Britam now restates profit after exit of two directors

Financial services firm Britam has revised its books for 2014 a month after they were published, reducing its after tax profit by Sh342 million to about Sh2.5 billion. The Sh342 million profit reduction was revealed two days after the resignation of Mr Dawood Rawat and Mr Moussa Rawat, caught up in a corporate governance crisis in Mauritius. Britam says the revision is due to a valuation issue with a local associate, unconnected with the troubles facing the Mauritian insurer that is the company’s single largest shareholder [...]

Central bank sells dollars as shilling hits 3-year low

Central bank sold dollars for the third time in April after the shilling weakened to a three year low on Monday. The bank intervened to help stabilise the shilling after it eased to Sh94.40/50 to the dollar, its lowest level since November 2011, they said. After the central bank's move the shilling traded at Sh94.20/30 to the dollar, its closing level on Friday [...]

TransCentury lines up right issue to pay Sh7.5bn Eurobond

Investment firm TransCentury is set to launch a rights issue whose proceeds will be used to repay $80 million (Sh7.5 billion) convertible Eurobond it issued in 2011. The rights issue will see shareholders pump in nearly double the company’s current market capitalisation of Sh4.5 billion, with those sitting out the rights issue facing significant dilution. TransCentury is expected to publish details of the rights issue, including the expected gross proceeds and pricing of the new shares, in the coming months [...]

BAT seeks photos of graphic health warnings

Cigarette manufacturer British American Tobacco Kenya (BAT) wants the Ministry of Health to provide details of graphic health warnings to be printed on packets ahead of a June deadline. BAT says details would give clarity as to the size of the health warnings that the packets should carry and how to apply them. BAT made the revelation even as it maintained that its is still opposed to the regulations, terming them unconstitutional [...]

EAGC to help farmers access Sh400bn India pulses market

The East Africa Grain Council (EAGC) will help small-scale farmers access India’s Sh400 billion pulses market. EAGC has said New Delhi is looking to import about four million metric tonnes of pulses yearly to meet the rising demand. The grain industry umbrella group said the project will enable smallholder farmers in the region export beans, chickpeas, cowpeas, lentils, lupins, pigeon peas vegetables and other pulses to India [...]

Devki, Tononoka in race to supply Sh300m SGR steel

China Road and Bridge Corporation (CRBC), doing the construction of the railway, said one or more firms will be awarded the tender set to be the first of two this year. 5,250 tonnes of steel bars are expected to meet requirements for the construction of culverts and bridges foundation for about three months. Five Kenyan companies have submitted bids for a Sh300 million contract to supply steel to the standard gauge railway (SGR). They are Apex Steel Mill Corporation, Steel Makers Ltd, Devki Steel Mills, Prime Steel Ltd and Tononoka Steel [...]

Tata opens Nakuru dealership for John Deere farm machinery

Tata Africa Holdings has opened a new dealership in Nakuru that will exclusively sell agricultural equipment manufactured by Chicago-based firm John Deere in the South Rift region. Tata Kenya has held the dealership rights for John Deere equipment since 2012. The new John Deere facility will see competition in this sector increase, as manufacturers jostle for customers [...]