Corporate News

Amazon founder Jeff Bezos has announced he will be stepping down as the company's CEO in the third quarter of the year. . In an email to his employees, Jeff Bezos announced he would...

Kenya's top lender, KCB Group, has made a formal application to the regional competition watchdog to be cleared for the Kes 4.4 billion deal. It is seeking to acquire two banks in...

Banks have posted the lowest 11-month pre-tax earnings for the banking sector since 2012. The low profits were attributed to the massive disruption of Covid-19 to the industry recording high profits. A...

East African Breweries Limited (EABL) recorded a 3% decline in net sales to Kes 44.5 billion for the half-year ended December 2020 compared to the same period in 2019. This, however, was a...

Carbacid Investments Plc’s (CIL) shareholders have approved the acquisition of up to 100 percent of the shareholding of BOC Kenya Plc (BOC) pursuant to the offer that was announced in November 2020....

Listed power producer, Kengen Plc, has reported net revenue amounting to Kes. 39.82 million for the financial period ended 30th June 2020, which is 11.3% higher than the Kes.35.7 million recorded during...

Safaricom has launched an M-PESA Bill Management service that offers a platform where businesses can present and receive pending payments from customers, and issue electronic receipts. For M-PESA customers, the service provides...

Centum Investment Company has sold 20% of its shares with a current market value of Kes 92.2 million, to billionaire investor Chris Kirubi, raising his stake in the Nairobi Securities Exchange listed...

Kenya Airways PLC has temporarily suspended its services to France and the Netherlands due to the COVID-19 regulations in Europe that have reduced demand. In a statement issued by KQ, they said...

BOC Kenya Plc a leading supplier of industrial, medical and special gases in East Africa, has been granted approval by the Capital Market Authority to issue their shareholders with the Takeover offer...

The group reported a non performing loan  of kes 11.2 billion in the last quarter of 2020 , which had improved from kes 12.6 billion during the same period in 2019, however,...

The Co-operative Bank of Kenya has secured a long-term financing facility arranged by the International Finance Corporation (IFC) amounting to Kes 8.25 Billion. The bank has stated that the loan is coming...

The Authority will continue engaging issuers, stakeholders and partners to build on the progress made while ensuring that the governance requirements are facilitative, value-adding and progressive.

Equity Group holdings Plc (EGH) has received regulatory approval to merge Equity Bank Congo (EBC) and BCDC to form a new bank. Going forward, the new bank will be known as, Equity...

Equity has accelerated its technology capability to deliver self-service banking across its markets through mobile banking, Agency banking as well as online banking.

“The price cuts are permanent, effective from January 1, 2021 and will enable more than 26.8 million customers to continue enjoying lower costs whenever they send money.” Ndegwa noted

Mr. Ngugi said the Company will also intensify the use of Live–Line technology for planned maintenance programmes for enhanced customer satisfaction.

The platform will enable unlisted commercial banks, cooperative societies and private companies access the benefits of an efficient over the counter market anchored on leading technology capabilities and resources.

BOC Holdings supports the intended offer and has issued an irrevocable undertaking to sell its 65.38%stake in BOC Kenya.

Musungu was previously the general manager for GlaxoSmithKline Kenya and East Africa Business.

I&M will be joining the likes of DTB, Equity and KCB Group which have presence in the country.

While the Kenya firm produces and supplies industrial, medical, and special gases, CIL’s main operating subsidiary Carbacid (CO2) Limited is the region’s leading producer of food-grade carbon dioxide extracted from natural underground...

Equity Bank has been awarded the Best Regional Bank in East Africa, and for the second year running, the Africa Socially Responsible Bank of the Year, having demonstrated high performance across various...

Family Bank also signed a partnership with Performeter Agribusiness Limited setting aside Sh1 billion to fund fodder production for dairy farmers in cooperatives. 

The dim performance is attributed to an increase in loan loss provisions which surged by 76% in what the lender says is sufficient to cover future potential credit losses.

The Group has not received any dividends from portfolio companies where the Group holds minority stakes in the six-month period ending 30 September 2020 as these portfolio companies have elected to build...

With KCB's existing presence in these markets and strong banking capabilities in East Africa, the merged banks in each market can build on the significant progress made in recent years and be...

There are now 42 signatories to the Declaration including Standard Bank, Barclays, Banco Santander Group, the City of London, Deutsche Bank, HSBC Bank, and JP Morgan Chase. The United for Wildlife Taskforce...

The higher return is attributed to the fund’s ability to employ long/short trading models which ensures capital appreciation for investors whether markets are gaining in value (going long) or losing value (going...

As of 30th June 2019, KenGen had an installed capacity of 1,631.1MW out of which 85% was generated through green sources, mainly geothermal, wind, and solar with the balance coming from thermal sources.

Carbacid Investment has announced a profit before tax of Kes 427 million for the year ended July 31, 2020, marking a 13 percent increase from the Kes 377 million posted a year...

The profit dip has however trimmed the bank’s earnings per share to Kes.11.13 from Kes.16.15 last year.

The firm is expected to transform NBV into a manufacturer of cement and other industrial products switching it from a leather products retail chain.

The slow recruitment process has however been evident at the capital markets regulator with Paul Muthaura having also served first as CEO on a lengthy interim capacity.

Cooperative Bank booked a 905 increase in loan loss provision from Kes. 2.1 billion in 2019 to Kes. 4 billion.

ABSA has painted a level of  uncertainty in its outlook relating to the COVID-19 pandemic where it has highlighted that it is high and unprecedented, and its impact on markets and the global...

Equity’s asset base has expanded to Kes.933.9 billion with loans and advances to customers climbing by 30 per cent to Kes.453.9 billion.

Shareholders’ equity grew 12% from KShs. 121.2 billion to KShs. 135.9.1 billion. This was driven by the growth in earnings over the 12-month period to September 2020.

Ndegwa indicates the company remains in discussion with the Central Bank of Kenya (CBK) on the review of free cash transfers below Kes.1000 beyond December 312.

EBKL is a subsidiary of Equity Group Holdings Plc and holds the lion share of the Group’s business contributing to over 80% of the profitability.

Other Safaricom prefixes include 070X, 071X, 072X, 0740-43, 0745-46, 0748, 0757-59, 0768-69 and 079X.

Until his appointment, Gen. Mwathethe was heading the Oceans and Blue Economy Office.

Dr Kimani will be a valuable addition to the Kakuzi Board. He knows Kakuzi well having grown up on the farm. He has an impressive and well-respected track record in the agricultural...

The airline had deployed a Boeing 787 Dreamliner jet with a capacity of 234 seats for daily flight to New York.

With no quick recovery in sight, KQ is seeking to cuts costs in a plan that will see it lay off an unspecified number of workers, get rid of some assets and...

Customers who have been on the network since inceptions also stand a chance to get 20GB of data as the telco marks twenty years since establishment.

Cash flow challenges also saw KenGen hit Kenya Power with a Sh722.31 million financial penalty for flouting 40-day window of paying for the electricity supplied in the financial year ended June 2019.

Kenya is an important new region for us. It has become a renowned and well-regulated financial services hub in East Africa. The economy is highly developed and embodies entrepreneurship and growth.

The Board of Directors of HF Group Plc has appointed  Mr. Adan Daud Mohamed as a Non-Executive Director of its Mortgage subsidiary, HFC effective 19th October 2020. Mr. Adan Mohammed holds a...

The AGM ratified the re-election of Messrs Wilfred Ongoro, Lawrence Karissa and Margaret Karangatha to the Board for another term of three years, and also ratified the election of Mrs Weda Welton...

The Chief Executive of VSA capital Andrew Monk said the company is pleased with its new partnership with Faida that is expected to make a real difference to the services they offer...

CMA Acting Chief Executive Wycliffe Shamiah, said; ‘‘We are glad to note that Pezesha effectively tested its crowdfunding innovation and achieved its testing objectives and control boundaries between July 2019 and July 2020.

However, according to a report by the firm , only Tanzania took up its full share of 8% while Kenya took up 2.5 %.

Davis & Shirtliff plans to use the new facility to increase the company’s network to 70% coverage across Kenya and open its distribution network further in other African markets.

Steven Oluoch who was the former Chief Executive Officer left the organisation upon attainment of retirement age and officially handed over the position to Paul Muthaura.

“We are keen to enter these key East African markets with substantial market share at the outset and JHL is the best partner to help us achieve this ambition in East Africa.”

At least a third of Tullow Kenya workforce across all levels and cadres are expected to leave the company, the firm warned early this year

However, external valuations for real estate investments will be performed by an independent registered property valuer at least once every three years.

In her new role, Eva is expected to develop and implement Visa’s growth strategy in Kenya. She is also tasked with the duty to  accelerate the firm’s local growth through identifying critical...

Nation Media Group has launched its digital brand, Nation.Africa, aiming at expanding it's large online presence, taking to advantage the company's revamped digital plan to grow sales and recover from the effects...

Overall UAP Holdings saw a double digit increase in gross written premiums at 11% driven by core short-term insurance businesses, which reverses the previous trend of declining to flat growth experienced in...

KenGen has declared a dividend and also announced that Rebecca Miano will be in the firm for 3 more years

The board noted that the environment remains challenging due to the uncertainty of the COVID-19 related impacts as well as the extent and speed of the economic recovery post pandemic

Motor vehicle dealer Isuzu East Africa chief executive Rita Kavashe has been appointed as the board chairperson cigarette manufacturer BAT Kenya Plc following the retirement of Mr. George Maina as a Director...

The earnings per share in nation media group recorded a loss of kes 1.90 from a profit of kes 2.20 in the period under discussion.

East African Cables thus recorded a decrease in the overall expenses by 12% in the period ended 30th June 2020.

This led to a 58% decrease in revenue booked in six months period ending 30th June 2020

The company forecasts that the 2020 results will be significantly negatively impacted because of the projected suppressed air travel demand as it will remain at less than 50% of 2019 for the...

Absa says it has restructured Kes.57 billion worth of customer loans representing 28 percent of its advances to customers as cushioning during the pandemic.

Bamburi Cement Plc has posted a 13% decline in activity for the first half of 2020 at Kes16.2billion which as compared to the Kes18.7 billion the company posted in a similar period...

NCBA board has held back the declaration of an interim dividend for the period in line with its cash preservation stance.

The reduced profit was largely the result of increased provisions, reflecting the prudent approach adopted by DTB in the midst of the prevailing higher credit risk environment following the COVID-19 pandemic.

The performance of Sanlam Kenya in the first six months is attributed to the economic hardship facing the country due to COVID-19 which has seen most companies’ record losses in the country.

Property revaluation also widened the  losses of Kes 929 million due to the depressed property market which has been characterized by low occupancy levels and rental yields.

Despite the very wet conditions experienced in the first half of the year Kakuzi's arable operations have done well.

The total operating income grew by 17.6 per cent to Sh 4.2 billion during this period compared to Sh 3.6 billion last year. 

The Group increased its portfolio credit provision 15-fold from Kes. 500 million to Kes.7.7 billion increasing the Group’s NPL coverage from 64% to 73%.

Stanbic Bank will not pay out an interim dividend from its half year earnings with its earnings per share (EPS) having declined to Kes.6.46 from Kes.10.28 in a similar period in 2019.

The bank says a six percent growth in net loans and advances to Kes 272 billion and a 19 percent growth in customer deposits to Kes 384.6 billion during the period helped...

KCB's earning per share (EPS) has also dropped to Kes.4.72 in the period from Kes.8.30 last year, pushing the lender to halt payment of interim dividends to its shareholders this year as...

NCBA Bank Kenya Plc has given notice to all holders of its Kes 7B Medium Term Note Programme, of the exercise of its option for early redemption of the outstanding Notes issued...

Equity Group now has two subsidiaries in the Democratic Republic of Congo having earlier acquired ProCredit, a German bank, now Equity Bank Congo. BCDC is the oldest bank in the country, having...

The company states that despite the depressed market prices which have continued to pose a risk to the business performance, the management of the firm will continue to focus on volume growth,...

Shareholders’ funds which were at Kes 31.9 billion in the period ending 31st December 2019, also increased by 3%  as at the period ending 30th June 2020, to Kes 33.1 billion.

Ndegwa said Nganga took up leadership reins at a time when government was starting to  process of offering 25% of its shares to the public through the Nairobi Stock Exchange (NSE) in...

East African Breweries Limited (EABL) recorded a 9% decline in net sales for the financial year ended 30 June 2020, as first half growth of 10% was offset by a 29% decline...

The Kes 9 per share for the financial year ended December 2019 will be paid despite the shareholders not approving at an Annual General Meeting.

Pan African housing development financier, Shelter Afrique signalled a full recovery as it reported its 2019 earnings Tuesday. The Company reduced its operating loss to KSh 59 million (USD 0.59M) in 2019, down...

Kittony takes over from Samuel Kimani who stepped down as chair of board on July 13, 2020

Members of the Advisory Council play a critical role of looking into progress and constraints to gender equality globally and providing feedback and guidance of the bank’s work on gender equality and...

The de-listing comes on the back of falling revenues that have eroded the firm’s capital base over the years, wiping out billions of shillings in shareholder value.

WPP Scangroup Plc yesterday declared a special dividend of KES 8.00 per share following the disposal of its marketing research operations. The transaction by WPP Scangroup follows the disposal by WPP plc...

Kengen has already obtained pre-requisite laboratory approvals from the KenyaBureau of Standards to manufacture the detergent.

Last year, African Alliance announced the closure of its Ugandan brokerage business, citing low market activity

Kenya Power’s net earnings for the year ended June 2020 is expected to drop by over 25 per cent as compared to a similar period last year (2019). A profit warning issued...

The Group is pursuing a sales-led development model and is currently constructing 1,442 residential units across its three mixed-use developments

Sateesh joined Safaricom PLC as CFO and Executive Director on the board on 1st August 2016 from Vodacom Tanzania Ltd, where he held a similar position.

Going forward, the company has adopted various measures to mitigate its impact to the business and also continues to focus on achieving profitable growth.