We deliver a summary of important business news in Kenya to you this morning:
Equity Bank secures major Tanzania Revenue Authority tax collection deal
Equity Bank Group has sealed a partnership with Tanzania Revenue Authority (TRA) allowing tax payers in the country to pay all their taxes through its network. The new tax settlement deal – clinched through the group’s Tanzania subsidiary – would be available for all TRA clients including non-Equity Bank account holders. […]
Safaricom opts to go it alone in high speed Internet plan
Telecoms operator Safaricom will start work on its advanced fourth generation network (4G) technology in two weeks, aiming to deliver high-speed wireless Internet in a year’s time, the company’s chief executive Bob Collymore has said. The move effectively means Safaricom is out of the government-backed national 4G joint venture network that has been on the cards in the past two years. […]
Real estate prospects push agriculture counters’ valuations to KES 14.9 billion
Agriculture stocks are ending the year on a high as they attract increased attention from investors alive to the potential of their land holdings. The firms have registered impressive capital gains even as their financial performance remains underwhelming amid low commodity prices and erratic rainfall. In the year to date, the agriculture firms have collectively seen a 34.1% increase in valuation to hit a total capitalisation of KES 14.61 billion. […]
EABL, Coca-Cola commit to responsible sourcing standards
Fast moving consumer goods (FMCG) companies, East African Breweries Limited (EABL) and The Coca-Cola Company, have committed to operate within responsible sourcing standards. Speaking at a supplier forum held in Nairobi under the umbrella of the AIM-PROGRESS initiative, EABL’s Group CEO Charles Ireland emphasised the importance of cultivating strong business principles in guaranteeing sustainable success.
The forum brought together regional stakeholders and more than 100 representatives from the supplier community in East Africa to discuss […]
KenGen debts hit Sh136bn on expansion drive
Power producer KenGen’s debts ballooned 68.2% to KES 136.1 billion in the year ended June, piling pressure on the firm to grow earnings to cover higher finance costs and maintain steady returns to shareholders. The firm plans to more than double its installed capacity to 3,000 MW by 2018 from the current 1,335 MW. The debts mean that KenGen’s obligations to creditors surpassed the cash it could muster to repay them.[…]