Corporate News

Joanne Mwangi-Yelbert

Joanne Mwangi-Yelbert Appointed New Chairperson of the Kenya Tourism Board

Joanne Mwangi-Yelbert has been appointed as the new  Chairperson of the Kenya Tourism Board (KTB) for a three-year term, replacing Jimi Kariuki. The appointment announced through a gazette notice dated July 5, 2022 makes Mwangi-Yelbert the first female to serve as board chair since the inception of KTB. “I want to thank President Uhuru Kenyatta …

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Safaricom MPESA TKASH

Safaricom Launches Second Phase of Mobile Merchants Interoperability.

Airtel and Telkom customers can now pay into Safaricom’s MPESA pay bill numbers after the successful launch of the second phase of mobile merchants’ interoperability. The service that was launched today will allow customers on any of the three networks to make mobile money payments to an M-PESA Pay Bill Number from any network. The …

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Equity Group DRC

Equity Group announces a total $1.6Billion DRC investment commitments by 26 Kenyan Companies

26 Kenyan companies have committed trade investments worth $1.6Billion in the Democratic Republic of Congo. The 26 traders are part of the Kenya delegation that participated in last year’s Kenya-DRC Trade Mission organized by the Government of Kenya and the Government of the Democratic Republic of Congo (DRC) in partnership with Equity Group. Some of …

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KCB Group CEO Oigara

KCB GROUP PLC POSTS KSHS.34.2B IN FULL-YEAR 2021 PROFIT AFTER TAX

Growth in total income and reduction in loan loss provision charge pushed performance by 74% in steady post-COVID-19 recovery KCB Group Plc recorded a historic 74% rise in profit after tax for the full year ending December 2021, riding on an economic recovery across markets.   Net profit grew to KShs.34.2 billion compared to KShs.19.6 …

KCB GROUP PLC POSTS KSHS.34.2B IN FULL-YEAR 2021 PROFIT AFTER TAX Read More »

Kengen

KenGen’s Ethiopia Earnings Grow to Kes1.7 Billion

Kenya Electricity Generating Company (Kengen) earnings from the new Ethiopian operations quadrupled from Kes 440 million last year to Kes 1.7 billion in the year ending June 2021. The firm’s diversification venture that includes drilling in Tulu Moye in Ethiopia contributed revenues that surpassed the expenses of setting up. In its annual report, the electricity …

KenGen’s Ethiopia Earnings Grow to Kes1.7 Billion Read More »

Tavaziva Madzinga

Britam’s CEO Tavaziva Madzinga Quits after 10 Months in Office

Kenya’s financial services group Britam Holdings has announced the shock resignation of its managing director, Tavaziva Madzinga, after less than one year in office. The announcement comes barely 10 months after he joined the company on 1st February 2021 following the retirement of Dr Benson Wairegi who had served in the company for more than four decades. …

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Kengen Ethiopia Drill Team

KenGen Drills Ethiopia’s Deepest Geothermal Well

Kenya Electricity Generating Company PLC (KenGen) has completed drilling the deepest geothermal well in Ethiopia reaching a depth of 3,000 meters, surpassing a target of 2,750 meters. This marks the second of eight geothermal wells KenGen has been contracted to drill for the state-owned electricity producer, Ethiopia Electric Power Company which was delivered successfully amid …

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BK Group Plc

Bank of Kigali (BK Group) Records a 33% Increase in Net Income to Kes 4.1 Billion

Bank of Kigali (BK Group Plc) has reported a Net Income of Kes 4.1 billion (US$ 36.6 million) an increase of 33.0% year on year with a return on average total assets and return on average total equities reaching 3.4% and 18.2% respectively for the period ended September 30th, 2021. In its Audited financial results, …

Bank of Kigali (BK Group) Records a 33% Increase in Net Income to Kes 4.1 Billion Read More »

Safaricom Plc Peter Ndegwa

DFC Delays Kes 54 Billion Loan to Safaricom-led Consortium in Ethiopia

Development Finance Corporation (DFC), a US government agency has delayed the disbursement of a $500million (Kes 53.97 billion) loan to finance the entry of a Safaricom-led consortium into the Ethiopian telecoms market, citing uncertainty over the ongoing unrest in the country’s Tigray region. The US International Development Finance Corporation (DFC) said it was still weighing …

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Image of Centum Investment leaders

Centum Set to Invest kes 5 billion in Firm Acquisitions

Centum Investment Company’s private equity wing targets acquisitions in various sectors of Kenya’s economy. Centum Capital Partners, a wholly-owned and independently managed subsidiary of the Centum Group, said it plans to invest up to Kes5 billion over the next five years in diverse sectors of the economy. CPP, a wholly-owned subsidiary of Centum has in …

Centum Set to Invest kes 5 billion in Firm Acquisitions Read More »

Kengen

KenGen Reports a 7% Rise in Pre-Tax Profit to 14.8 Billion in its Full Year 2021

Kenya Electricity Generating Company PLC (KenGen) has reported a 7%  increase in Profit Before Tax from Kes.13.79 billion to Kes.14.76 billion during the period ended 30th June 2021. Announcing the results, KenGen Managing Director and CEO, Rebecca Miano said the profit growth was achieved on the back of continued revenue growth underpinned by the company’s …

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Stephen Chege

Stephen Chege Appointed as Vodacom Group Chief External Affairs Officer

Stephen Chege has been appointed as Vodacom Group Chief External Affairs Officer, reporting to Vodacom Group CEO Shameel Joosub effective 15th November 2021. Stephen Chege is set to take up the role at Vodacom Headquarters in Johannesburg and will be responsible for Group Regulatory, External and Corporate Affairs, Public Policy, Communication Strategy, Media Relationships, Group …

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mobile pay limited cbk

CBK Revokes License of Mobile Pay Limited as a Payment Service Provider

The Central Bank of Kenya (CBK) has revoked the authorisation granted to Mobile Pay Limited (MPL) which has the brand name Tangaza as a mobile Payments Service Provider (PSP). The regulator said the action culminates a long engagement between them and Mobile Pay Limited, during which they considered MPL’s continued violations of Nation Payment Systems …

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konza

Konza, NSE Partner to Connect Investors With Tech Start-ups

Konza Technopolis Development Authority (KoTDA) is seeking to partner with the Nairobi Securities Exchange (NSE) to connect investors with viable tech start-up businesses that are being incubated by KoTDA. Speaking during a meeting with NSE Chairman, Kiprono Kittony, KoTDA Chief Executive Officer, John Tanui said the Authority is keen on partnerships with organisations that will …

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HF Group

HF Group Appoints Prof. Olive Mugenda as an independent Non-Executive Director.

HF Group Plc has appointed Prof. Olive M. Mugenda as an Independent Non – Executive Director and Chairperson of the Board effective 21st October 2021. Prof. Olive Mugenda is an accomplished business leader responsible for the expansion and transformation of Kenyatta University which saw the institution grow in both stature and financial strength. She is …

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Joseph Muganda

Stanbic Holdings Appoint Joseph Muganda as Non-Executive Director

Stanbic Holdings Plc has announced the appointment of Mr Joseph Muganda as an Independent Non-Executive Director on the Board effective Tuesday 12th October 2021. “Mr Muganda’s addition to our Board will enrich its diversity and his skills will align with our digital transformation strategy.” Stanbic said in a statement. Mr Joseph Muganda holds an MBA …

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Guaranty Trust Bank

Guaranty Trust Bank to Receive Kes 1.6 Billion Loan From IFC to Support SMEs

The International Finance Corporation (IFC) is set to lend $15 million (kes1.6 billion) to Guaranty Trust Bank Kenya for onward lending to Small and Medium-sized Enterprises (SMEs). The loan is part of IFC’s funding of financial institutions in emerging markets under its COVID-19 crisis response programme. “The proposed loan of $15 million…is a one-year loan, …

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BOC Gases

BOC Appoints Joseph Ramashala as Non-Executive Director

The BOC Kenya Board has appointed Joseph Ramashala the Non-Executive Director with effect from 13 September 2021. This comes after the resignation of  Marius Kruger as a Non-Executive Director who was appointed a Non-Executive Director of BOC Kenya in August 2013 and was a Member of the Audit & Risk and the Nominations and Corporate Governance Committees. …

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ICEA Lion General Insurance

ICEA LION Appoints Philip Lopokoiyit as CEO as Paul Muthaura Steps Down

The board of ICEA LION General Insurance Company Limited has appointed Mr Philip Lopokoiyit as the new Chief Executive Officer and Principal Officer of the company effective 20th September 2021 following regulatory approval. The appointment follows the stepping down of Mr Paul Muthaura in line with medical advice so as to completely recover following an …

ICEA LION Appoints Philip Lopokoiyit as CEO as Paul Muthaura Steps Down Read More »

AFDB

AFDB Approves $50 Million Trade Finance Risk With Standard Chartered Bank

The African Development Bank Group (AfDB) board has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) facility with Standard Chartered Bank. The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African …

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Kengen

KenGen Gets Nod to Sell 4 Million Tonnes of Carbon Credits

The Kenya Electricity Generating Company PLC (KenGen) has been cleared to sell an equivalent of 4.6 million tonnes of carbon emissions earned over the last 18 months. This follows the finalization of the verification of the issuance of a cumulative 4,617,309 tonnes of Carbon Emissions to six KenGen projects by the United Nations Framework Convention on …

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Stanbic Holdings

Stanbic Holdings Appoints Ms Wambui Kihuha-Mbesa as Board Director

Stanbic Holdings Plc Board of Directors has appointed Ms Wambui Kihuha-Mbesa as an Independent Non-Executive Director on the Board, with effect from 8th September 2021. Wambui Kihuha-Mbesa is a seasoned technology industry executive and entrepreneur with over 20 years of experience. Currently, she works as the Chief Executive Officer of INTRASOFT International East Africa. She has previously …

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WPP Scangroup

WPP Scangroup Shares Rally Despite Delay in Publication of Half Year Results

WPP Scangroup’s share price gained 54.4% at the Nairobi Securities Exchange, four days after publishing its delayed 2020 results. The stock is currently trading at Kes 5.56, rising from Kes 3.6 recorded the last week on Tuesday. The rally started on Wednesday when Scangroup published its financial statements for the year ended December, which showed …

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Unga Group

Unga Group Appoints Joseph Malel Choge as Managing Director

Unga Group has announced the appointment of Mr Joseph Malel Choge as the incoming managing director of the group following the retirement of Mr Nicholas Hutchison effective 31st December 2021. Joseph Choge is a senior executive with years of experience within manufacturing, telecoms, banking, insurance and Finance. Joseph has graduated from the University of Nairobi …

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Safaricom ECA Ethiopia

Safaricom Telecommunications Ethiopia PLC Gears Up for Commercial Launch

Safaricom Telecommunications Ethiopia PLC (Safaricom Ethiopia) announced a countrywide staff recruitment drive and introduced its leadership team as it affirmed its commitment to investing in Ethiopia’s digital future ahead of its commercial launch. “The Global Partnership for Ethiopia is proud to be investing in Ethiopia and thanks the Government of Ethiopia and other key partners …

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CMA Markets

National Treasury Grants CMA Power to Oversee Investment Funds in Bid to Fight Fraud

The National Treasury has given the Capital Markets Authority (CMA) powers to oversee all investment funds formally solicited from the public. In the new regulations published by the treasury, they said the move is a bid to rein in fraudulent and unregulated schemes where unsuspecting Kenyans lose billions of shillings. The regulator attributed this grey …

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WPP Scangroup

WPP Scangroup Reports a Loss of Kes 1.732 Billion During the Financial Year 2020.

WPP Scangroup company has released its financial results for the financial year ended 31st December 2020 after a three-month- delay which was occasioned by the firm’s investigations against its former Chief Executive Officer Bharat Thakrar and the former Chief Finance Officer Satyabrata Das over gross misconduct. The Marketing and communication company reported a 22% loss …

WPP Scangroup Reports a Loss of Kes 1.732 Billion During the Financial Year 2020. Read More »

Britam Holdings building

Britam Holdings Posts a Profit of Kes 376.3 million in 1H2021 Following NSE Rally

Britam Holdings has posted Kes 376.3 million net profit in six months to June, marking a recovery from the  Kes 1.63 billion net loss posted in a similar period last year. The return into profits was attributed to growth in investment income and a rise in the value of shares at the Nairobi Securities Exchange …

Britam Holdings Posts a Profit of Kes 376.3 million in 1H2021 Following NSE Rally Read More »

Standard Group Buliding

Standard Group Posts a Revenue of Kes 1.6 Billion in 1H2021

Standard Group’s performance for the 6 months period ended 30 June 2021 showed improvement with a 14% revenue increase to close at Kes. 1.6 billion compared to Kes. 1.4 billion for the same period in 2020. The media house attributed the performance to the improved operating environment with key clients gradually increasing their advertising budgets, …

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Jubilee Holdings

Jubilee Holdings Posts a 150% Rise in Profit to Kes 4.5 Billion, Following Allianz Acquisition

Jubilee Holdings has posted a profit before tax of Kes 4.5 billion for the half-year ended June 30, a 150 % jump compared to Kes 1.8 billion reported same period last year. The notable rise was pegged to the sale of a 66 % stake in its former subsidiary Jubilee General Insurance Limited to Munich-based …

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