Jambojet seeks pilots amid KQ labour case
Jambojet is seeking new pilots for its fleet, signalling possible expansion plans for the airline even as its parent, Kenya Airways, faces a court case over the mode of employing flight crews. The airline in March sparked a court row with KQ pilots following the carrier’s decision to lease external crew for the low-cost carrier […]
Imperial seeks Sh20bn deposit conversion into equity
A recovery plan drawn by Imperial Bank owners has revealed new details including the proposed conversion of Sh20.3 billion of customer deposits to equity with the rest of the amount, Sh57.7 billion, paid out over three years. Shareholders holding in excess of Sh1 million in the bank as well as the bondholders would have 22.8 per cent of their cash converted to class B shares while the rest of their savings […]
Kenya plans March rollout of mobile phone-based T-bond
The government expects to roll out its mobile phone-based Treasury bond by the end of March after the planned sale in October last year was derailed by volatile interest rates. The State had planned to start selling the Sh5 billion five-year bond in October but prevailing interest rates, which had risen to 22 per cent for short-term government paper, meant that the Treasury had to shelve the offer until lower rates come into play […]
Kenyans raise forex deposits by Sh31bn to tame imports bill
Kenyans piled up foreign currency deposits in commercial banks last year by Sh31 billion ($301 million) to avoid paying a stiff price for dollar-denominated expenses later. The total holdings of forex by local residents stood at Sh448 billion in August compared to Sh417 billion at the beginning of the year. Kenyans’ purchase and hoarding of hard currencies was driven by fear that it would be even more expensive to buy the dollar later […]
Uchumi picks consultant to identify investor in Sh5bn cash injection plan
Uchumi Supermarkets has appointed a Nairobi-based business advisory firm to help in the search for a deep-pocketed investor to finance its turnaround. Uchumi has hired Pamoja Capital as transaction adviser to identify a strategic investor expected to pump in up to Sh5 billion in exchange for a controlling stake. Pamoja Capital, which has offices in Nairobi and Johannesburg, will engage interested investors once shareholder approval is granted at the forthcoming AGM […]
Telkom Kenya denies Armenian job claims in Sh1.8bn tender
Telkom Kenya has denied arm-twisting a consulting firm into hiring an Armenian national as a pre-condition for offering a Sh1.8 billion tender. Chinese company New International Consultancy Company (NICC), which deals in power and air-conditioning maintenance, has made the claims in a court case in which it alleges that Telkom Kenya wants to terminate its contract […]
Mastermind spars with Swiss firm over Sh500m LPG plant
Cigarette manufacturer Mastermind Kenya Limited has claimed in court that a new Sh500 million ($5 million) liquefied petroleum gas (LPG) plant being constructed B-by a Swiss company next to its Syokimau factory could cause a major fire disaster […]