IFC report reveals Vimal and Shah family stakes in Bidco

Billionaire businessman Vimal Shah has equal shareholding as his father Bhimji Shah and brother Tarun Shah in cooking oils multinational Bidco as shown in documents filed with the World Bank’s private lending arm IFC. Vimal Shah controls 33.3 per cent shares of the company with equal shares held by his father and brother. The shareholding structure of the Kenyan-grown multinational has remained a closely guarded family secret for the 45 years that company has been in existence. Bidco is one of Kenya’s largest privately-owned manufacturing concerns with a turnover estimated at Sh46 billion as at 2013 [...]

Nairobi to host regional livestock expo in KCB Foundation deal

Regional players in the livestock sector are set to showcase their expertise in a three-day trade forum in Nairobi, after the KCB Foundation partnered with industry stakeholders to facilitate the National Livestock Expo Exhibition. KCB Foundation has partnered with Eastern Africa Farmers Association, AgriPro Focus, Kenya Livestock Producers Association and Kenya Livestock Marketing Council to facilitate the exhibition [...]

New vehicle dealers eye record sales in 2015

Selling 17,499 new vehicles last year marked a new high for Kenyan dealers who were, for a long time since liberalization of motor trade in the 1990s that paved the way for sale of used cars, stuck below 10,000 units. At more than 17,000, the number of units sold last year was 20.3 per cent higher than the previous year’s 14,542 units [...]

CIC Insurance reports profit drop on higher claims

Kenya’s CIC Insurance posted a 17 per cent drop in 2014 pretax profit after claims paid out increased, and said its South Sudan and Ugandan units could buoy revenue this year. The insurer said its pretax profit for last year fell to Sh1.39 billion from Sh1.67 billion in 2013. Claims and policy holders’ benefits paid out during the year rose to Sh8.64 billion from Sh6.02 billion [...]

Seven stockbrokers licensed for NSE derivatives market

A list of seven stockbrokers and three banks to play a central role in broadening capital markets to higher risk assets has been unveiled. The new exchange is modelled on the Johannesburg Stock Exchange’s derivatives market that trades futures and options on equities, bonds, currencies, indices, interest rates and commodities. “The (launch) plans are at an advanced stage with the NSE having admitted three banks, namely, Co-operative Bank, CFC Stanbic and Barclays Bank, to offer clearing-house services. The three banks would provide financial settlement services for transactions between different clients and the brokers at the derivatives exchange [...]

Standard Group pre-tax profit jumps 8 per cent
The Standard Group posted positive results despite a challenging business environment in the last financial year. The Group made a pre-tax profit of Sh326 million for the financial year ended December 31, 2014; an 8 per cent increase from the previous year. The Group achieved a turnover of Sh4.8 billion in 2014, maintaining the same turnover level as 2013. The media firm attributed this performance to the print, television and radio advertising streams that saw a growth of 8 per cent, 6 per cent and 66 per cent, respectively [...]