BOC Kenya chief Maria Msiska to leave after five years at helm

Industrial gas producer BOC Kenya’s managing director Maria Msiska is set to leave after a five-and-a-half-year stint at the company. The Nairobi Securities Exchange-listed firm advertised her position Wednesday, signalling its intention to appoint her replacement in the coming months…[...]

IFC invests Sh5 billion in Turkana oil

The International Finance Corporation (IFC) has thrown oil exploration in Northern Kenya a much-needed lifeline with the injection of Sh5 billion in Africa Oil, one of the majors operating in the region. The Canadian explorer said the IFC, World Bank’s private sector lending arm, made the $50 million investment in a private placement that will see the lender secure a 6.83 per cent stake in the explorer. The new funds will go towards exploration in Lokichar where its partner Tullow Oil has in the past struck a series of promising wells…[...]

Majority of Real People Sh2.5bn bond investors opt for fixed rate note

Real People plans a floating-rate option in its second issue of Sh5 billion bond, even after the market overwhelmingly opted for fixed-rate notes in the tranche listed Wednesday. Investors opting for the floating-rate five-year note would earn a higher return under the prevailing interest rate regime, but most chose the more secure fixed returns…[...]

KenGen hits back at Kenya Power over rising bills

Kenya Electricity Generating Company (KenGen) has denied claims by Kenya Power that breakdowns in new geothermal plants were behind the rising power prices since July. KenGen managing director Albert Mugo said in a statement that only one unit of Olkaria IV geothermal plant was not operational due to routine maintenance. This came after Kenya Power informed the energy regulator that three units of geothermal plants were not operating…[...]

NIC Bank profit up 10pc, loans surge 18pc

Mid-tier lender, NIC Bank, has reported a 10 per cent growth in net profit in the first half of 2015 following diversification of lending to the retail segment. The bank, which has previously focused on lending to corporates, reported an after tax profit of Sh2.4 billion in the first half of 2015, a 10 per cent jump from Sh2 billion recorded in a similar period in 2014…[...]

Kenya to open borders to tax-free sugar imports from March 2016

The Kenyan sugar sector could be headed for a complete shutdown in February next year after the State said there would be no additional caps on duty-free importation. Trade Permanent Secretary Karanja Kibicho said the country could not be granted any further safeguards on sugar importation from the 19-member Common Markets for Eastern and Southern Africa (Comesa)…[...]

Proposed law to spoil the party for land speculators

The government is planning to change the law on the acquisition of land for big projects in a bid to lock out speculators who are front-running the State by acquiring the parcels and seeking heavy compensation. Authorities are reviewing the rules on compulsory land buying to save its major projects from being stalled or delayed due to lengthy exchange processes…[...]