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

March 30 (Bloomberg) -- Standard Group Ltd., 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 3.3 percent to 39.25 shillings at the 3 p.m. close in Nairobi, the strongest close since march 21.

“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

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