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 […]
Top businessman objects leasing of Mumias to Sarrai Group
A picture of Workers carrying packets of sugar at the Mumias Sugar factory in Western Kenya/ The standard NAIROBI Kenya, Dec 29- Businessman Julius Mwale, who missed out on the offer for leasing troubled Mumias Sugar has protested the move by KCB receiver manager to award the tender to a Ugandan company. Mwale, who placed […]
Imperial Bank Liquidation Stopped By The High Court
NAIROBI, Kenya, Dec 27 – The High Court has ordered Central Bank of Kenya (CBK) to stop the liquidation of Imperial Bank (IBL) and directed the bank and Kenya Deposit Insurance Corporation (KDCI) to engage Imaran Limited and five other firms who are shareholders of the bank together with the stakeholders to jointly find a […]
Dust Settles On Naivas Supermarket Power Struggle
NAIROBI, Kenya, Dec 21 – Dust has settled on the Naivas Supermarket power struggle following the Court of Appeal ruling that found that Newton Kagiri Mukuha has no stake in the retail chain. Newton, who is the eldest of the three brothers, has been fighting for control of the retailer following the 2020 sale of […]
Civil servants have 2 weeks to declare wealth or face Sh1 million fine
Public Service Commission CEO Simon Rotich/NMG All civil servants in the country now face a Sh1 million fine or a two-year jail term for failing to declare their wealth as well as their spouses and children’s wealth ahead of the December 31 deadline. Public servants are required by law to reveal their incomes, bank deposits […]
Kenyan tech startup raises Sh226 million for expansion
Wowzi CEO Brian Mogeni and Co – Founder Mike Otieno/ Courtesy Wowzi, a Kenyan startup has raised $2million (Sh226 million) to scale its influencer marketing platform across the African market. The firm had previously raised $1.2million (Sh135.3 million) in an unannounced pre-seed funding bringing the total amount raised to date to $3.2million (Sh361.3 million). “Now […]
Ecobank, Proparco Takeover Mumias Assets from KCB
A picture of Workers carrying packets of sugar at the Mumias Sugar factory in Western Kenya/ The standard NAIROBI, Kenya Dec 15- French development financier Ecobank and Pan-African lender Ecobank have taken hold of Mumias Sugar Company’s prime assets from KCB Group. On November 29, 2021, Ecobank filed a notice with the Attorney General’s office […]
Kenya-Uganda Trade Ties Take a Blow as UG Bans Export of Farm Goods
Kenya’s President Uhuru Kenyatta shakes hands with Ugandan President Yoweri Museveni in Nairobi, Kenya on July 25, 2014/ Pacific Press. NAIROBI Kenya, Dec 15- The trade row between Kenya and Uganda is set to escalate further following Uganda’s announcement to restrict Kenya’s raw and processed farm produce from entering its market. On Monday, Ugandan Minister […]
Tuskys reveals it can only pay 34% of debt owed
Tuskys Supermarket on Kenyatta Avenue in Nairobi/ Courtesy NAIROBI Kenya, Dec 14- Tuskys Supermarket, once Kenya’s largest retailer, currently owes Sh19.6 billion to unsecured creditors, presenting more hurdles in the retail chain’s revival plans. The troubled retailer revealed in court papers that its total assets are only able to account for Sh6.67 billion or 34 […]
