Investors lose Sh300bn in NSE’s ten-month bear run

Investors in firms listed on the Nairobi Securities Exchange (NSE) have lost Sh300 billion since the beginning of the year following a slump that has seen the main index drop to a three-year low. The NSE 20 share index has dropped to 4017.3 points from 5117.4 at the beginning of the year, a 21.5 per cent decline. The fall in stock prices has been attributed to introduction of the capital gains tax earlier in the year and the depreciation of the shilling.  Investors have also been lured away from equities by the high interest rates offered by risk-free government securities [...]

PE Fanisi eyes 200 Haltons Pharmacy stores with Sh2 billion injection

Private equity firm Fanisi Capital plans to invest Sh2 billion in the expansion of Haltons Pharmacy chain, a move intended to quadruple the drug retailer’s stores in the next two years. The capital injection will result in Haltons Pharmacy growing its branch network to 200 stores by the end of 2017 from the current 50. Fanisi first bought into Haltons in September 2013 when it acquired an undisclosed stake for Sh300 million ($3 million) [...]

Pharmaken wins as service firms dominate survey

A Mombasa-based pharmaceutical company has clinched the top spot in this year’s survey of 100 fastest-growing mid-sized companies in Kenya with the top ten list being dominated by service firms. Pharmaken Limited was on Friday night declared the winner of the survey having improved from position seven last year. The Top 100 survey, which is run by the Business Daily, is open to small and medium-sized enterprises with an annual turnover of between Sh70 million and Sh1 billion [...]

Firm loses bid for Safaricom frequencies

A local telecommunications equipment supplier has lost a bid to reclaim broadband frequencies issued to Safaricom for rollout of the Sh14.9 billion national police surveillance system. A three-judge bench ruled that Tetra Radio had failed to satisfy the court that there was in fact a license issued to them [...]

Barclays offers Nairobi clients free Wi-Fi

Barclays Bank customers in Nairobi are set to enjoy free Internet in the banking halls following installation of a Wi-Fi hotspot by Liquid Telecom. The Wi-Fi network has been installed at a cost of Sh7.6 million in 10 of the bank’s branches. The hotspot is independent from the bank’s Internet infrastructure to minimise chances of hacking into the lender’s core system [...]

Kenya to roll out special trade zones in first quarter of 2016

The government plans to roll out Special Economic Zones (SEZs) which will enjoy lower taxes to boost Kenya’s investment profile. The Special Economic Zones (SEZs) are expected to help investors cut down on key cost drivers such as transport, with the hope that surplus funds would go towards value addition [...]