The state-funded National Housing Corporation has entered into a partnership agreement with Kenya's largest bank, KCB. The two institutions have signed a memorandum of understanding that will see them partner in the provision of home loans and affordable housing.

The partnership comes soon after KCB concluded a KES 15 billion rights issue, through which it raised KES 12.5 billion.

The bank indicated that the bulk of the proceeds of that rights issue would go into accelerating its lending to property developers and prospective home owners.

The Securex security company says it will launch a new device, that will be able to take pictures and alert security personel in case of any threat. The company Managing Director Tony Sahni says the device will be available in the market soon. 

Mr Sahni says introduction of the mirror like device to the market will enhance the fight against terrorism. He was speaking when he announced a new partnership between Securex and Astrophysics Inc., a company known for designing security X-ray inspection equipments.

With crimes becoming more sophisticated, and the incessant threat of terrorism, security companies are not taking chances. They are investing in more advanced equipment, to counter crime. Securex security company has partnered with the world's top designer and manufacturer of security X-ray inspection equipment (for baggage and cargo screening) and the partnership will see the company enhance its capacity to detect threats in luggage and cargo. 

Mr Sahni further adds that there is more on the way, however the government need to collaborate with private security firms to fight crime in the country. He also commented on suggestions that private security guards be armed, that only senior guards should be armed.

Astrophysics Inc's six-color imaging is a breakthrough in the X-ray security industry, and marks a significant step forward in threat discrimination and material identification.

Standard Chartered Bank's shareholders are now able to increase their investment in the bank, following today's successful launch of the banks first ever rights issue. The bank will offer 15, 109, 323 new shares, by way of rights, at a cost of KES 165.45 per share. The rights issue will be offered on the basis of one new share for every eighteen current shares held by each current shareholders.

According to the bank's chairman Wilfred Kiboro, the proceeds will be used to finance the acquisition of Barclays Bank Kenya's custody business, at a cost of KES 1.9 billion, while the remainder will aid in propelling the bank's growth strategy. The planned acquisition will include:

• The client contracts,
• Related IT assets and 
• Relevant books and records.

It will also involve the transfer of assets under custody of transferring clients. The business is a successful Pan African securities and custody business consisting of direct custody capabilities in 8 African markets, namely Botswana, Ghana, Kenya, Mauritius, Tanzania, Uganda Zambia And Zimbabwe.

With a price tag of KES 165.45 per share an equivalent of 34% discount from the current share price, the bank's Managing Director Richard Etemesi says that the issue is considered to be in the best interests of the Standard Chartered Bank as well as its shareholders. Mr Etemesi further says that the launch couldn't have come at a better time, considering current indications of return of investor confidence fostered by the promulgation of the new Constitution.

The bank which is now ranked the third largest bank in the country by asset base of KES 84 billion, posted a KES 4.1 billion pretax profit in its first half of the year, with its net interest increasing by 13 % to KES 4 billion.

Trading of the rights issue, which is the first one in the bank's history, commenced today at the NSE, and will be extended to the 15th of September 2010. Payment of the new shares will be closed on the 28th of september 2010.

The ushering in of a new constitutional dispensation for Kenya has been widely received as a big boost for its economy. This optimistic outlook is particularly informed by the devotion of more resources towards the grassroots level, as envisioned by the new Constitution.

Although the country has been subjected to numerous economic shocks since 2008, the government is now confident that the country is now well on its way towards its ambitious target economic growth rate of 10% yearly. Achieving this lofty target, however, is not as easy as it sounds. The country's newly found image of political stability needs to be maintained, and this is a critical ingredient, considering that Kenya is the first port of call for investors who are looking for opportunities within the East African region.

It is certainly hoped that this wind of change will create room for a better perceptions of East Africa on the global investment arena.