Centum’s profit jumps to Sh7.9bn on sale of UAP

Centum earned Sh5.2 billion from the sale of its 13 per cent stake in UAP Holdings to Old Mutual, making a gain of Sh2.8 billion over the book value of the stock.The investment firm also exited two investment funds (Helios and Nigeria-based African Capital Alliance) in a Sh500 million transaction, from which it reported a gain of about Sh100 million [...]

StanChart links up with two firms to sell insurance in its bank halls

Standard Chartered Bank has entered into non-exclusive distribution agreements with AIG Kenya Insurance and Pan Africa Life Assurance. The bank joins lenders such as Barclays, I&M, KCB, Equity and NIC in the business.The subsidiary will offer general and life insurance products [...]

K-Rep hires former Co-op manager as chief executive

A former Co-operative Bank manager is set to take over as K-Rep Bank chief executive, replacing long-serving CEO Albert Ruturi who leaves the lender at the end of this month.The Tier-3 bank has hired the ex-Co-op Bank director for co-operatives banking Titus Karanja in line with management and board changes that started last year after takeover of the bank by Centum Investments[...]

Insurers to bear burden of compensating customers

Insurance customers will stop contributing to the policyholders’ protection fund with underwriters bearing the burden under new rules drafted by the industry regulator.Insurers will contribute 0.5 per cent of the premiums they collect to the fund used to compensate insured persons in case of collapse of the firm.Currently, the insured share the burden with the companies with each party contributing 0.25 per cent of the premium [...]

KRA seeks to solve 75pc disputes out of court

.The newly launched alternative tax dispute resolution method will seek to resolve three-quarters of disputes between the Kenya Revenue Authority (KRA) and taxpayers out of court.Alternative tax dispute resolution (ADR) unit within the Kenya Revenue Authority will be fully operational on July 1[...]

Sumac seeks Sh600m from private equities

Sumac Microfinance Bank is seeking Sh600 million from private equity (PE) firms after scaling up the requirement from the initial half a billion sought in late 2013.The microfinancier’s incoming chief executive John Njihia said it is finalising talks and due diligence with a number of funds. Some PE firms are making presentations to their boards in the final stages of the funding [...]

Two Rivers mall set for October first phase opening

The first phase of Two Rivers, Centum’s Sh25.2 billion real estate project, is set to be completed in October setting the stage for opening of the mall which is expected to house high-end international retail brands. James Mworia, Centum’s chief executive, on Wednesday said construction of 108 apartments (phase two) at Two Rivers will start in August, with the project set to be completed in December 2016 [...]

Secret tax pain in Rotich’s Sh2.1trn budget revealed

Kenyans should get ready to pay significantly higher prices for everything from beer and cigarettes to used cars, juices and even water, tax proposals forwarded to Parliament show.The changes, which Treasury secretary Henry Rotich kept muted during his budget statement last Thursday, are contained in the Excise Duty Bill 2015 through which the government hopes to raise Sh25 billion. Both new and second-hand cars are now set to cost more since dealers will inevitably transfer the new charge and higher tax totals to their customers [...]