East African Cables has reached an agreement with the State Bank of Mauritius (SBM) over the restructuring of Ksh285 million ($2.85 million) debt that is due and payment on demand, giving the company a lifeline in its recovery efforts. The agreement means the lender withdraws a liquidation petition against the firm, a Nairobi Securities Exchange-listed […]
In January 2020, the media reported a court petition by the State Bank of Mauritius (SBM) to liquidate the East African Cables over a $2.85 million (Ksh285 million) debt. However, the two parties have reached an agreement , recently, on the restructuring of the $2.85 million (Ksh285 million) debt that is due and payable on […]
NAIROBI (Reuters) – Standard Chartered Bank Kenya has adjusted the terms of more than 8 billion shillings ($75.4 million) of its loans to individuals and businesses – about 6% of the total – to help them weather the impact of COVID-19, it said on Wednesday. Lenders in the East African nation have so far restructured […]
BC-Kenyan-Banks Hoarding-Cash-to-Cover-Faltering-Loans , Eric Ombok (Bloomberg) — Kenyan banks are expected to hoard cash as they report a jump in first-quarter loan-loss provisions to cope with the aftermath of the coronavirus pandemic. Kenyan institutions got a cash boost when the central bank lowered reserve requirements to free up funds for lending, while interest rates have […]
(Ecofin Agency) – The Board of Directors of Kenyan Equity Group Holdings says it has canceled the distribution of KSh9.5 billion (about $88.9 million) in dividends to shareholders for the financial year 2019. The reason for this decision, the Board says, is the need to preserve liquidity in this pandemic context. Following this announcement, the […]
The Nairobi Securities Exchange. FILE PHOTO | NMG Dividends paid out to multinationals for their controlling stakes in Nairobi Securities Exchange-listed firms are set to drop by 21 percent this year as a few blue-chips reduced their payouts by significant amounts. Multinational firms including Vodacom Group, Diageo Plc, WPP Plc and BAT Plc have received […]
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 […]
KCB Wabera Street branch in Nairobi. PHOTO | DENNIS ONSONGO | NMG KCB Group has restructured loans worth Sh80 billion in Kenya, offering reprieve to customers who found it difficult to repay their loans due to the impact of the coronavirus. The amount is equivalent to 15 percent of KCB’s Sh535.3 billion total loan book […]
(Adds industry numbers) NAIROBI, May 13 (Reuters) – Kenya’s biggest lender, KCB Group, has restructured 80 billion shillings ($750 million) in loans, about 15% of its book, due to customers facing coronavirus-related hardships, its CEO told the Business Daily newspaper. The central bank allowed lenders in the East African nation to offer relief to distressed […]
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