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 […]

Oman Air signs code share deal with Kenya Airways

Oman Air signs code share deal with Kenya Airways

Kenya Airways and Oman Air Oman Air has implemented a codeshare agreement with Kenya Airways (KQ) covering services between Muscat and Nairobi effective August 28, 2017. 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 […]

Kenya: Supreme Court Decision to Attract Foreign Investors to Kenya

Kenya is set to benefit from the adherence to the Supreme Court ruling that nullified the Presidential results. According to economic experts, the decision will enhance political predictability for investors boosting Kenya’s attractiveness as an investment destination. Cytonn Investments Chief Executive Edwin Dande says the decision has raised the country profile with regard to constitutionalism, […]

Kenya’s EABL to convert Tanzania unit loan into equity

Kenya’s East African Breweries Ltd (EABL) said on Friday it would convert a loan to its Tanzanian business into equity, after reaching a settlement with the competition authority that had been investigating the transaction. Tanzania’s Fair Competition Commission (FCC) threatened to revoke EABL’s 51 percent stake in Serengeti Breweries in 2015, accusing the Kenyan firm […]