East African Cables plant in Nairobi. FILE PHOTO | NMG East African Cables #ticker:CABL has reached a loan restructure agreement with SBM Bank Kenya, a move that has seen the lender retreat from its move to liquidate the Nairobi Securities Exchange-listed firm over a Sh285 million debt. The cables manufacturer says the maturity date of […]
•Delays occasioned by on-going discussions with lenders to complete the remaining portion of debt restructure transaction. •Social distancing measures and restricted working hours due to Covid-19 Pandemic have also affected audit timelines, the firm says. East African Cables products./ East African Cables will delay in the publishing of its audited financial results for the year […]
•SBM Bank Kenya had filed a petition to liquidate the loss-making cable manufacturer after it defaulted on a Sh285 million loan. •The withdrawal of the petition is a significant step towards the company’s turnaround plan, management now says. East African Cables products./ East African Cables (PLC) has received a major reprieve after SBM Bank (Kenya) […]
The East African Cables manufacturing plant in Nairobi. The company has been making losses for the past four years. FILE PHOTO | NMG The agreement involves a restructure of the outstanding facilities by the bank under a new long term facility. EA Cables is grappling with a huge debt portfolio amounting to Ksh3.55 billion ($35.5 […]
The East African Cables manufacturing plant in Nairobi. The company has been making losses for the past four years. FILE PHOTO | NMG The agreement involves a restructure of the outstanding facilities by the bank under a new long term facility. EA Cables is grappling with a huge debt portfolio amounting to Ksh3.55 billion ($35.5 […]
Few would appreciate the impact of a regime change more than the ‘club of 29’ thought to have been close to retired President Mwai Kibaki. Through TransCentury, the elite businessmen, who include Michael Waweru, a former Kenya Revenue Authority commissioner-general, were the face of success. Other prominent personalities include Eddy Njoroge, a former KenGen managing […]
NAIROBI, Jan 29 (Reuters) – East African Cables is seeking to restructure nearly a fifth of its bank debt, including a 285 million shilling ($2.83 million) loan to a local lender that has sought to wind it up over the debt, it said on Wednesday. The court petition by SBM Bank to unwind the company […]
On Monday, Home Afrika lost 3.85 percentage points in its share price after closing the day selling its stocks at 0.50 shillings from 0.52 shillings on Friday. While the real estate development company shed points on its share price, it secured a spot in the top movers’ category behind large-cap stocks such as Safaricom, KCB […]
Kenya Railways Staff Retirement Benefits Scheme (KRSRBS) was established in 2006 to safeguard the interests of over 10,000 pensioners, and has assets estimated to be worth more than Sh20 billion, most of it in form of prime land parcels around the country, especially in Nairobi and Mombasa. The new developments come as the DCI investigates […]
The company that recently managed to restructure a huge impending debt saw interest expenses halve from Sh279 million to Sh109 million. East African Cables #ticker:CABL has jumped back to profits despite a 19 percent decline in turnover, posting net earnings of Sh634 million in the six months to June from a loss of Sh303 million […]
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