Corporate News

Standard Bank has revealed plans to acquire 100% ownership in financial services firm Liberty Holdings. Standard Bank is Africa’s largest bank by assets, and the acquisition is expected to expand the bank’s...

State-run Ethio Telecom, which invited private investors to buy a stake in it over the past few months, reported an 18.4% rise in full-year revenue to end-June to 56.5 billion birrs ($1.29...

The Ethiopian Communications Authority(ECA) has issued the Final License to Safaricom Telecommunications Ethiopia PLC following its incorporation as a local Telecommunications Operating Company. Safaricom was awarded the consortium by the Ethiopian Communication...

Unaitas Sacco has secured Kes 1 billion funding from Dutch private equity Oikocredit International for onward lending to small and medium enterprises. In a press release issued by the Sacco, they said...

The Kenya Revenue Authority (KRA) has announced plans to auction Kenya Power transformers if 30 days elapse before they clear the transformers that were shipped into the country seven years ago. The...

Manufacturers from Kenya and Tanzania have called for the expedited resolution of non-tariff barriers (NTBs) and the review of the East African Community Common External Tariff (EAC CET). This was during the trade investment forum held yesterday, hosted by Kenya Association...

Mrs Jennifer Karina has been appointed as the chairperson of the Board of Directors at Kenya Reinsurance Corporation, with effect from 8th July 2021. Jennifer Karina has been in corporate leadership for...

Diamond Trust Bank (DTK) has announced the appointment of Mr Jeremy Ngunze as the non-executive Director of the Bank with effect from 29th June 2021. Mr Jeremy Ngunze has been a  career...

Kenya Electricity Generating Company (KenGen) is set to benefit from its Clean Development Mechanism (CDM) Projects further giving impetus to the company’s efforts to combat climate change. This follows the issuance of...

The Kenya Revenue Authority(KRA) tax collection reached an eight-year high of Kes 1.669 Trillion during the financial year 2020/21 compared to kes 1.607 Trillion collected over a similar period in the previous...

The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with the Kenya Private Sector Alliance (KEPSA) to support market deepening and leveraging capital market products to catalyse growth in line...

Centum Real Estate Limited has posted a 72% decline in profit after tax for the period ended 31st March 2021 to Kes 650 million from Kes 2.30 billion recorded during the same...

A survey conducted by the KBA Centre for Research on Financial Markets and Policy in collaboration with the Japan International Cooperation Agency (JICA) showed ICT and Agriculture are the leading host sectors...

The Energy and Petroleum Regulatory Authority (EPRA) has appointed Daniel Kiptoo as the new Director-General of the energy regulatory body for a 3-year term renewable once with effect from 1st July 2021....

Kapchorua Tea Kenya has announced it will pay a first and final dividend of Kes 10 per share despite posting a 63% decline in profits for the period ended 31st March 2021....

TPS Eastern Africa, the owner of Serena Hotels plans to issue 200 million new ordinary shares through a rights issue after its shareholders passed a special resolution during the company’s Annual General Meeting (AGM)...

The World Bank Board of Executive Directors has approved $130 million additional financing for the Kenya COVID-19 Health Emergency Response Project to facilitate affordable and equitable access to COVID-19 vaccines for Kenyans. This is...

The Capital Markets Authority (CMA) has issued the first set of licenses to five coffee brokers in line with the Capital Markets (Coffee Exchange) Regulations, 2020, which will allow brokers to carry...

Nation Media Group (NMG) is set to begin Kenya’s first share buyback program at the Nairobi Securities Exchange(NSE) today. A share repurchase or buyback refers to when the management of a public...

Kenya Electricity Generating Company PLC (KenGen) has earned Kes .2.6 Billion in revenues from commercial innovation initiatives over the last nine years. During the company's 9th Global innovation seminar, the group reported...

Kenya Airways has increased frequencies to the US to three a week as demand for summer bookings pick up, coming as a relief to the carrier struggling with low numbers due to...

The Board of Kenswitch Kenya Limited has appointed Ms. Karimi Ithau as Managing Director as the company rolls out its new market direction. Ms. Karimi Ithau is a seasoned professional with a...

Kenya Electricity Generating Company PLC (KenGen) has joined the UN-backed universal campaign to combat global warming, becoming the first public service agency in Kenya. The campaign dubbed ‘Business Ambition for 1.50C’ is...

Dubai-based Emirates airline on Tuesday posted a $5.5 billion annual loss, its first in more than three decades after the coronavirus pandemic devastated the aviation industry. The carrier, which had made a...

Kenya Electricity Generating Company PLC (KenGen), the leading energy producer, has started installing a Steam Turbine into the Olkaria 1 AU 6 Power Plant, signalling a breakthrough in the ongoing construction of...

Shareholders of listed infrastructure firm Transcentury Plc have approved a rights issue, primarily aimed at the company raising capital for the operations of the company. The news of the rights issue which...

Williamson Tea, one of the oldest tea companies in Kenya, has issued a profit warning for the financial year that ended on 31st March 2021. In a public statement, the company said...

Kenya's largest mobile telecommunications operator Safaricom Plc, has officially launched the E-Sim service. Safaricom becomes the second telco after Jamii Telecommunications Limited (JTL) introduced the service to the Faiba network subscribers in...

Shelter Afrique, a pan-African housing development financier, has signed a Ksh. 1,186,900,000 ($11 million) housing deal with the African Banking Corporation (BancABC) in Harare, Zimbabwe. According Shelter Afrique Group Managing Director Andrew Chimphondah the...

Crown Paints Plc has reported a profit of Kes 599 million for the period ended 31st December 2020, an 85 % growth from the Kes 323 Million reported during the same period...

Devki Group has announced its withdrawal from the race to invest in troubled Mumias Sugar Company, barely two weeks after it expressed interest in the company. According to Devki Group Chairman Dr Narendra Raval,...

WPP Scan group has announced a further delay in the publication of their audited financial results for the financial year ended 31st December 2020. The group had made an announcement earlier on...

Kenya Reinsurance Corporation (Kenya Re) has recorded a 5% decline in profits before tax to Kes 3.98 billion during the financial year ended 31st December 2020 compared to the Kes 4.18 billion...

Nation Media Group (NMG) Board of Directors has recommended that the firm’s shareholders effect the Share Buyback plan by way of open market purchases through on the Nairobi Securities Exchange (NSE). The...

Kenya Railways Corporation (KRC) will begin providing hourly rides on its Diesel Multiple Units(DMUs) for Nairobi Commuters after receiving the second batch of six more trains from Spain. According to Omudho Awitta,...

Allianz and Jubilee Holdings announced a 66% stake in the Jubilee General Insurance Company in Kenya to form Jubilee Allianz.

Family Bank Group has posted a Kes 728.8 million Profit Before Tax for the first quarter of 2021, a 71.3% increase in earnings compared to the Kes 425.6 million reported during the...

Safaricom Plc, Kenya’s telecommunication giant that runs M-Pesa, was on Saturday awarded a license to operate telecommunication services in Ethiopia in a consortium that comprises of its parent firms Vodafone and Vodacom,...

TPS Eastern Africa, the company that owns and operates Serena Hotels, has reported a net loss of Kes1.2 billion for the year 2020, its biggest loss ever, after a tough operating year in...

KCB Group Plc has posted a net profit of Kes.6.4 billion in the first quarter of 2021 ending March, a 1.8 % increase from the Kes 6.3 billion that was posted in...

Equity Group Holdings Plc has returned strong quarter one results in a challenging environment amidst the multi-faceted Covid-19 crisis of health, economic disruption, and humanitarian challenges, giving hope of resilience and recovery....

NCBA Group PLC has recorded a profit after tax of Kes 2.84 billion for the quarter ending March 31, 2021. This was an increase of 74% compared to Kes 1.6 billion that...

Individual smallholder tea farmers affiliated with the Kenya Tea Development Agency Holdings Ltd (KTDA Holdings PLC) will now own direct shareholding of the company alongside their respective 54 Tea Factory Companies, further...

Safaricom Plc, Kenya's telecommunication giant, was on Saturday awarded a license to operate telecommunication services in Ethiopia in a consortium made up of Vodafone, Japan’s Sumitomo and UK finance agency CDC Group. The...

Standard Chartered Bank Kenya has reported a 19% growth in net profit in the first three months to March 31 2021. The lender posted an improvement in net profit of Kes 2.39...

Absa Group unaudited Net Profit for the first quarter ended March 31st 2021 rose to Kes 2.4 Billion compared to Kes 1.96 Billion in Q1, 2020, an increase of 28%. The lender’s balance...

Kakuzi PLC has confirmed plans to strengthen its avocado smallholder base as part of a shared prosperity business plan. Alongside the smallholder development plans, the firm is focusing on agricultural production expansion...

Kenya Electricity Generating Company(KenGen) is set to begin drilling works on the $6.5 Million(Kes 709.8 Million) Geothermal Power Project, starting June this year. This International contract was awarded to the Kenyan electricity giant...

Transcentury Plc, a listed firm in the Nairobi Securities Exchange, has reported a Kes1.4 billion net loss for the half-year period that ended on 30th June 2020 compared to a net profit...

The three directors are some of the longest-serving members on the NSE board and their retirement is in line with the code of corporate governance practices.

Six Nairobi Securities Exchange (NSE)-listed firms have announced a delay in releasing their full-year results, citing the need for more time to complete audit processes. Express Kenya Plc being the latest listed...

Safaricom's board has proposed a final dividend per share (DPS) of Kes 0.92 amounting to Kes 36.86 billion for approval at the next Annual General Meeting (AGM).”

Sasini Plc a listed firm in the Nairobi Securities Exchange, has reported a notable rise in the six months period ended 31st March 2021. The group recorded a profit before tax of...

National carrier Kenya Airways (KQ) has signed an interline agreement with South Africa’s regional carrier, Airlink. The deal will enable Kenya Airways customers flying to South Africa to connect with Airlink operated...

KCB Group PLC has issued a notice to Tanzania’s Fair Competition Commission (FCC) of its intention to acquire entire shares in BancAfrican Banking Corporation Tanzania Limited. In a public notice by the...

The Capital Markets Authority (CMA) is considering lowering fees for listing on the Nairobi Securities Exchange (NSE) to attract more investors. This comes after a study by investment adviser RisCura which showed that...

Allianz, one of the world's leading insurers and asset managers has completed the acquisition of a 66% stake in Jubilee Holdings general insurance arm in Kenya for undisclosed amount making it the...

Octagon Africa has appointed Godwin Simba as its new Group Executive Director of Strategy and Product Development. Previous positions held at Octagon Africa by Simba Godwin Simba is a seasoned professional with...

I&M Holdings has completed 90% ownership in Orient Bank, a licensed and well-established bank in Uganda. I&M Holdings PLC and Orient Bank Limited signed an agreement in July 2020 for I&M Holdings...

Homeboyz instituted some cost-cutting measures which resulted in a 49% drop in direct costs and a 63% drop in administrative expenses.

Standard Group Plc Posted a loss before tax of Kes 434 million during the financial period ended 31st December 2020, a 36% improvement from the Kes 684 million posted during the same...

Britam Holdings Plc has reported a net loss of Kes 9.1 billion for the financial period ended 31st December 2020, a 62% loss compared to the Kes 3.5 billion that was reported...

The value of NMG’s total assets decreased to Kes11.82 billion at the end of 2020 from Kes12.1 billion at the end of 2019. Its total liabilities also fell to Kes3.89 billion from...

The government has stated it will ensure Kenya Power pays its debt to KenGen and other power producers. This comes after concerns were raised that the electricity distributor’s default could hurt the...

Kenya's national carrier Kenya Airways Plc and DR Congo national carrier have signed a partnership agreement. The partnership, which was signed on Thursday, will make it easier for the KQ customers to...

Bamburi Cement has posted a profit after tax of Kes 1.12 Billion the financial period ended 31st December 2021, a 212% growth in revenue from the Kes 359 million that was posted...

BOC Kenya, which produces and distributes industrial and medical gases throughout the East African region, has posted impressive results for the year that ended in December 2020. The firm’s net profit rose...

The International Finance Corporation (IFC), which is part of the World Bank, plans to invest up to $2 million (Kes215 million) in Antler East Africa, a venture capital firm based in Nairobi. The...

Liberty Kenya, a subsidiary of South Africa based Liberty Holdings, has posted a 2% decline in profit after tax to Kes 676 million during the financial period ended 31st December 2020 from...

Jubilee Holdings Limited, East Africa’s largest insurance group, has posted a profit before tax of Kes. 5.08 billion for the financial period ended 31st December 2020, a 1.4%  increase compared to the...

Total SE has signed agreements with Ugandan officials for an oil development set to transform the East African nation into a significant crude producer and exporter. The deal, which is expected to...

Sameer Africa Plc has reported a Kes 43 million net profit during the financial year ended 30th December 2020, a remarkable improvement from the Kes 1.1 billion net loss posted during the...

The Central Bank of Kenya (CBK) accepted bids worth Kes 81.94 Billion from the 18-year old April 2021 Infrastructure Bonds sale out of Kes 60 Billion that was on offer. At the auction...

Safaricom’s Chief Financial Services Officer, Sitoyo Lopokoiyit, has been appointed to lead Mpesa Africa, the most successful mobile money platform in the continent and the top fintech platform in the Sub-Saharan African...

Kenya's national carrier Kenya Airways PLC (KQ) has announced that it will be suspending all passenger flights between Kenya and the United Kingdom (UK) effective 9th April 2021 until further notice. Through...

Family bank has posted an 18% rise in the profit after tax to Kes 1.2 billion during the financial year ended 30th December 2020, from Kes 949,836 million recorded during the same...

The mortgage finance bank HF Group reported a Kes 1.7 billion net loss for 2020, from Kes 110 million net loss in 2019. The bank’s net interest income fell 7.5% to Kes 1.87 billion...

Eveready E. A Plc has reported a loss before tax of Kes.50 million for the financial period ended 30th September 2020, a 53% improvement compared to a loss of  Kes.107 million posted...

NCBA’s full-year net profit for the year 2020 nosedived by 42% to Kes4.6 billion as the bank ramped up its provisions for loan losses. The tier-one lender put aside Kes 20.4 billion...

Equity Group Plc registered a 51% growth in its balance sheet with total assets growing to Kes 1.015 billion during the financial year ended 30 December 2020, up from Kes 674 billion...

Sanlam Kenya Plc has posted a Kes 43 million pretax profit in its just-released full-year 2020 trading results, a 92% decline against the Kes 550 million in 2019 primarily attributed to the...

Diamond Trust Bank’s (DTB) net profit for the year that ended on 31st December 2020 dipped by 51% to Kes3.5 billion, from Kes7.3 billion in 2019. According to the lender, higher loan...

Standard Chartered Bank Kenya has posted a 34% decline in its full-year net profit for the year that ended on 31st December 2020. The bank’s net profit dropped to KSh 5.44 billion...

WPP Scangroup’s founder and long-serving chief executive, Bharat Thakrar, has resigned from his position as company's chief executive officer. Mr Bharat Thakrar and his Chief Finance Officer Satyabrata Das were last month...

Absa Bank Kenya PLC posted a normalised profit after tax for the period ended December 2020 of Kes 6.5 billion a 23% decline compared to the period in 2019. The group attributed...

Umeme Limited, the largest electricity distributor in Uganda, has recorded a sharp decline in net profit after a challenging financial year. The firm’s net profit fell to USh 43.1 billion ($11.8 million)...

Britam Holdings is looking forward to sell part of its 48.2 % stake in mortgage financier HF Group  to one of the country’s big banks as part of a review of its...

KCB Group, East Africa's largest commercial bank, expects the proportion of loans it restructured last year to fall by half in the second quarter of the year. The bank's financial results revealed it...

Kakuzi Plc, a Kenyan agricultural listed at both the Nairobi Securities Exchange(NSE) and the London Stock Exchange, has reported a 13% decline in net profit to Kes 622 Million at the close...

The Co-operative Bank of Kenya Group 2020 full year net profit declined by 23.8% to stand at Kes. 10.9 billion from Kes. 14.3 billion recorded in 2019. Co-op Bank Group Chief Executive...

KCB Group Plc has posted a net profit of Kes.19.6 billion for the financial year ended 31st December 2020. This was a 22% decline from the Kes 25.2 billion recorded during the...

In FY20, Safaricom paid Kes98 billion in duties and taxes, in addition to Kes 20 billion in dividends to the Government of Kenya. Over the same period, Safaricom sustained more than one...

The Capital Markets Authority (CMA) has set a July 1 deadline for coffee brokers to get new licences under rules introduced last year to get rid of cartels. In a public notice issued on...

KCB Group, the country’s largest and most profitable lender, has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those...

Henry Rithaa, CEO of Micro and Small Enterprises Authority, the organization wants to achieve 5 million jobs through various sectors. So the sector that Equity is supporting this facility will assist in...

Rolls Royce remained optimistic that it would start to generate cash in the second half of 2021, indicating that it was keenly looking ahead to a better future.

The Kenya Power and Lighting Company ( KPLC) has recorded a loss after tax of Kes.0.94 billion compared to a profit of Kes 0.26 billion in 2019. This was despite a tax...

The Kenya Red Cross, the largest humanitarian organization in Kenya in conjunction with the Danish Red Cross and Grassroots Economics, has launched a basic income system called Sarafu Network to distribute the...

South African based Liberty Holdings, and the largest shareholder in Liberty Kenya, plans to increase its ownership in Liberty Kenya from 57% to 73% by acquiring 49.5 million ordinary shares of the...

Stanbic Holdings Plc net profit for the year that ended on December 31, 2020, dropped by 19% to Kes 5.2 billion from Kes 6.4 billion at the end of 2019. The firm’s...