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    EQTY   KE0000000554

EQUITY GROUP HOLDINGS PLC

(EQTY)
  Report
End-of-day quote. End-of-day quote Nairobi Stock Exchange - 07/26
48.35 KES   +1.04%
05/28EQUITY : Registers 14% dip in profit after tax on kshs 3 billion provisions on loans
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05/26EQUITY : Investor Presentation Q1 2021
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05/26Kenyan lender Equity Group's Q1 profit surges 67%
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Equity : Bank Secures $100 Million to Expand in East and Central Africa

04/12/2021 | 07:06am EDT

AFDB facility will support Equity's expansion in East and Central Africa and ensure

MSMEs have access to capital to recover and thrive in a Post COVID-19 Environment

The Kshs 11 Billion loan comes on the heels of an additional USD 50 Million (Kshs 5.5 Billion) Loan Facility from the African Guaranty Fund.

Nairobi, Kenya | THE INDEPENDENT | Equity Group Holdings (EGH) has signed a $100 million loan (Ksh 11 Billion, UG Sh3.6 trillion ) facility to support its expansion across Eastern and Central Africa, enhancing its ability to serve small and medium enterprises (SMEs) as it grows.

In addition to operating in 7 African countries - Kenya, Rwanda, Uganda, South Sudan, Tanzania, the Democratic Republic of the Congo and Ethiopia - the Group has recently expanded its operations in the DRC by merging its existing operations of Equity Bank Congo with its acquisition of BCDC to form EquityBCDC, now the second largest financial services company in the country.

At the signing, Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings said, "Together with the African Development Bank Group, Equity Group will be strongly positioned to support MSMEs to keep their lights on during the prevailing COVID-19 pandemic that has slowed down the economy impacting on the cashflows of enterprises."

He said by extending credit to enterprises during this period, Equity is demonstrating its commitment to walk with its customers, and to empathize with their social economic situation brought about by the pandemic.

Dr Mwangi added, "We have seen the impact of pumping oxygen to our MSMEs during this period. They have been able to re-imagine, repurpose and retool their enterprises and emerged more resilient thereby protecting jobs and creating more job opportunities through venturing into more innovative initiatives such as manufacturing of internationally certified quality PPEs."

The loan, a tier two facility with a seven-year maturity, is expected to promote EGH's ability to offer bespoke products to MSMEs, strengthen its balance sheet and optimize its capital structure across the continent with a special focus on women and youth entrepreneurs.

"EGH has a strong track record of designing products suited to the needs of SMEs as well as emerging corporates. The timing of the facility's disbursement could not have been more appropriate especially as businesses seek to remain operational in the midst of a COVID-19 pandemic that is causing financial havoc," said Stefan Nalletamby, AfDB's Director for financial sector development. "We are very pleased to collaborate with EGH in playing a countercyclical role during this pandemic."

Equity's prudent approach to conserving its cashflow and supporting MSMEs through the COVID-19 crisis has provided more comfort to lenders across the continent and its partnership with the African Development Bank will now facilitate further financing of MSMEs.

This is the sixth tranche for Equity Group after having signed a $50 million USD (Kshs 5.5 Billion) loan facility with IFC in September; a $100 million USD (Ksh 11.0 Billion) from Proparco in October and a EUR 125 million (Kshs 16.5 Billion) loan facility signed last week with the European Investment Bank, a US $100 Million (Ksh 11 Billion) Credit Facility with Leading European Development Banks DEG, FMO and CDC-UK and a USD 75 Million (Kshs 8.25 Billion) Loan Facility with the African Guaranty Fund to fortify credit flows and liquidity to MSMEs totaling Kshs 63.25 Billion.

Copyright The Independent. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2021 107 B 986 M 986 M
Net income 2021 32 318 M 298 M 298 M
Net Debt 2021 - - -
P/E ratio 2021 5,49x
Yield 2021 5,90%
Capitalization 182 B 1 681 M 1 683 M
Capi. / Sales 2021 1,71x
Capi. / Sales 2022 1,45x
Nbr of Employees 7 119
Free-Float 77,4%
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Number of Analysts 11
Last Close Price 48,35 KES
Average target price 49,18 KES
Spread / Average Target 1,71%
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Managers and Directors
James Njuguna Mwangi Group CEO & Non-Independent Executive Director
David Ngata Group Director-Finance
Isaac Muthure Macharia Non-Executive Chairman
Lanre Bamisebi Group Chief Information Officer
Evelyn Kamagaju Rutagwenda Independent Non-Executive Director