Centum Investments founder to acquire up to 49.99% of company

The capital markets regulator on Monday allowed Dr Christopher J Kirubi to acquire up to 49.99 per cent shares of Centum Investment Company PLC, without having to make a mandatory take-over offer to other shareholders. The exemption, pursuant to Regulation 5(1) of the Capital Markets Authority (CMA) Takeovers & Mergers Regulations, 2002, will see Kirubi […]

Two Rivers Mall pays off $80m Co-op Bank loan using another loan

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 […]

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 […]

Kenya low cost flier Fly 540 seeks nod for domestic expansion

The budget carrier will be leasing more aircraft this year. Low-cost airline Fly 540 has applied for an air service licence from the aviation regulator to expand its domestic route offering to include Nanyuki, Meru, Amboseli, Lewa, Isiolo, Samburu and Moyale. The move, if granted, means the carrier could soon commence flights to the destinations […]

Kenya: Top Banks’ Profits due to Central Bank regulations reducing loan loss provisions

Kenya’s top banks have posted impressive profits for 2018, benefiting from the Central Bank’s one-year earnings "protection" window in the implementation of the International Financial Reporting Standard (IFRS 9) which demands higher provisioning for bad loans. Analysts had predicted that the banks would report nearly flat revenue performance in the face of declining credit to […]