Mumias seeks arbitration over Sh1bn Kenya Power bill
Troubled Mumias Sugar Company now wants the High Court to refer a Sh1.1 billion dispute with Kenya Power over an unpaid bill to arbitration. Kenya Power has sued the struggling miller for the unpaid Sh1.1 billion electricity bill and wants the court to freeze the firm’s assets until the amount is settled in full […]
Safaricom silent as two more senior staff exits fuel speculation
Safaricom on Wednesday remained tight-lipped on reasons behind the resignation of two more top executives, just days after the exit of two others last Friday. Safaricom on Wednesday confirmed the resignations of Moris Maina, head of content and internet and Timothy Nderi, the head of contact centre. CEO Bob Collymore on Friday announced the exits of Peter Arina, the general manager consumer business and Pauline Warui, the director consumer services […]
HF raises Sh3.5bn in rights issue
Mortgage lender Housing Finance has raised Sh3.5 billion through a rights issue that saw its shareholders offer up to Sh9 billion to the company, representing 2.6 times what it had asked for. The firm plans to use the proceeds to expand its lending capacity in the mortgage finance segment, where it is competing with other top lenders like KCB and fund the opening of seven new branches this year […]
ARM picks advisors over restructuring Sh17.4bn debt
ARM Cement has appointed three banks to advice on the restructuring of its Sh17.4 billion short-term loans into medium term debt of up to seven years in a bid to free up cash for financing current operations and new ventures. The short-term loans, however, attract relatively higher interest rates than longer-term debt adding significantly to ARM’s finance costs […]
Yu Mobile entangled in Sh100m software row
Telecommunications firm Yu Mobile, which was bought out by Safaricom and Airtel last year, is entangled in a Sh100 million software programme ownership dispute between two firms. Nairobi-based Onfon Media claims that Yu cancelled a contract it had been awarded to supply a ring back tone that entertains yuMobile callers by explaining the meaning of their names, which has cost it over Sh100 million […]
Derivatives trade on NSE to boost foreign inflows
Commencement of trading in the derivatives and real estate stocks on the Nairobi Securities Exchange (NSE) is likely to keep foreign inflows coming into Kenya this year. Trading in the instruments is expected to start to start by end of June, while progress on the real estate investment trusts (REITs) listings has occurred with the appointment of a trustee […]
Equity turnover at the bourse lifts stockbrokers’ earnings
Stockbrokers are reporting higher net earnings for the 2014 financial year after a record year of equity turnover on the Nairobi Securities Exchange (NSE). Stockbrokers, who earn commissions from both sells and buys, have been reporting much improved income although rising expenses are also biting into the gains […]
UBA sinks deeper in the red with Sh282m loss
Nigerian-based, United Bank of Africa (UBA), recorded losses for the fifth year in a row since its entry into the country, resulting in accumulated losses exceeding Sh1 billion. Owners of the lender have continually pumped cash in the bank as accumulated losses eat into its core capital […]
Tullow rating falls after profit drop
British oil and gas exploration firm Tullow Oil has been downgraded, less than a month after it reported its first loss in more than a decade. Moody’s Investors Service downgraded both the corporate and probability of default ratings for Tullow to B1 from Ba3 […]
Shareholders at stock exchange hit 15,000 mark
The Nairobi Securities Exchange (NSE) currently has over 15,000 investors, up from 24 at the time of self-listing last September. This means that the company has increased the number of investors nearly 625 times in just six months […]