Ecobank eyes commodity traders, farmers with loan product

Ecobank Kenya is set to introduce financing for commodity traders and farmers secured through warehouse receipts. The product is being rolled out by Ecobank as part of improving its trade financing offers given Kenya’s strength in commodities such as maize and wheat production. Kenya is yet to set up its own commodities exchange, but has prepared rules for trading of derivatives starting from the second half of this year [...]

Rea Vipingo buyout offer extended

Two UK brothers seeking to acquire listed agricultural firm Rea Vipingo have extended their Sh85 per share offer by two more weeks, with payment set for July 1. Rea Vipingo majority shareholders were reported to have consented to the deal in an extraordinary general meeting held at the end of last month. Among the minority shareholders is listed investment firm Centum that struck a deal to support the brothers in return for sale of 10,546 acres of land at the cost for Sh2 billion [...]

KQ resumes Liberia flights after Sh4.2 billion loss over Ebola ban

Kenya Airways (KQ) has announced resumption of daily flights to Liberia’s capital Monrovia after the government lifted a nine-month ban estimated to have cost the airline more than Sh4.2 billion revenue. The lifting of Liberia’s flight suspension paves the way for the airline to resume operations to one of its key West African destinations beginning Friday, with daily flights planned for the route [...]

Tatu City local partners defend PwC audit

Kenyan partners in the Sh240 billion Tatu City project have opposed an application filed by foreign shareholders contesting the mandate of PricewaterhouseCoopers (PwC) which has been hired to audit offshore loans borrowed by the real estate developer [...]

Uchumi’s KU branch opens next month

Uchumi Supermarkets plans to open its Kenyatta University UniCity branch next month. Chief executive officer Jonathan Ciano says the outlet will be targeting KU student and the public. The institution has a population of more than 15,000 students [...]

Maize millers rule out reducing flour prices

Maize millers have ruled out a cut in the price of flour even as the National Cereals and Produce Board (NCPB) offered to sell to them grain at a cheaper price. The millers now say that the cost of flour will be determined by market forces of demand and supply, going against government directive [...]

Botswana retailer registers Kenya unit ahead of entry

Botswana supermarket chain Choppies Enterprise has opened a Kenyan subsidiary ahead of a planned entry into the local retail market through an acquisition. Choppies has disclosed in its pre-listing statement at the Johannesburg Stock Exchange (JSE) that it has registered a dormant subsidiary in Kenya for future operations [...]

Fly540 accused of avoiding taxman, creditors

Low-cost airline Fly540 has been accused of defying court orders not to rebrand part of its fleet in order to escape creditors and the taxman. The airline’s assets were frozen in March after the court heard that the carrier had hatched a scheme to wind up and transfer its assets to EASAX to escape a Sh101 million tax demand from KRA. The airline has denied harbouring any plans of winding up and has challenged the Sh101 million tax demand from KRA in the Court of Appeal [...]