Mumias seeks Sh2bn more in Treasury bailout

Mumias Sugar is seeking an additional Sh2 billion bailout from the government after falling deeper into the red in the six months to December 2015. The second bailout comes after having received a Sh1 billion rescue package last June to pay off farmers’ debt and buy spare parts for the factory [...]

RVR inks chemicals, fertiliser cargo deal with Egyptian traders

Rift Valley Railways is set to become the main inland transporter of Egyptian fertiliser and chemicals from the Mombasa port after signing a memorandum of agreement with the Egyptian export council for chemicals and fertilisers. The MoU was signed at the weekend. Qalaa holdings owns 85 per cent of RVR [...]

Six NSE companies in survival dogfight as massive debts hurt

Kenya Airways, Uchumi Supermarkets, ARM Cement, Home Afrika, TransCentury and Mumias Sugar Company are all currently seeking new cash injections to partly retire their loans and finance ambitious turnaround plans. The huge debts, which have left some of the firms owing more than their net value, have left investors facing low prospective returns for years to come [...]

Equity, Indian firm in pact to offer low interest loans to solar equipment buyers

Equity Bank has partnered with an Indian solar energy firm to advance buyers of its equipment loans at interest rates of as low as eight per cent. The deal will see Equity Bank offering loans to buyers of Orb Energy at interest rates of as low as eight per cent[...]

Kenya Airways changes Nairobi-London flight schedules

National carrier Kenya Airways (KQ) has changed its flight schedules for the Nairobi-London route in amove meant to reduce idle time of planes plying the route [...]

Centum Foundation invests Sh10.2m in Elimu TV

The Centum Foundation has invested Sh10.2 million ($100,000) in Elimu TV, a television station that provides the secondary education curriculum. This is the second startup in which Centum Foundation is investing in this year after putting an undisclosed amount in Blissful.co.ke; a website that connects businesses in the weddings and events industry to prospective clients [...]

NSSF court cases piling claim risks on Treasury

The National Social Security Fund’s (NSSF) numerous court cases and projected tax-related penalties are piling risks on the exchequer that is already facing billions of shillings in other claims. The Treasury said an audit of state-owned enterprises revealed that the agencies had total liabilities amounting to Sh57.6 billion of which about half or Sh28.2 billion constituted potential contingent liabilities [...]

Finnish firm gives Cytonn Sh400m real estate funding

Cytonn has now raised Sh2.5 billion, up from Sh2.1 billion from the Finnish PE firm, the main partner for its real estate projects. Private equity (PE) firm Cytonn has received Sh400 million in additional funding for its real estate projects from its Finnish partner Taaleri [...]

German disinfectant maker targets Kenya with Pharmaken deal

A German pharmaceutical firm has announced plans to enter the Kenyan market targeting health facilities and medical staff with its range of disinfectants [...]

Firm pulls the plug on Sh15bn Kinangop wind farm project

A Sh15-billion wind farm power project that was to generate 60 megawatts (MW) has been cancelled due to delays and frustrations from the local community in Kinangop, Nyandarua County. Investors have given up on the project, citing depletion of funds arising from [...]