CIC expands reach with new branch in Kitengela CIC Insurance has opened a branch in Kitengela, Kajiado County, as it seeks to deepen its national reach. The insurer said the branch would increase its presence as it plans to open more units in Naivasha and Kilifi in the next few…

Barclays win over KRA saves banks hefty tax demand Barclays Kenya has won a protracted legal battle with the Kenya Revenue Authority, which was demanding tax payments on fees remitted to Visa, Mastercard and American Express for electronic money transfer services […] NSE…

South Sudan instability hits CfC Stanbic profit CFC Stanbic Bank has reported a 28 per cent drop in profit after tax for the three months to March this year attributable to a decline in income from its South Sudan branch. CFC is in the process of converting the South Sudan…

Tobacco firms seek Senate help to suspend strict rules British American Tobacco (BAT) and Mastermind Tobacco have picked 10 clauses they want declared unconstitutional before the rules come into effect in two weeks. Appearing on Thursday before the Senate Committee on Delegated Legislation, the two firms…

Centum to inject Sh1.2bn bond proceeds into K-Rep Centum is set to inject Sh1.2 billion additional capital into K-Rep Bank from the proceeds of its Sh6 billion bond whose sale kicked off on Monday. The listed investment firm disclosed in its information memorandum for the fixed-rate and equity-linked notes that…

NSE 20 share index up on blue chip gains The NSE 20 share index inched upwards on Tuesday on modest blue chip gains, halting a slide that has seen the market drop below 5000 points to a six-month low. This was mainly on the back of gains by Bamburi, Standard…

IFC eyes 11pc in Kenya Re partly owned reinsurer The International Finance Corporation (IFC) will acquire an 11 per cent stake in Zep-Re, in a Sh1.9 billion deal. Kenya Re, which is opposing this share purchase, has its shareholding in Zep Re shrunk to 16 per cent from 20.7 per…

Nairobi, Johannesburg stock markets to cross-list securities The Nairobi and South African bourses are set to launch dual-listing of collective investment funds in the coming months. The listing will focus on exchange traded funds (ETFs)—modelled on unit trusts—at beginning based on the most liquid stocks, principally on the FTSE…

TransCentury’s big owners lose Sh5bn in share price fall Investment firm TransCentury’s top owners have lost more than Sh5 billion of paper wealth since the company went public four years ago. In the past three months, for instance, TransCentury’s share price has shed more than a quarter of its value…

Shilling slump and oil price rebound raises cost of fuel Motorists took a big hit from Thursday’s monthly review of petroleum prices, which will see them pay Sh3.54 and Sh1.86 more per litre of super petrol and diesel respectively. Energy Regulatory Commission (ERC) announced that super petrol will retail…