Bidco acquires 78 acres of Tatu City land for expansion
Consumer goods manufacturer Bidco has acquired a 78-acre piece of land at Tatu City — where it expects to set up some of its factories and a warehouse. The Thika-based company is owned by the family of its chief executive Vimal Shah — who is entangled in a shareholding battle with foreign investors over the control of the multibillion shilling project…[…]
Airtel Money partners with KCB for greater reach
KCB Group and Airtel Kenya have signed a deal that will enable the telco’s mobile money customers to deposit or withdraw money at KCB outlets. The partnership will also see Airtel’s agents obtain ‘float’, the virtual money used in their transactions, from KCB outlets. KCB and Airtel plan to leverage on technology banking and telecommunications to revolutionise access to finance for millions of people in emerging markets…[…]
Safaricom hits banks with new M-Pesa transfer fees
Safaricom has introduced charges for the transfer of funds from customers’ bank accounts to third-party M-Pesa wallets, sealing a loophole that lenders have been using to by-pass the mobile phone company when sending money. Wednesday the telco said the Central Bank of Kenya (CBK) had approved the charges, effective on December 1…[…]
South Africa logistics firm acquires 30pc in Kuehn+Nagel, Kenya
South African logistics firm OneLogix has expanded into Kenya’s transport market by buying into the local subsidiary of Kuehn+Nagel. OneLogix, which is listed on the Johannesburg Stock Exchange, has bought a 30 per cent stake in the Swiss logistics company in a deal valued at $1 million (Sh100 million). Kuehn specialises in the bulk vehicle haulage business…[…]
TransCentury narrows first half loss, expects better H2
TransCentury Ltd said on Wednesday it had narrowed its first-half loss to Sh646.3 million from a Sh1.53 billion loss in the same period a year earlier, and said it expected a better second-half performance. The company said in a statement it attributed the loss to interruptions caused by refurbishment on its copper factory and the weakening of the local currency…[…]
East African Cables warns on profit after forex losses
East African Cables has announced a profit warning for the 2015 financial year after making a Sh70.9 million loss in the first half of 2015 following significant revenue decline. In a similar period in 2014, the cables manufacturer had made a Sh231.8 million net profit. Company says Tanzania subsidiary was heavily impacted by forex losses…[…]
Kenya’s oil sector faces shortage of specialist skills
Kenya is facing a massive skills gap in Energy and Petroleum at a time when the country is at the peak of its oil exploration. Mr Hudson Andambi, the principal Superintending Geologist (Petroleum), said there is need for local experts to move in and involve themselves in the ongoing development of the oil pipeline…[…]
Electricity bills to ease, Kenya Power assures
Kenya Power has moved to assure consumers that power bills will ease in coming months as the power distributor reverts to regular sources of energy. Kenya Power Managing Director Ben Chumo said the move will reverse the rise in electricity bills witnessed recently…[…]
CfC Stanbic opens 24-hour digital branch
CfC Stanbic Bank has unveiled its first fully digital branch in Nairobi at the Garden City Mall. The branch, which will operate 24 hours, is expected to enhance customer experience and convenience on the backdrop of growing popularity and adoption of Digital Banking…[…]