KQ has drawn down half of its Sh20bn Afrexim bank loan

Loss-making Kenya Airways has drawn down half of a Sh20 billion ($200 million) bridging loan from Afrexim bank and expects the next tranche in two weeks, its chief executive said on Friday. Mbuvi Ngunze told reporters the financing will allow the carrier to get on a firmer financial footing [...]

Nakumatt snaps up 3 Yako Supermarkets branches in western Kenya

Retail chain Nakumatt has received a go ahead by the Competition Authority to acquire three stores in western Kenya belonging to Yako Supermarket Limited. The Competition Authority of Kenya has authorised the proposed acquisition of the assets of Yako Supermarket Limited by Nakumatt Holdings Limited, on condition that the merged entity shall retain all 283 employees of Yako Supermarkets [...]

Nairobi to host first EA Islamic finance summit in December

Nairobi will host the first East African Islamic finance summit in December. The summit whose theme is “Unveiling opportunities” is meant to bring together individuals and firms in the region’s financial sector with their Middle East counterparts. The Treasury has floated the idea of using Islamic finance products to fund the country’s mega projects [...]

Top 100 finalists target NSE listing to boost capital

Sixty mid-sized Kenyan firms that participated in this year’s Top 100 survey have plans to list on the Nairobi Securities Exchange (NSE) in the next two years to boost their profiles and capital base. NSE chief executive officer Geoffrey Odundo invited the companies to list at the 66-member bourse, pointing out the Growth and Enterprise Market Segment as an easy entry point. The Top 100 competition is open to small and medium sized enterprises that have an annual turnover of between Sh70 million and Sh1 billion.[...]

Kenya to conclude talks on Sh77b syndicated loan

Kenya is about to conclude talks on taking out a Sh77 billion ($750 million) syndicated loan, and the proceeds are expected to be received in the next two weeks, a senior Finance Ministry official said on Friday. National Treasury Principal Secretary Kamau Thugge said he also expected local interest rates, which have surged in recent weeks, to start easing [...]

Brookside gets access to French partner’s flavours

French food group Danone has given Brookside Dairy Limited access to its innovation team and its milk products for local production months after buying a 40 per cent stake in the Kenyan dairy company. Yoghurt is fast emerging as a healthy option at a time when food choices are becoming a key consideration among Kenya’s urban population. Brookside Dairy is the leading player in yoghurt and sour milk products in Kenya [...]

Seed Co granted permit for Trans Nzoia factory

The county government of Trans Nzoia has finally given the nod to private seed firm, Seed Co Limited, to establish a processing factory after striking an agreement. Seed Co’s chief executive officer Morgan Nzwere said the company will establish a factory on a 65-acre piece of land at Kiminini that will serve western Kenya and eastern Uganda [...]