Centum’s #ticker:CTUM real estate arm is seeking to raise Sh17 billion in equity investment from Luxembourg-based private equity firm GEM Global Yield, with the fund effectively underwriting the planned listing of the property developer. Centum Real Estate said on Tuesday that it will control the timing and the size of drawdowns from the fund which […]
Unga Group Plc Chief Executive Officer Joseph Choge. PHOTO | DIANA NGILA | NMG Unga Group Plc has received regulatory approvals to form animal feed joint ventures in Kenya and Uganda with Dutch multinational Nutreco International. Subsidiaries of the Nairobi Securities Exchange-listed firm will own the joint ventures on a 50/50 basis with Nutreco. Kenya-based […]
Bamburi Cement #ticker:BAMB will switch to solar power joining other heavy-consuming industrialists seeking reliable and cheaper electricity supply. The cement maker has signed a power purchase agreement (PPA) with an independent power producer, Momnai Energy Limited, to set up two solar plants at Bamburi’s factories in Mombasa and Nairobi. The solar power systems will have […]
Nairobi — Foreign investor outflows at the Nairobi Securities Exchange (NSE) have continued to increase as new Covid-19 variants saw foreigners exit the Kenyan market in 2021 due to uncertainties. According to the Capital Market soundness report Q4 2021, net foreign equity outflows grew to Sh28.6billion in 2021 compared to Sh10.23billion recorded in 2020, a […]
Car & General (C&G) #ticker:CGEN have fought off a Sh1.1 billion tax demand from the Kenya Revenue Authority (KRA) over the classification of their three-wheeler or tuk-tuk as transport vehicles. The tax appeals tribunal has ruled the company was right to pay import taxes on the three-wheelers imported from Piaggio Ape as motorcycles. The taxman […]
While Africa is responsible for less than five percent of carbon emissions, it is most vulnerable to climate instability. It is laudable that the Kenyan regulators have taken the lead and issued guidance on ESG and climate risk management. Equity Bank, via its Foundation, is helping learning institutions switch away from traditional wood fuel to […]
Troubled Kenya Airways #ticker:KQ says it is fast-tracking negotiations to launch common initiatives with South African Airways (SAA) with which it signed a pact last year to establish an African airline by 2023. Kenya Airways chairman Michael Joseph told the Business Daily while the pact is a long-term agreement, both airlines are in talks to […]
Gin contributed five per cent of Diageo’s reported net sales in the period between July and December 2021. The Gin revolution in Africa was driven by the prodigious consumption of Gilbey’s in Kenya. This is according to Diageo, a London-based multinational brewer that owns the majority stake in East African Breweries Ltd (EABL), in its […]
Same-day trading of shares accounted for only 3.4 percent of total deals at the Nairobi bourse, reflecting investors’ apathy towards buying and selling securities multiple times in a single day Data from the Capital Markets Authority (CMA) indicate that shares worth Sh784 million were traded through day trading between its launch date in November 22 […]
Airtel Uganda is racing against time to list 20 percent of its shares on the Uganda Securities Exchange (USE) before a June 30 deadline, even as players wonder if the market is ready for another initial public offering so soon after MTN Uganda suffered an under-subscription late last year. MTN Uganda’s market value has plunged […]
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