.”

History pic - Nairobi SE in 2009 (credit www.businessdailyafrica.com)

History pic – Nairobi SE in 2009 (credit www.businessdailyafrica.com)

Nairobi SE trades bonds on new automated trading system

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The Nairobi Securities Exchange (www.nse.co.ke) is trading corporate bonds and Government of Kenya treasury bonds on an automated trading system. It marks another step forward for South Africa’s financial software development company Securities Trading & Technology Pty (STT), which also supplies the STT bond trading system used by the Johannesburg Stock Exchange (JSE), Africa’s most liquid bond market.
The new system allows on-line trading of debt securities and is integrated with the settlement system at the Central Bank of Kenya (CBK) for treasury bonds. It offers true delivery-versus-payment (DVP) to mitigate risk. In August 2014 the NSE increased the number of settlements in treasury bonds to 3 per day, with settlements at 11:00, 13:00 and 15:00 each day so that a bond trader can buy a Kenyan treasury bond and sell it the same day.
The new STT automated trading system (ATS) also is efficient, scalable and flexible, and supports trading in bonds that have been issued in different currencies.
Peter Mwangi, CEO of the Nairobi bourse, said in a press release: “This is a significant step towards the exchange’s goal of ensuring that the secondary market becomes more transparent and the price-discovery mechanism is beyond reproach.
“The multicurrency trading functionality of the new system means that foreign-denominated bonds can now be listed and traded on the NSE. With this development, we look forward to the listing of the Government of Kenya Sovereign Bond at the exchange.” He was referring to Kenya’s debut $2bn Eurobond that was successfully floated on the Irish Stock Exchange in June after attracting bids for 4 times the initial target.
Nairobi’s stock market was reported to be working with the Central Depository and Settlement Corporation (CDSC) and the CBK for settlements of corporate bonds.
It also follows the South African practice and allows reporting of bond prices by yield (i.e. the current interest rate to investors). According to an earlier report in Standard Media, Mr Mwangi said: “the bond trading system.. will allow reporting of bond prices by yield… Decision-making will be faster and this should spur further liquidity in the bond market.”
The STT system supports market-making, a 2-way-quote trading model, ability to integrate with regulators’ surveillance systems and ability to report transactions that are concluded over-the-counter (OTC) for purposes of settlement.
In enhancing the bond trading system, the Nairobi Securities Exchange acknowledges the vital role that a vibrant secondary market for active African bond trading continues to play in raising long-term capital for the Government and corporate entities. County governments can also use the same system to raise capital through issuing and listing county bonds.
Ms. Michelle Janke, Managing Director of Securities Trading & Technology said: “I am delighted to have partnered with the NSE, all teams have put in an enormous effort to take the market live”. The market went live on 26 September.
The Dar es Salaam Stock Exchange went live using the STT system on 27 June, as reported on this blog, after switching from Millennium IT system.

Top private equity conference bring industry leaders together

[Sponsored] The leading African private equity conference returns this December, bringing together more than 500 equity professionals, 150 of the most powerful private-equity practitioners and 130 top industry speakers under African sunshine. SuperReturn Africa is billed as “the largest meeting place for the African and global private equity limited and global partner communities”.

The fifth edition of this giant annual conference will be at The Westin, Cape Town, from 3-4 Dec, preceded by fundraising and West Africa summits on 2 Dec. AfricanCapitalMarketsNews is privileged to offer our readers a 10% discount on tickets, see the VIP Code and link below.

Top ten SuperReturn Africa 2014 conference themes:
1. How large funds source deals and find competitive prices
2. Which routes are most attractive to gain exposure to Africa
3. How the most successful general partners (GPs) prepare portfolio companies for exits
4. What drives limited partner (LP) decisions
5. How savvy managers are tapping into booming African retail markets
6. What do trade buyers look for in firms that are backed by private equity
7. The role of private equity in funding Africa’s infrastructure deficit
8. How is African private equity performing in comparison to other emerging markets
9. How deep are African commercial and residential real-estate markets
10. How far is Africa from forming its own silicon valley?

Sector specializations giving a change to hear from expert GPs with expertise in retail and African consumers, agribusiness and food, healthcare and education, investing in small and medium enterprises (SMEs), environmental, social and corporate governance (ESG) as a commercial tool, the role of mezzanine finance and “how to” guide to successful exits. Many top international, South African and African private equity funds are sharing tips and experiences.

A conference highlight is guest keynote speakers:
• Behavioural neuroscientist Dr John Coates, a research fellow in neuroscience and finance and a former derivatives trader, sharing his research on “the biology of exuberance and pessimism – the challenge for risk management”
• Leading economist Goolam Ballim, Chief Economist and Head: Standard Bank Research, sharing his expert views on macroeconomic trends across Africa and how the continent achieved sustained, rapid growth rates for 15 years
• Ground-breaking academic Ludovic Phalippou, Associate Professor at Saïd Business School, Oxford, presenting his research on whether the rise of secondary buyouts is good news for investors
• South African financier Colin Coleman, managing director and head, investment banking division, sub-Saharan Africa, at Goldman Sachs, on how South Africa is positioning itself in the global and pan-African economies.

Another SuperReturn Africa 2014 highlight is “too hot to touch” closed-door sessions, carried out under Chatham House rules (no attribution) to aid free and frank discussions. The 3 sessions cover fund-raising horror stories and tricks of the trade; doing business in West Africa; and building an ideal skill set for a private equity team.

The fund-raising summit on 2 Dec includes themes such as: Who is investing in African private equity funds, how many funds are there and how much do they hope to raise in 2015, which LPs are committing to first close and what incentives work, how managers can improve their chances to raise a first-time fund and why it is so hard raise fund II.

The West Africa private-equity summit highlights savvy investor skills for deploying capital and exiting in Nigeria, is francophone Africa missing out, Ghana uncertainties, regulations around domestic African funds investing in private equity and harnessing opportunities on Nigeria’s power privatization.

The conference is an essential part of doing business in African private equity. Pension funds, endowments, foundations, sovereign wealth funds, development finance organizations, family office and members of the International Limited Partners Association (ILPA) get free LP pass, subject to validation. There is a 40% discount for African companies from selected African countries.

Everyone else can claim a 10% discount, courtesy of AfricanCapitalMarketsNews when you quote VIP code: FKR2356ACMBL. For more details or to register, please visit: www.superreturnafrica.com/FKR2356ACMBL, email: info@icbi.co.uk or call: +44 (0) 20 7017 7200.

Ethiopia to ring in new year with Eurobond

Ethiopia’s Finance Minister Sufian Ahmed has been meeting international banks about a planned Eurobond issue for the end of this year or early 2015. The advisors are likely to be Barclays, Citi and BNP Paribas. The are currently no details on the amount to be raised but the duration is likely to be “at least 10 years”.

Finance Ministry spokesperson Haji Ibsa told Reuters: “We are aiming for late December to early January at the latest as the time for our debut into the international capital markets.. Bonds are very much part of the plan to improve infrastructure.” He mentioned plans for railway, road and power links with neighbours such as Djibouti and Kenya.

Photo: www.ventures-africa.com

Photo: www.ventures-africa.com


Earlier this year Ethiopia achieved favourable international ratings. Fitch rating agency assigned a long-term foreign and local currency Issuer Default Debt Rating (IDR) of “B” with stable outlook, compared with Kenya’s ‘B+’ which issued a heavily oversubscribed $2 billion Eurobond in June 2014, according to Reuters. Standard & Poor’s (S&P) assigned “B/B” foreign and local currency ratings and also said the outlook was stable, see our May story here.

The Economist Intelligence Unit remains less optimistic, giving Ethiopia a rating of CCC, but it says the bond is likely to prove attractive to investors, as have other African issues.

According to the EIU: “The financing of similar schemes under the country’s Growth and Transformation Plan (GTP) has already seen external debt as a percentage of GDP treble over the past five years, to an estimated 33.9% in 2013, and the government hopes that issuing a Eurobond will both diversify sources of credit and help rebrand the country, thus attracting more international companies to operate there.

“If successful, the bond will reduce Ethiopia’s reliance on domestic borrowing, and suggests a slight moderation of the government’s previous determination to finance the 2010-15 GTP, and any successor programme, domestically, largely via direct central bank financing and by forcing private banks to purchase Treasury bills. However, it is unlikely that this will translate into a broader rethinking of the government’s commitment to a state-driven growth model or its insistence that certain key sectors, including banking and telecommunications, remain off limits to foreign firms. It would appear, therefore, that limits will remain on the government’s stated aim of rebranding the country and attracting a broader range of foreign operators.”

The EIU refers to Ethiopia’s strong economic growth rates, market size and substantial untapped resources. “However, we continue to flag the possibility that the government will struggle to fund its substantial infrastructure requirements and that, in the medium to long term, the authorities may have to cut spending significantly or return to the IMF for financing.”

In May Fitch was upbeat “Fitch expects real GDP growth of 9% in 2014 and 8% in 2015. Ethiopia’s growth over the medium-term can be sustained by large, untapped resources, including large hydro-electric potential”. However, it also warned about private sector weakness and inadequate access to domestic credit as limiting growth potential over the medium-term as public investment slows.”

JSE launches futures trading for 3 African currencies

South Africa’s Johannesburg Stock Exchange (www.jse.co.za) has launched currency future instruments which will help investors and businesspeople looking to hedge against African currency movements. The 3 new currency futures are the first to track exchange rate between the rand (ZAR) and Nigeria’s Naira (NGN), Kenya Shilling (KES) and Zambia Kwacha (ZMW).
The move will allow investors, importers and exporters to protect themselves against the currency movement in the foreign country. The JSE has partnered with Barclays Africa and specialist brokers, Tradition Futures, to bring this new offering to market.
A press release from the JSE quotes Andrew Gillespie of Tradition Futures: “It is a groundbreaking development to have a transparent, independent, well-regulated platform to mitigate or assume FX (foreign exchange) risk in these African countries, against any other currency of their choice – that does not prejudice anyone, irrespective of size, domicile or nationality.

Representatives of JSE, Reserve Bank, Kenya and Zambia open trading in African currencies (credit: JSE)

Representatives of JSE, Reserve Bank, Kenya and Zambia open trading in African currencies (credit: JSE)


“The ability to transact anonymously, through specialist brokers such as Tradition Futures, and to have access to full and fair, timeous price discovery is an international benchmark requirement for a developed market. This allows for a level and fair playing field, where the best price is available to all, without bias or favour, which is a significant facet and feature of this market in African FX on the JSE.”

Guide to African currencies (see www.charterresource.org/african-currencies)

Guide to African currencies (see www.charterresource.org/african-currencies)


The JSE already offers futures against the ZAR in: USD (contracts of $1,000), Euro, Sterling, Australian dollar, Japan Yen, Canada dollar, New Zealand dollar, Chinese Renminbi, Swiss Franc, Botswana Pula and a couple of custom instruments. See the helpful brochure available here.

How they work
A currency futures contract is an obligation to buy or sell an underlying currency at a fixed exchange rate at a specified date in the future. For example, a futures contract can give an investor the right to buy USD at ZAR10 per USD1 at the end of December. One party to the agreement is obligated to buy (longs) the currency at a specified exchange rate and the other agrees to sell (shorts) it at the expiry date. A futures contract is therefore an agreement between two investors with different views on the way or extent a currency will move.
The underlying instrument of a currency future contract is the rate of exchange between one unit of foreign currency and the South African rand. The value of the futures contract moves up and down with this exchange rate – the level of the exchange rate determines the value of the futures contract. Currency futures contracts therefore allow participants to take a view on the movement of the exchange rate as well as to hedge against currency risk. Currency futures are used as a trading, speculating and hedging tool by all interested participants.
The new JSE futures contracts will provide the market participants with the ability to get exposure on the JSE to the exchange rate between the USD and the Zambian, Kenyan and Nigerian currencies through trading synthetic cross-currencies. For example, investors can get exposure to the exchange rate between the USD and the KES by trading both against the ZAR. To promote cross-currency trading the JSE will charge trading fees on only one of the foreign trade logs and not both.

Boosting African trade
The currency futures were launched on 3 October. The press release quotes Warren Geers, General Manager: Capital Markets at the JSE: “The JSE is very excited about this new groundbreaking initiative as we have been working on this strategy for 2 years. With Africa being a global investment destination it makes sense for the JSE as a major exchange player in Africa to be involved in providing appropriate products to mitigate currency risk and exposure when dealing in Africa.”
Trade statistics from the South African Revenue Service (SARS) show trade between South Africa and Nigeria totalled R34.4 billion, between South Africa and Zambia was nearly R18bn, and between South Africa and Kenya amounted to R4.6bn for for January-July 2014.

For more information, look at the currency futures details on the JSE website.

Direct market access links West Africa securities exchanges

The framework for linking the capital markets of West Africa was recently published. First step is direct market access (DMA), allowing a stockbroker on one West African exchange to transact directly on the Nigerian market through the order-management system of an approved Nigerian stockbroker.

The Nigerian Stock Exchange has outlined how this would work in its capital market. The initiative is part of a West African Capital Markets Integration (WACMI) programme, aiming to establish a harmonized regulatory environment for issuing and trading securities across West Africa. The overall programme will be rolled out in 3 phases:
Phase 1: Sponsored Access
Phase 2: Direct Access by Qualified West African Brokers
Phase 3: Integrated West African Securities Market.

CEO Oscar Onyema shows top managers of NASDAQ OMX the NSE trading floor. (Credit: businessdayonline)

CEO Oscar Onyema shows top managers of NASDAQ OMX the NSE trading floor. (Credit: businessdayonline)

The first phase will allow brokers in member countries of WACMI to trade securities and settle in markets other than theirs through local brokers in those markets. In Nigeria, this means that stockbrokers that are not registered market operators in Nigeria can participate in the market through remote access to the NSE’s trading facility through a local Dealing Member firm (stockbroker) licensed by the exchange.

This Day newspaper in Nigeria reports that Oscar Onyema, Chairman, West African Capital Markets Integration Council (WACMIC) and CEO of the NSE, said WACMI aims to ensure successful integration of the various stock exchanges in the West African sub region. Achieving integration would enable momentous growth in region’s markets and would attract investment flows, while creating a much larger market for local and international businesses:

“Additionally, integration will enable the movement of capital within the region, creating flexibility for issuers looking to raise capital and investors looking to invest across member states. Furthermore, integration would speed up the development of our various domestic financial systems, promoting increased competition and innovation, as well as offering opportunities for risk diversification.”

Direct market access – the mechanics

The current direct market access programme is only available to NSE dealing member firms with Order Management System (OMS) vendors been certified by the exchange.

Phase 1 is in two sub-phases: Direct market access (DMA) and sponsored access (SA). The current announcements relate to the first, direct market access. This means that a Sponsoring Member firm in Nigeria can allow a Sponsored Participant who operates in a WACMI member country to the NSE’s trading system under the SM’s trading codes via the SM firm’s order management system and using the dealing member firm’s infrastructure.

In order to allow direct market access to a sponsored participant (SP), the sponsoring member (SM) must notify the NSE of the DMA and should get a “no objection” letter. The application process includes giving full address and contact person for the SP and a “Letter of Good Standing” in respect of the sponsored participant (SP) issued by the domestic securities exchange where the SP is an active stockbroking member.

The notification of DMA should also include a copy of the risk policy/framework that the SM plans to use in monitoring the SP’s trading activities. If it later makes any changes to the risk framework it must tell the NSE’s Broker Dealer Regulation department within 1 business day via email or letter format. It will also include the name and registered or business address of the vendor providing the order management system to the sponsoring member (SM).

If the exchange has an “objection” it will advise the sponsoring member of the problems and can ask for more information, before granting the “no objection”.

The sponsoring member will also help the sponsored participant to establish settlement accounts either with a custodian or with the Central Securities Clearing System plc, which has been the clearing and settlement house of the Nigerian capital market and the NSE since 1997. Once this is set up, the SM will also inform the NSE about it.

The second step, sponsored access, will mean that the SP uses the exchange’s infrastructure. It will submit orders to the exchange’s trading system directly, but under a SM firm’s trading codes and without passing through a SM firm’s order management system. Instead, the SP’s orders pass through a series of validation checks carried out by the exchange and the orders are monitored by the SM firm as they happen (in “real-time”).

Sponsoring broker responsibility

According to the notice, issued by Olufemi Shobanjo, Head of Broker Dealer Regulation at the NSE: “It is imperative to emphasise that Dealing Member firms (the Sponsoring Members) will ultimately bear any risks associated with, and will be held liable for any infractions resulting from the Sponsored Participant’s (SP) trading activities. In line with this, The Exchange may request any information from a Dealing Member firm, regarding its trading activity.”

JSE and ASEA host African exchanges for capacity-building

Best wishes to the organizers and all the African exchanges personnel attending the Building African Financial Markets (BAFM) seminar in Johannesburg from 10-12 September!

The Johannesburg Stock Exchange (JSE) and the African Securities Exchanges Association (ASEA), supported by the World Bank Group, are hosting the third BAFM seminar this week, bringing together representatives from stock exchanges, regulatory bodies, stockbroking firms and other interested parties from several African countries including Nigeria, Mauritius, Zimbabwe and Malawi.

Topics to be covered include the future of African stock exchanges and whether they can play a meaningful role in the growth and development of the African continent. Zeona Jacobs, Director: Marketing and Corporate Affairs at the JSE, says in a press release: “Stock exchanges play a crucial role in the development of economies by allowing companies to raise capital through an efficient and transparent platform.” Jacobs says the conference provides an opportunity for exchanges from around the continent to share ideas and learn from each other’s experiences.

“Exchanges are key parts of the economies in which they operate. Initiatives such as this form an integral part of the continued development of sustainable economies within the continent by enabling open conversations about how to strengthen investor confidence, address governance issues and promote financial literacy.”

The conference will also include sessions around the development of commodity markets, exchange traded funds, electronic bond markets and demutualisation.

Nairobi Securities Exchange CEO Peter Mwangi moves to Old Mutual Kenya

The well-respected CEO of the Nairobi Securities Exchange (www.nse.co.ke), Peter Mwangi, is to take up a new job as Group CEO at financial services company Old Mutual Kenya with effect from 1 October. Mr Mwangi has served at the NSE since 24 November 2008 and his contract was renewed in 2011 but according to regulations a CEO of an exchange can only serve 2 terms.

Mr Mwangi and his top team have made huge progress in boosting the activity and standing of the NSE. Kenya’s Standard reports that major strategic projects implemented while he was CEO include:

  • Trading treasury bonds on the automated trading system,
  • Reducing the trading and settlement cycle to four days
  • Demutualizing the exchange and selling its shares to the public.

Local press reports that in a statement sent to newsrooms Mr Mwangi says he expects the bourse to build on the foundations it set to be one of the most efficient and well capitalized exchanges on the continent.

Old Mutual continues in expansionary form in Africa, and an analyst reports: “Old Mutual has been accelerating its growth agenda within the African continent, expanding its footprint both organically and inorganically and Mr. Mwangi’ s appointment comes at an exciting time for the Group as whole as he will be in charge of spearheading Old Mutual agenda in this region. In 2013, the Group announced that it plans to invest $500M in East and West Africa, and we have already seen this as the Group has established operations in Nigeria and Ghana. In Kenya, the Group acquired Faulu Kenya which is in the process of been integrated in Old Mutual’s operating model.”

Tavaziva Madzinga, Old Mutual Africa Chief Operations Officer, was quoted on CapitalFM: “With the Group’s focus on growing in East Africa, and Kenya in particular, Mwangi will guide the delivery of Old Mutual’s commitment to provide affordable insurance and banking solutions to millions of Kenyans.”

Peter Muthoka, Chairman of the Board of Directors of Old Mutual was reported as saying: “The importance of our customer cannot be emphasised enough. We are dedicated to our vision of becoming our customers’ most trusted financial partner and we look forward to working closely with Mr Mwangi in serving Kenyans to empower them financially to achieve their goals.”

According to his profile on Businessweek: Before joining the NSE Mr Mwangi had been CEO and Managing Director of Centum Investment Company, (formerly, ICDC Investment Company until it changed its name in 2008) from December 2004 to October 15, 2008. He had joined been company secretary from 2000 to 2004 and has also been Investment Manager. His working career began as a Technical Officer in the Kenya Air Force, where he was involved in the maintenance of avionic communication systems and the development of the Air Force’s information and communication technology (ICT) strategy.

His degree is BSc in Electronic Engineering from University of Nairobi. He is also a Member of Certified Public Accountant of Kenya (ICPAK) and the Institute of Certified Public Secretaries of Kenya (ICPSK) and is a Chartered Financial Analyst.

He serves as a Director of UAP Insurance Sudan Ltd., Kisii Bottlers Limited, Mount Kenya Bottlers Limited, Rift Valley Bottlers Limited, Eveready Batteries Limited, KWAL Holdings Limited and Central Depository & Settlement Corporation Limited. He serves as a Director of Nairobi Stock Exchange Ltd., and Wildlife Works Inc. He is also a member of the Institute of Directors (IOD).

Peter Mwangi

Peter Mwangi