Energy shares gain as falling oil price lifts consumption

Shares of oil marketers KenolKobil and Total are up 15.5 per cent and 12.5 per cent respectively so far this year at Sh10.05 and Sh27. On the electricity side, Kenya Power and KenGen are up 17.6 per cent and 4.4 per cent respectively since the start of the year at Sh17 and Sh10.75 a share respectively. Expanding capacity in the power sector and favorable oil prices are increasing the prospects of improved financial performance for energy counters at the Nairobi Securities Exchange (NSE) [...]

KCB’s Sharia service opens income stream

KCB has received Treasury’s approval to offer Islamic banking services, opening a new revenue stream for the lender. The lender is targeting both Muslim and non-Muslim customers to take up Sharia compliant products. The bank, which is Kenya’s largest lender by assets, has been given exemptions from the law to facilitate its launch of Sharia-compliant products. KCB is expected to release its annual financial results for 2014 Wednesday morning [...]

Mugo Kibati appointed new CEO of Pan Africa Insurance

Former director-general of Kenya’s economic development blueprint Vision 2030 Mugo Kibati has been appointed the new chief executive of Pan Africa Insurance Holdings, marking his return to the corporate world. Kibati is expected to spearhead the life insurer’s recovery and growth into the general insurance market through a planned acquisition of at least 51 per cent stake in Gateway Insurance [...]

Ascent Capital makes first investment in Ethiopian firm

Ascent Capital has invested in an Ethiopian medical diagnostic laboratory company, Medpharm Holdings Africa, for Sh228 million in its first private equity deal. This equity investment in Medpharm Holdings Africa was done through its Ascent Rift Valley Fund arm. Medpharm will use the funds to increase the number of tests and services offered to clients including cancer screening and fund its country and regional expansion. Ascent plans to invest up to $7 million (Sh639 million) in SMEs across Kenya, Uganda and Ethiopia for a period of between five and 10 years [...]

Lake Turkana wind project wins deal of the year award

Lake Turkana Wind Power (LTWP) project has won the African Renewables Deal of the Year 2014 after it successfully structured Sh70 billion financing. The project fetted by IJGlobal Awards draws funding from more than 10 European and African development finance institutions, two commercial banks and two hedging banks. The wind project, set to be the largest in Africa, will produce 310 megawatts when complete in 2017, which is about 20 per cent of the current installed electricity generating capacity in the country [...]

Women fund sets up LPO funding for its customers

The Women Enterprise Fund has introduced Local Purchase Orders (LPO) financing for its customers. The new product will finance individuals, women groups and women-owned companies with LPOs and Local Service Order (LSO) especially given that 30 per cent of State procurement is reserved for women, youth and persons with disability [...]

Microsoft signs phone selling deal with Jumia

On Wednesday,  Microsoft used the Jumia online portal to launch two new smartphones priced at Sh8,699 and Sh11,750.By using Jumia, Microsoft hopes to tap into the growing online shopping culture to reach out to a wide audience and drive sales of the models, Microsoft Lumia 532 and 435. Last year Jumia orders grew by 900 per cent, having opened the Nairobi portal in March 2013 [...]