KCB accuses contractor of seeking to change loan terms in Sh7bn row

KCB has accused contractor Kundan Singh Construction (KSC) International of trying to trick the court into altering agreements that allowed the firm to borrow Sh7.1 billion from three banks. KCB wants the High Court to dismiss a case which KSC International [...]

Home Afrika eyes Sh15bn injection for new projects

Property developer Home Afrika plans to raise up to Sh15 billion over the next 18 months to finance ongoing and new projects. The move reflects the capital-intensive nature of the real estate business, making Home Afrika’s fundraising one of the largest for a company of its size. The money will be raised in the form of debt and equity, signalling a possibility that the Nairobi Securities Exchange-listed firm could issue new stock to current shareholders or to strategic investors [...]

Insurance firms want new capital rules put on hold

Insurance companies want the implementation of new capital requirements delayed to allow them time to restructure their balance sheets and use their current cash holdings to expand business. Insurance companies want the implementation of new capital requirements delayed to allow them time to restructure their balance sheets and use their current cash holdings to expand business. The Association of Kenya Insurers (AKI) has written to the regulator asking for delay of the risk-based supervision regulations [...]

Banks on the spot for blacklisting clients

Commercial banks have been cautioned against listing customers with the credit reference bureaus over accounts overdrawn due to transaction-related charges. Negative classification of customers who had been listed because of transaction-related fees had seen them denied loans by banks until they paid the fees and had to wait for a period of up to three months before they could access another loan [...]

Kenya widens focus on Lokichar oil exploration blocks

Kenya has expanded the area targeted for exploration on blocks 10BB and 13T following the recent discovery of oil in three fields within the Lake Turkana basin. An update by the Energy and Petroleum ministry’s Petroleum Directorate said the move follows discoveries on Etuko, Ewoi and Ekunyuk prospects—making up the nine discoveries for the proposed field development plan area in the South Lokichar basin [...]

Bidco hits back over Uganda farmers lobby’s land claims

Edible oil manufacturer Bidco has dismissed compensation claims raised by Kalangala farmers’ lobby saying its involvement in Uganda’s palm oil development project does not include land transaction [...]

Chinese firm taps into rising beach resorts market with Sh5bn houses

Chinese real estate firm Sultan Palace Development is building a Sh5 billion houses in Kilifi with the highest-priced unit going for Sh80 million. Already, the company has sold out 100 units out of 210 of their high-end luxury holiday beach homes, in an off-plan strategy to sell out the units before completion [...]