Centum Investment Company #ticker:ICDC has repaid a Sh8 billion loan it took from Co-operative Bank to develop the Two Rivers Mall in Nairobi. The Nairobi Securities Exchange-listed firm used a new loan from South Africa’s Standard Bank to retire the Co-op Bank debt. Centum says the finance costs on the Standard Bank loan are relatively […]
Category: Industry
KCB Group lists more shares at NSE to fundraise for expansion
KCB Group Plc on Friday listed an additional 142,979,717 shares at the Nairobi Securities Exchange (NSE) following the successful acquisition of the National Bank of Kenya (NBK). The additional stock now pushes the lender’s shares to 3,209,043,204, further cementing its position as the biggest bank in terms of market capitalization at the Nairobi bourse. KCB […]
Impasse on Ugandan oil short lived – Museveni
Museveni, flanked by Minister Muloni, arrives for the summit on Wednesday. President Yoweri Museveni has said that he is in touch with the executives of oil companies and will meet them soon to discuss the current impasse in the sector. Museveni, who was speaking at the 5th Oil and Gas Summit at Serena Hotel in […]
S&P affirms Ecobank B/B rating with stable outlook
We expect Ecobank group’s pan-African reach and stable operating conditions to support its revenue growth prospects. Although we see risk in the group’s high double leverage, there is adequate liquidity at the holding company level. Notwithstanding its weaker financial performance, we continue viewing Ecobank Nigeria Ltd. as core to the group’s strategy. We are therefore […]
Ghana banking sector reforms to continue says Central Bank Governor
Head of Banking Supervision, BoG, Osei Gyasi The Head of Banking Supervision at the Bank of Ghana (BoG) says though the banking sector cleanup can be said to be over, the banking reforms are not over yet. Mr Osei Gyasi said, “ The cleanup is over but that does not mean that we are going […]
Oman Air and Kenya Airways extend codeshare agreement
The codeshare expansion, effective 1 October 2019, will connect Oman Air guests travelling beyond Nairobi to Entebbe, Uganda and Johannesburg, South Africa Oman Air, the national carrier of the Sultanate of Oman , and Kenya Airways, the national carrier of Kenya, have expanded their codeshare cooperation. The two airlines first signed up for the agreement […]
Fan Milk Ghana increases price of top products
The increment takes effect today, October 1, 2019. The price for Fanyogo and FanIce which was formally sold at GH¢1.00 will sell GH¢1.20p, whiles the price for Fan Ice 250ML goes for GH¢5.00. The increment comes at a time the Public Utilities Regulatory Commission (PURC) announced a 5.94 percent increase in electricity tariffs. Water tariff […]
Kenya Airways suspends CFO again
Kenya Airways has suspended its chief financial officer in a development that look set to destabilise the executive suite of the national carrier struggling to recover from years of losses. A director of the national carrier, who sought anonymity, told the Business Daily that the head of finance, Hellen Mathuka, was sent on compulsory leave […]
Kenya: Small banks hang by a thread as the Big Banks swim in cash
When commercial banks recorded a profit before tax of Sh85.8 billion as of June this year, it was not party time for the entire industry players. For Jamii Bora Bank, Spire Bank, Development Bank and a host of other cash-strapped small banks, it is not just in the first half of this year that profits […]
Kenya Commercial Bank completes NBK takeover
It is now official, National Bank will be part of Kenya’s largest lender by assets, Kenya Commercial Bank (KCB), after the Capital Markets Authority gave the go ahead. This comes a few days after Central Bank of Kenya (CBK) approved the acquisition saying it would strengthen the two institutions. KCB confirmed that it had received […]
