KPMG set to replace Ernst & Young as Uchumi auditors

KPMG is set to take over from Ernst & Young the auditing of troubled retailer Uchumi Supermarkets, which has accused its former top management of manipulating its last year’s financial statements. The consultancy, classified as one of the “big four” global accounting and auditing firms, will take over the role if Uchumi shareholders approve the change at its forthcoming annual general meeting slated for January 20 [...]

Analysts split on Housing Finance, National Bank correct share valuation

Analysts have sharply differed on the valuations of National Bank and Housing Finance (HF) shares. AIB Capital and Cytonn Investments analysts have sharply differed on the valuations of National Bank and Housing Finance (HF) shares. The analysts however note the National Bank is in need of a turnaround strategy to be considered attractive whereas HF needs to grow its return on equity to rise above its cost of equity [...]

KCB forms holding firm to meet fresh guidelines

The Kenya Commercial Bank Limited has now transformed into a non-operating, holding company that will own all the assets and subsidiaries operating independently from the local banking unit KCB Bank Kenya Limited. The restructuring is meant to address operational complexes and seal risk management gaps in the previous system where the entities were regulated as pure banking entities [...]

Apollo becomes the 20th unit trust manager licensee

Apollo Insurance’s Apollo Asset Management Company has been licensed to run a unit trust scheme. Apollo, which is part of Apollo Investments Limited, will sell the unit trust funds through money market, balanced, an aggressive growth, equity, East African and bond funds. The Capital Markets Authority’s (CMA) approval makes Apollo Asset Management the twentieth firm to be licensed as a unit trust manager [...]

M-Pesa Academy to admit first 94 students next month

Safaricom’s M-Pesa Foundation Academy is set to admit its first lot of 94 Form One students mid next month, raising the bar in Kenya’s corporate social responsibility scene that has seen companies compete to offer scholarships for bright but poor learners [...]

Balance of payments boost cuts the shilling’s exposure to shocks

The risk of major shocks on the shilling has reduced as Kenya’s overall balance of payments – comprising the current, capital and financial accounts – deficit improved by 7.2 per cent in the third quarter. A lower current account deficit is a boon for the local currency, which has stabilised at about 102 units to the US dollar in the past two months. The currency had weakened to 106 to the greenback in early September before beginning to recover [...]

Tuskys’ Juja Mall branch opens doors end of this month

Tuskys Supermarkets is set to open its first branch in Juja town at the end of this month, raising competition for rival Uchumi Supermarkets which has dominated the bustling urban centre for years [...]

Stevia farmers to cash in as EU opens market

Kenyan outgrowers of natural sweetener stevia are set to cash in following the European Union’s (EU) approval of sale of its extract. The European Food Safety Authority (EFSA) has allowed Malaysian-owned PureCircle, which is listed on the London Stock Exchange, which buys stevia from farmers through agricultural firm James Finlays, to sell the sweetener rebaudioside M, or Reb M, a formulation from the stevia leaf [...]