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Cash-rich companies move Sh19bn to bonds
Most cash-rich firms have reduced money held in banks, instead turning to government securities where they invested an additional Sh19.6 billion in the last 15 months. FILE PHOTO | NMG
Cash-rich publicly traded firms reduced money held in banks by more than Sh9 billion in the past 15 months, showing their reaction to last year’s capping of interest rates that significantly diminished returns on deposits.
WPP Scangroup, #ticker:SCAN Carbacid Investments #ticker:CARB and insurers like Jubilee #ticker:JUB and Kenya Re #ticker:KNRE are among Nairobi Securities Exchange-listed firms that have reported a decline in their bank deposits.
