ICPAK to act on Ciano only after Uchumi adopts forensic report

The Institute of Certified Public Accountants (ICPAK) has said Uchumi Supermarkets board needs to adopt a forensic report that accuses former CEO Jonathan Ciano of misconduct before it can take disciplinary action on him. The accountants’ regulatory body says it cannot not take disciplinary action based on report that is still in draft form [...]

Kenya tipped to narrow import-export gap

Kenya’s current account deficit is likely to narrow this year on the back of improved export revenue as key trading partners continue to record impressive economic growth, financial services firm Metropol says in an economic outlook report. Metropol’s outlook on the economy is similar to that of other institutions such as Moody’s, Standard Chartered and CfC Stanbic, which have all projected a decline in the current account deficit on the back of the lower price of oil. The reduced oil import bill will also ease the [...]

Kenya retail sector second most formalised in Africa on middle class growth

The boom in shopping mall construction and higher incomes have made Kenya’s retail sector the second most formalised in Africa. Kenya’s formal retail sector accounts for between 30 and 40 per cent of the market, behind South Africa which has a penetration rate of 60 per cent [...]

Kenya upbeat on resuming avocado exports to S. Africa

Kenya has inched closer to resuming avocado exports to South Africa, by creating pest-free areas for the growth of the crop. Inspectors from South Africa will be in the country next month to assess the progress that Kenya has made in terms of eliminating insects that had infested avocado produce, leading to the suspension of the commodity in 2006 [...]

SA fund buys Sh450m stake in Buffalo Mall

The sale of a part of the Sh1 billion Naivasha-based Buffalo Mall to a South African property fund has been concluded. Pivotal Property Fund has acquired a 50 per cent stake in Buffalo Mall for Sh450 million ($4.4 million). Pivotal Property Fund is listed on the Johannesburg Stock Exchange (JSE) [...]

Indian firm buys 75pc stake in Valon jelly maker Canon Chemicals

Indian conglomerate Godrej Consumer Products has bought a majority stake in Canon Chemicals, the makers of Valon petroleum jelly in Kenya, in a move marking yet another acquisition in the country’s fast-growing beauty market. Godrej will use Canon Chemicals to expand its brands that include air fresheners and baby care products. The firm will also use Canon to expand its products and those of its new partner to other African countries [...]

Polish home fittings firm enters Kenya, EA market

Poland-based home fittings manufacturer Fakro has entered the Kenyan and East African real estate market after signing a distributorship agreement with Nairobi’s Classic Mouldings. Classic Mouldings has been appointed the region’s sole distributor [...]