Kwal staff begin buying winery shares at Sh34

Kwal staff is buying a four per cent share in the wines and spirits maker at Sh34.46 a unit under the privatization program. The Privatisation Commission announced that the government is offloading the 3.84 million shares in Kwal in a deal that would see the National Treasury rake in Sh132.3 million in the employee stock ownership plan (ESOP). The government had disposed off another 26 per cent stake in Kwal to South African firm Distell for Sh860 million having owned previously owned a 72.65 per cent shareholding in Kwal through the Industrial and Commercial Development Corporation (ICDC) [...]

Russian Tatu City shareholders vow to fight new case

Vimal Shah and Nahashon Nyagah claim they have been illegally kicked out of Tatu City's management and are accussing the Renaissance Group of frustrating the project and failing to account for funds raised towards completion of the project. Four Tatu City shareholders of Russian descent and formerly of the Moscow-based Renaissance Group, have vowed to win the legal battle, claiming that they were the project’s majority shareholders [...]

Githu supports KRA in capital gains tax row

The Attorney-General has backed Kenya Revenue Authority defence of the capital gains tax (CGT), arguing there was no ambiguity in the supporting laws and that the petition filed by stockbrokers against the tax was not based on any empirical incident and only demonstrated apprehension based on individual beliefs. The Kenya Association of Stockbrokers and Investment Bankers (Kasib) who filed the petition on re-introduction of the levy after a 30-year hiatus claim the capital gains tax would drive away tax-shy investors from the Nairobi Securities Exchange [...]

Delisting leaves 46 holdouts clinging to private CMC shares

Some 46 investors have more than 400,000 shares in CMC books eight months after Al-Futtaim paid out an estimated Sh7.5 billion to other shareholders. The motor dealer shareholders were bought out at Sh13 per unit putting the value of the investors sucked into Al-Futtaim. The firm was delisted from the NSE this Thursday February 11, 2015 [...]

Deloitte wants land sales adjusted for inflation to avoid taxing paper gains

Deloitte East Africa tax director Maurice Wangutusi said the net gain on land that was bought many years back carries a very big component of inflation and is urging Kenya to join other jurisdictions around the world that are making an effort to distinguish between the paper gain and real appreciation of land. Some of the land sellers are finding it to trace the original sale documents to determine the purchase price. The astronomical rise in land and property prices was one of the key reasons behind the push to reintroduce capital gains tax [...]

EABL returns 12pc growth in pre-tax profit
East African Breweries Ltd (EABL) released its half-year results for the six months period ending December 31, 2014 announcing net sales growth of 9 per cent and 12 per cent growth in profit before tax. The results reflected double digit growth in spirits, premium beer and ready-to-drink and improved performance in Tanzania and the export markets. Although the firm has experienced some challenges in currency, its export markets have grown through continuous support, for instance, the establishment of the local depot in Juba which delivered over 100 per cent growth [...]