Jubilee overtakes Britam in market valuation at NSE

Jubilee Holdings has overtaken Britam to become the most valued insurer at the Nairobi Securities Exchange for the first time since October 2013.The composite underwriter now has a market valuation of Sh33.5 billion compared to Britam’s Sh31.1 billion going by Tuesday’s closing prices of Sh560 and Sh16.05 respectively. Jubilee is the only insurer to record a valuation gain this year at 24.4 per cent…[...]

Base Resources in talks with Balala to double minerals royalty payouts

The government is set to get higher royalty payments from Australian mining firm Base Resources.The Kwale rutile, zircon and ilmenite exporter said it was in talks with the Mining ministry to double royalty payments from 2.5 per cent of sales.Base Resources has been under pressure from the government and the Senate to raise the payment negotiated under the Narc administration in 2004…[...]

Equity inks Sh53bn loan deal for SMEs at Obama summit

Local entrepreneurs look set to benefit from a Sh53.1 billion Equity Bank loan after multilateral lenders committed to offer the local lender the cash at the just concluded Global Entrepreneurship Summit (GES).Equity managing director James Mwangi said the decision was informed by the bank’s aggressive focus on small and medium-sized enterprises (SMEs), a model that has made it the largest lender by customer numbers…[...]

Kenya Power signs 100MW wind energy purchase deal with US firm

Kenya Power has signed a 20-year, 100 megawatt power purchase agreement with Kipeto Power, which is developing an energy generation project in OldonyoNarok, Kajiado.Kipeto has already received $233 million (Sh23.3 billion) financing from the Overseas Private Investment Corporation (OPIC), the development fund of the United States government, for the wind project…[...]

NBK half-year profit jumps to Sh1.72bn on sale of buildings

National Bank has more than doubled its half-year profit after booking a Sh600 million gain from the sale of its buildings. The lender Tuesday announced it had raised Sh1.24 billion from the property sales, which helped to shore up its core capital ratio in the wake of a long-delayed rights issue.Net profit for the first six months to June shot to Sh1.72 billion helped by sale of the 12 buildings…[...]

KRA hits Keroche with Sh1 billion excise duty claim

The taxman is demanding approximately Sh1 billion from Keroche Breweries. Kenya Revenue Authority (KRA) claims Keroche ought to have been paying excise duty of Sh101.2 per litre on its Viena Ice Ready-to-Drink Vodka and has sent the beer maker a backdated demand letter inclusive of penalties.Keroche disputes this calculation saying the particular drink, which it produces by diluting another brand Crescent Vodka, should be taxed at the rate of Sh26.4 per litre…[...]

Nairobi bourse lobbies Treasury, CMA to cut shares transaction levy

Nairobi Securities Exchange (NSE) is holding discussions with National Treasury and Capital Markets Authority (CMA) with a view to lowering the 0.3 per cent transaction levy, introduced during this year’s budget. The idea is to make the Nairobi bourse more attractive and less expensive to investors…[...]