Bamburi Cement posts Sh3bn in half-year profit
Bamburi Cement posted an 85.9 per cent net profit jump in the half year ended June, helped by sales growth and aggressive cost-cutting measures. The firm’s net profit in the period stood at Sh3 billion compared to Sh1.6 billion a year earlier. This came as sales rose 11.7 per cent to Sh19.3 billion, with the undisclosed costs dropping drastically to result in the operating profit jumping 82.5 per cent to Sh4 billion…[…]
Dangote to build Kenya cement plant in $1.48bn Africa deal
A Chinese firm has signed a deal worth $1.487 billion with Nigeria-based cement giant Dangote Group to build cement plants in several African countries including Kenya. Owner of Dangote Group and Africa’s richest man Aliko Dangote has in the past revealed intention to put up a plant in Kenya. He has already been given nod to prospect for limestone in Kanziku-Simisi, Kitui South sub-county by the county government…[…]
Bank strike looms as salary increase talks hit deadlock
The banking industry is on the brink of a labour crisis after unionised staff met on Tuesday and resolved to go on strike if their employers fail to agree on a new collective bargaining agreement (CBA) on Thursday next week. Banks could see up to 25 per cent of the workforce walk off the job, leaving their superiors in management struggling to keep their banking halls open, unless the two parties settle some sticking issues that forced negotiations to collapse after eight months…[…]
Reprieve for car buyers as MPs cut excise duty by Sh50,000
Parliament has handed motor vehicle buyers some reprieve after reducing excise payable for imported second-hand cars by Sh50,000. Boda Boda operators were also spared a rise in unit costs under the last-minute amendments to the Excise Bill 2015 that did away with a tax of Sh10,000 per motorcycle…[…]
Trans Nzoia to invest Sh800m in maize miller
Trans Nzoia County will invest Sh800 million in a maize miller and establish a market for farmers’ cereals. Governor Patrick Khaemba said that the regional government will partner with the Industrial and Commerce Development Corporation (ICDC) to set up a plant that will mill about two million bags of maize annually and process animal feeds too…[…]
Financier sues ABC Bank over Youth Fund deal
A financial institution has sued ABC Bank seeking to recover more than Sh7.8 million earned in interest, alleging that the lender was unable to service its obligations. Indo Africa Finance Limited has filed the case against African Banking Corporation Limited (ABC) claiming that it has failed to release the amount despite several demands. Indo alleges that ABC failed to honour a Sh150 million bank guarantee it had signed with it to finance the Youth Enterprise Development Fund Board (YEDF) projects in 2012…[…]
Simba Corporation in Sh161m vehicles supply deal
Simba Corporation, owners of auto dealer Simba Colt Motors, Thursday got a boost from a Sh161 million order for 46 Mitsubishi staff vehicles by Vivo Energy — which trades in Kenya as Shell. The acquisition of the SUVs (worth Sh3.5 million per unit) is on an operating lease arrangement. The deal, signed Thursday in Nairobi, will see Shell access a four-year tailor-made vehicle leasing deal and an eight-year lubricants supply contract…[…]
Indo bank sues competitor over Sh7.8 million debt
A bank has sued another one seeking to recover over Sh7.8 million earned in interest. Indo Africa Finance Limited has filed a case against African Banking Corporation Limited (ABC) claiming that it has failed to pay it accrued interest of Sh7,895,069.55 despite several demands. Indo alleges that ABC failed to honour a Sh150 million bank guarantee it had signed to finance the Youth Enterprise Development Fund Board (YEDF) projects in 2012…[…]