Listed battery distributor Eveready East Africa is the most expensive stock on the Nairobi Securities Exchange (NSE) relative to its net assets, with its overvaluation driven by years of losses. Its equity or shareholders’ funds dropped 84.6 percent to Sh6.3 million in the year ended September 2021. Meanwhile, its 210 million issued shares traded at […]
Jaswant Rai before the National Assembly Committee on Implementation, 2018. Scepticism is growing about the true intentions of billionaire Jaswant Rai’s bid for the takeover of the assets of Mumias Sugar Company. Those opposed to Jaswant’s takeover, including the National Treasury and KCB-appointed receiver-manager Pongangipalli Rao see him as a wolf in sheep’s clothing. They […]
Sarrai Group had secured the lease for assets of Mumias Sugar Company NAIROBI, Kenya, Feb 9 – The Competition Authority of Kenya (CAK), a government agency mandated to regulate mergers and acquisitions, has termed the leasing of Mumias Sugar Company as unprocedural. The regulator rendered the opinion filed in court in a case challenging the […]
The High Court on Thursday dealt a blow to tycoon Tumaz and Tumaz enterprises after one of the cases challenging the 20-year-old lease of Mumias Suga was dismissed with costs. The ruling also served as a reprive to the firm’s administrator and managers of Uganda’s Sarrai Group from a possible jail term for contempt of […]
Securities trader Mbuthia Irungu at Nairobi Securities Exchange (NSE) trading floor at the Exchange building in Nairobi on August 26, 2020. PHOTO | SALATON NJAU | NMG Nearly 97 percent of equities accounts used for trading at the Nairobi Securities Exchange (NSE) have been dormant in the past two years, revealing the apathy among retail […]
Nearly 97 percent of equities accounts used for trading at the Nairobi Securities Exchange ( NSE ) have been dormant in the past two years, revealing the apathy among retail investors who entered the market during the 2000s IPO boom. Only 61,000 of the 2.03 million share accounts at the Central Depository and Settlement Corporation […]
Cane farmers have accused Mumias Sugar Company’s receiver-manager of using extraneous factors to lock out the highest bidders from the race. From court papers, it has emerged that West Kenya Sugar Limited was knocked out of the race to lease Mumias, as it would have allegedly dominated the sugar industry in Kenya. Mumias Sugar Company […]
The revelation that 97 percent of stock trading accounts have been dormant for years should spur regulators and other stakeholders in the capital markets into action. It speaks to widespread investor apathy that comes on the back of disappointing returns, a major part of which can be traced to poor corporate governance among some Nairobi […]
The decline of big names such as Uchumi, Kenya Airways, East African Cables, East African Portland Cement and Mumias Sugar was the first sign of struggle in corporate Kenya. [File, Standard] An increase in the number of financially crippled corporates is the new headache for banks, with some lenders in court battles to recover billions […]
In a ruling made on Tuesday evening, the judge said interim orders will stay in place until March 14, when the matter comes up for hearing/FILE NAIROBI, Kenya, Jan 26 – The High Court has extended orders barring Ugandan company, Sarrai Group, from taking over operations of Mumias Sugar Company pending the determination of the […]
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