KQ’s bankers ease loan terms as carrier eyes Sh60bn bailout
National carrier Kenya Airways’ local bankers have agreed to extend the tenure of their existing short-term loans, giving the airline breathing space to secure a Sh60 billion bailout which the CEO expects to source in six months. The airline’s heavy debt portfolio has left it highly exposed. Mbuvi Ngunze, KQ’s CEO, says the carrier would in a fortnight unveil an international transaction adviser […]
ARM falls to four-year low as investor awaited
ARM Cement shed 8.1 per cent Thursday on the Nairobi Securities Exchange to hit a four-year low as investors continue taking stock of the impending entry of a strategic investor in the shareholding. The stock was the top loser on heavy trading as momentum generally slowed on the market’s gains seen earlier in the week […]
EABL executives meet Tanzania watchdog over Serengeti buyout
Top managers of beer maker EABL Thursday met Tanzania’s competition watchdog seeking to iron out differences over its 2010 takeover of Serengeti Breweries Limited. The Fair Competition Commission (FCC) of Tanzania in July issued a notice of intention to withdraw approval of the deal, arguing that The East African Breweries’ (EABL) commitment to ensuring Serengeti grows faster under its control had not been achieved […]
CBK slows uptake of T-bills to keep current loan rates stable
The Central Bank of Kenya (CBK) has accepted just 60 per cent of the Treasury bill bids since the beginning of the year indicating resolve to keep current loan rates stable. The restraint by the government in taking up funds is helping keep interest rates on the short-term debt in check, against fears in the market that the heavy maturities (and repayments) combined with a yawning budget deficit would push the rates upwards […]
CfC confidence index hits 13-month high
Kenya’s private sector is optimistic 2016 will be better than last year on the back of increasing orders and stabilising costs, a monthly survey by CfC Stanbic Bank shows. CfC Stanbic Kenya Purchasing Managers’ Index (PMI), which measures purchases by 400 managers, has continued to rise for over a year indicating positive sentiment for the year ahead. The PMI for January stood at 56.4 points which is a 13-month high […]
Genghis, Orchid merger plan gets CAK’s approval
Genghis Capital, the investment banking arm of Chase Bank Group, has received regulatory approval to absorb the lender’s other investment unit, Orchid Capital. Orchid Capital, formerly Winton Investments, is the offshore investing and wealth management arm of Chase Bank. The lender said consolidating the businesses is meant to increase efficiency by offering more services in a single location […]
Imperial Bank shareholders sue CBK to stop liquidation
Shareholders of troubled Imperial Bank have asked the High Court to stop the Central Bank of Kenya (CBK) and the Kenya Deposit Insurance Corporation (KDIC) from liquidating the lender or transferring its assets until their revival plan has been considered […]
Dubai Bank bosses charged afresh over money laundering
Dubai Bank directors have been charged afresh at the Milimani law courts over alleged money laundering. Abdul Hafedh Zubeidi and Wilson Hassan Nandwa appeared before Chief Magistrate Daniel Ogembo and denied the charges […]