Ex-KRA boss bets big on KQ with 1.1m share deal

Michael Waweru is now the seventh-largest local individual shareholder of Kenya Airways, holding a stake valued at about Sh5.1 million at current market price. He joins billionaire investor Chris Kirubi who acquired 2.1 million shares of the NSE-listed firm in last August. Investors with knowledge of the government’s thinking like Mr Kirubi and Mr Waweru would be expected due to their high-level business and political connections to be better placed to decipher the carrier’s future prospects [...]

KQ delivers first of two aircraft on sale to American airline

Kenya Airways (KQ) has delivered one of the four aircraft that it has earmarked for selling to a US-based airline, moving a step closer to receiving a much needed cash injection. KQ last week flew one of two Boeing 777-200 ER aircraft to Oklahoma-based Omni Air International. KQ opted for a partial asset sale to boost its turnaround plan after posting a Sh25.7 billion after-tax loss for the year ended March 2015 [...]

Kenya’s tea exports to Pakistan up 10pc as other markets drop

Kenya’s tea exports to Pakistan — the country’s leading market for the beverage — grew by 10 per cent in 2015, controlling more than a quarter of the total commodity that traded at the Mombasa auction. Pakistan controls 26.2 per cent of the 443 million kilos that was offered at the Mombasa auction for sale [...]

Vodafone partners with Singapore firm for global M-Pesa transfers

Vodafone, which holds a 40 per cent stake in Safaricom, has entered into a partnership with a Singapore-based mobile remittance firm to provide real-time international M-Pesa transfers. Vodafone has linked up with TransferTo, a firm which operates (and leases out) a platform linking financial institutions with mobile money users. TransferTo will this month begin linking its platform with all Vodafone’s subsidiaries offering M-Pesa [...]

PE firms more than double Africa-focused funds

Private equity (PE) firms more than doubled cash raised for Africa-focused funds in 2015 compared to the previous year. Last year, private equity funds raised Sh437 billion compared to the Sh193 billion that was raised in 2014. Energy and real estate are some of the key destinations where these funds will be deployed [...]

Cabinet gives the nod for Special Economic Zone construction in Mombasa

The Cabinet has approved the development of a Special Economic Zone (SEZ) in Dongo Kundu, Mombasa, targeting to boost job creation and regional trade. The free-trade zone (FTZ) project will be established on a site of between 300-500 acres of land that is available to investors. It will host wholesale and retail trading, breaking bulk, re-packaging logistics, warehousing and handling and storage of goods. The facility is expected to gain immensely from the ongoing expansion and modernisation of the port of Mombasa [...]

CfC’s foreign ownership hits 78pc at NSE after law change

CfC Stanbic Holdings has became the first firm to have more than 75 per cent foreign ownership following a change of law last year that removed caps on foreign shareholding of listed companies. CfC Stanbic Holdings is now 78 per cent foreign-owned up from 75 per cent as at end of last September. Previously CfC had been forced to ensure new foreign buys were matched by sells from foreigners in a bid to comply with the law [...]