Rea Vipingo plans diversification into power generation Agricultural firm Rea Vipingo will invest Sh1.3 billion in power generation and expansion of vegetables production after delisting from the Nairobi Securities Exchange. Rea Vipingo is expected to use the electricity generated to power its factory, potentially reducing its operating expenses. The surplus…

UAP Holdings says capital gains tax hit profit in 2014 UAP Holdings said Monday that the introduction of the capital gains tax (CGT) caused the drop in its overall profitability in 2014. The insurance firm’s net profit for 2014 fell by eight per cent to stand at Sh1.67 billion…

Kenya Re profit hits Sh3bn on new business growth Kenya Reinsurance registered a 12.4 per cent growth in net profit on the back of an increase in net premiums and higher investment income. Kenya Re’s profit stood at Sh3.1 billion in the year ended December 31, 2014 while its net earned…

THINGS TO REMEMBER BEFORE YOU BUY YOUR FIRST INVESTMENT #1. Your Money Can Do More For You Than Your Labor This means that there is more to be earned in investing one’s money than investing their time in someone else’s company. The process of investing is not easy, and it…

PSC shortlists five to battle out for Central Bank governor position Veterans with long experience in public finance management dominate the race to replace retired Central Bank of Kenya governor even as the Public Service Commission (PSC) targeted to fill the influential slot by May. The position of CBK…

Centum signs deal with UK brothers for Rea Vipingo Investment firm Centum has reached a multi-billion shilling  deal with two British brothers that will see it withdraw its hostile takeover bid for Rea Vipingo, an NSE-listed agricultural firm majority owned by the UK citizens. The deal will see Centum acquire 10,546…

Mumias seeks arbitration over Sh1bn Kenya Power bill Troubled Mumias Sugar Company now wants the High Court to refer a Sh1.1 billion dispute with Kenya Power over an unpaid bill to arbitration. Kenya Power has sued the struggling miller for the unpaid Sh1.1 billion electricity bill and wants the court to freeze…

Family Bank earnings hit Sh1.8 billion Strong lending to SMEs helped boost Family Bank’s interest income leading to a 46 per cent growth in net profit for the year ended December 2014. The interest income growth was from SMEs. The bank expects to spend Sh1 billion to upgrade its IT…

Stockbrokers now take tax case to the Court of Appeal Stockbrokers are set to move their fight against the capital gains tax (CGT) to the Court of Appeal following a High Court ruling allowing the taxman to implement the new levy. Although the Treasury secretary Henry Rotich announced last month…

Super rich Kenyans hold 30pc of their property portfolio abroad, says report Wealthy Kenyans are investing significant amounts of their wealth outside the country with Britain being their preferred destination for property purchases. Ultra-high net worth individuals in the country, each with wealth amounting to more than Sh2.8 billion or…