Ugandan shilling in firm place, seen weaker on c.bank policy move

Ugandan shilling in firm place, seen weaker on Central Bank policy move

The Ugandan shilling was trading stable on Tuesday but players were expecting some weakening as the central bank’s easing of monetary policy starts to weigh on market sentiment. At 1122 GMT commercial banks quoted the shilling at 3,600/3,610, unchanged from Monday’s close. The bank of Uganda on Tuesday cut its benchmark rate to 9.5 percent […]

KQ wary of repossession of aircraft by overseas banks over debt

KQ wary of repossession of aircraft by Banks over debt

Overseas banks have carried out an inspection of Kenya Airways’ aircrafts in preparation to repossessing them should it delay to strike a restructuring deal with local banks, the national carrier said yesterday. In a civil application filed at the Supreme Court of Kenya last month, KQ wants three banks opposed to the debt restructuring process […]

Kenya: Tuskys signs merger deal to salvage struggling retailer Nakumatt after Gov’t refuses to do bailout

Nairobi — Kenya’s biggest retailer, Tuskys, has signed a merger deal to rescue struggling Nakumatt Supermarket. Though details remain scanty, Nakumatt will access stock to replenish the empty shelves from Tuskys suppliers based on the goodwill the later has with its partners. Nakumatt will also use Tuskys’ supply chain as the two retailers look into […]

Proctor East Africa targets bigger breakfast stake with Sh2 billion factory

Proctor East Africa targets Kenyan cereals market with $20m factory

Food processing firm Proctor & Allan East Africa Photo:Courtesy Food processing firm Proctor & Allan East Africa is angling for a bigger pie of the ready-to-eat cereals market with the completion of a Sh2 billion factory. The plant, which is based in Limuru town, produces breakfast cereals, oats and pre-cooked fortified flour as the company […]

Kenya Airways falls short on debt terms

Kenya Airways falls short on debt terms for African multilateral lender Afrexim

Kenya Airways has breached the terms attached to loans worth billions of shillings from the African Export and Import Bank (Afrexim) which could impose penalties or ask for early repayment of the debt. The multilateral lender provided the credit to help the national carrier acquire aircraft. KQ, as the airline is known, did not specify […]

Equity Bank to hold investment forum in UK

Tanzania is the cash cow for Kenyan Banks

The Tanzanian market has emerged as most favourable for subsidiaries of Kenyan banks in East Africa, accounting for 35.1 per cent of the total profits drawn from their regional presence. The latest Central Bank of Kenya Banking Surveillance Report shows that the subsidiaries in Rwanda accounted for 21.29 per cent of the total profits while […]

Kenya Airways signs code-share agreement with Oman Air

Kenya Airways signs code-share agreement with Oman Air

Kenya Airways has signed a codeshare agreement with Oman Air covering services between Nairobi and the capital of the Sultanate of Oman – Muscat. The new partnership will allow seamless connectivity to Kenya Airways customers in accessing Muscat directly from Nairobi. Oman Air launched its flights to Nairobi in March this year. On the Nairobi […]

Uganda: Dfcu in Drive to Raise Shs200b to pay off Shareholder Loan

Dfcu Limited, the single shareholder of dfcu Bank, has launched the rights issue where it expects to raise Shs200 billion by selling new shares to settle a shareholder loan. The rights issue, which opened on Monday September 4, will run for three weeks closing on September 25 with a total of 263,157,895 new shares issued […]