Limuru Tea Losses Go Up By 70pc In 2021
NAIROBI, Kenya Apr 5 – Limuru Tea has posted a 79 percent increase in losses in the year ended December, 31 2021 to post Sh14.2 million pre-tax losses compared to Sh7.9 million losses incurred in 2020. Management attributes the decline to low production volumes on the back of lower rainfall that went down by 40 […]
President Uhuru Kenyatta Signs Five Parliamentary Bills Into Law
NAIROBI, Kenya, Apr 4 – President Uhuru Kenyatta has signed into law five parliamentary bills at State House, Nairobi. Among them include the 2022 Supplementary I Appropriation Bill (Supplementary Budget), the 2021 Copyright (Amendment) Bill, the 2020 Kenya Deposit Insurance (Amendment) Bill, the 2022 Industrial Training (Amendment) Bill, and the 2019 Employment (Amendment) Bill. The […]
KRA Freeze on raising taxes on Used Motor Vehicles extended
NAIROBI, Kenya, Apr 4 – The Kenya Revenue Authority(KRA) freeze on raising taxes on used motor vehicle imports has been extended by the Court of Appeal. Justices Patrick Kiage and Roselyn Nambuye stated that KRA would impose higher taxes after the conclusion of the suit, declining to lift the order. “The loss to be suffered […]
New Law to Ban Employers from calling, assigning duties after work hours.
NAIROBI, Kenya, Feb 7 – Kenya is set to block employers from calling or assigning duties to their employees after they have clocked out of work. The new legislation dubbed ‘The Employment (Amendment) Bill, 2021’ is already at the Senate collecting views from stakeholders and members of the public. The bill was authored by Nandi […]
Fly540 boss set to lose property over Sh678.7 million debt
A Fly540 aircraft/ Fly540.com NAIROBI, Kenya Feb 4- Environmental and Land Court judge James Olalo has declined to stop auctioneers from selling property belonging to Fly540 Chief Executive Officer over a Sh678.7 million debt. Donald Smith Earle- who runs Fly540 and a fellow investor risk losing prime properties in Malindi that include cottages and a […]
How NSSF Lost Billions In Purchase of Non-Existent Shares
NAIROBI, Kenya, Feb 1 – The story begins in 2003 when the National Social Security Fund (NSSF) converted from a provident fund to a pension fund. Following the conversion, the board of trustees resolved to invest in shares in a bid to diversify their investment portfolio. According to the court proceedings, between August 2004 and […]
Centum inks Sh17bn deal with GEM Global
NAIROBI, Kenya, Jan 12 – Centum Real Estate Limited has inked a share subscription facility deal of upto Sh17 billion with GEM Global yield, the Luxembourg-based private alternative investment group for a 36 month term. The deal will allow the wholly-owned subsidiary of Centum Investment company to draw down funds by issuing shares of common […]
Equity Group Gets License To Operate Insurance Business.
NAIROBI, Kenya, Jan 11 – Equity Group has been granted a license to venture into the Insurance Business by the The Insurance Regulatory Authority (IRA). The firm will operate the new venture under Equity Life Assurance, a fully-fledged business with separate structures and commercial arrangements in line with the IRA regulations. Commissioner of Insurance and […]
KQ Shares Trading Suspended for 12 Months As Merger Looms
NAIROBI, Kenya Jan 5 – The Capital Markets Authority( CMA) has extended the suspension of shares of Kenya Airways (KQ) from trading at the Nairobi Securities Exchange (NSE) for 12 months ‘effective January 5th 2022. This follows the announcement by President Uhuru Kenyatta of a possible merger between the national carrier and South African Airlines. […]
IFC Loans Equity Group Sh18.6 billion To Fund SMEs
NAIROBI, Kenya, Jan 4 – The International Finance Corporation (IFC) has loaned Equity Group Sh18.6 billion to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients in Kenya, especially those facing COVID-19 related challenges. The loan is one of the single-largest credit facilities to a Kenyan lender, and […]
