Standard of Kenya Rises to More Than 1-Week High on Redemption

Standard Group Ltd. (STNG), Kenya’s second- biggest media company, rose to the highest in more than a week after saying it would redeem preference shares.

The stock jumped 4.6 percent to 39.75 shillings at 2:42 p.m. in Nairobi, the biggest increase since March 24.

“Preference shares shall be redeemed at a value of 10 shillings per share and cum dividend on April 18,” the company said today in an e-mailed statement to the Nairobi Stock Exchange.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.