KCB overtakes Equity Bank in valuation at NSE

KCB has grabbed back its position as the most valuable listed lender at the NSE ahead of Equity Bank for the first time in seven months with its share price rallying to an all-time high and Equity slipping. KCB’s closing price of Sh63 a share in Friday trading took the its valuation at the NSE to Sh188 billion ahead of Equity [...]

National Cement to build Sh18.5bn plant in Uganda

National Cement is set to invest Sh18.5 billion in a new factory in Uganda, marking its first plant outside Kenya. Construction of the plant, located in Mbale, will start next month. The plant signals increased competition in the regional cement market which is grappling with price wars brought about by the entry of new players and expansion of established firms [...]

Knight Frank says attacks slowed down property market

Insecurity slowed down prices in Kenya’s high-end real-estate market last year according to a report by property consultancy Knight Frank. The Africa Report 2015 says a spate of terrorist attacks in cities was one of the factors the 2014 prime property market was sluggish [...]

EAC rules seek crackdown on nominee accounts

Kenya and other East African countries are crafting tougher regulation on money laundering targeting firms registered in tax havens and jurisdictions with bank secrecy. Companies with shareholders represented by nominee accounts will have to disclose the beneficial owners when they open accounts in banks or stock market intermediaries [...]

Co-op Bank overhaul seen raising return on equity

Renaissance Capital says Co-op Bank is likely to attain 24 per cent return on equity (ROE) this year as it reduces its costs to be in line with that of its peers. A transformation of the Co-operative Bank following the appointment of change advisor McKinsey is expected to help increase its return on shareholder funds towards 30 per cent [...]

Five govt-owned sugar firms in $1b debt

Five government-owned sugar companies are steeped in debt amounting to Ksh100 billion ($1.1 billion) due to mismanagement and dumping of illegal sugar in the Kenyan market. To save the sector from ruin, the Agriculture Ministry is now recommending the establishment of a new inter-agency surveillance and enforcement unit to curb the illegal sugar importation, that is choking the ailing industry [...]

Local Nissan dealer sacks CEO after eight months over low sales

Crown Motors, the new Nissan dealer in Kenya, has fired its CEO Chris Angell over what the board termed as failure to meet set targets. Mr Angell, a former DT Dobie executive who joined Crown in August last year, left the company two weeks ago [...]

Investment fund to build Sh4.6bn data centres

A venture capital fund, East Africa Capital Partners (EACP), is setting up a Sh4.6 billion data centre in Mombasa and Dar es Salaam seeking to tap the rising demand for outsourcing of ICT infrastructure. East Africa Capital Partners is betting on low pricing to woo clients in a sector that is currently dominated by East Africa Data Centre (EADC) located on Nairobi’s Mombasa road [...]

I&M Bank Rwanda to go public as State prepares to sell its 19pc stake

The Rwandan subsidiary of I&M Holdings is set to go public with the Rwandese government selling its 19.8 per cent stake in an initial public offering (IPO) expected to be completed later this year. The government is expected to earn hundreds of millions of shillings in the share sale that will leave I&M’s interest in the subsidiary unchanged at 55 per cent [...]

L’Oreal partners with Jumia to push sales of top products

French cosmetics firm L’Oreal has entered into a partnership with online retailer Jumia, joining the list of corporates using the digital platform to grow their sales. The deal will see Jumia carry Maybelline and Dark and Lovely, some of the top eye and hair care products from L’Oreal [...]