Mumias starts search for new CEO in shake-up plan
Mumias Sugar Company on Friday starts the search for a new CEO as well as other top positions as part of turnaround efforts that will see the board and management of the miller sent home. This comes soon after the government announced a Sh5 billion deal with lenders to revive the company that reported a bigger first-half loss for the period to December from a year ago. The deal will see more than half of the board members sent home and the hiring of a new executive team as well as the retrenchment of about 300 staff […]
American beer Budweiser enters Kenyan market
Budweiser, one of the world’s biggest selling beers, is set to make an entry into the Kenyan market next week stepping up competition for local alcohol consumers’ wallets. The competition for premium beer drinkers has intensified in tandem with growing consumption power. Viva Global will be the official importers and distributers of the American beer, which will be targeting young middle class consumers aged between 21 and 45 […]
Facebook payment platform threat to M-Pesa, say experts
Analysts at the Standard Investment Bank say the probability of the service being rolled out globally increases competition to mobile payment services such as M-Pesa and limits future growth plans. Safaricom on Thursday however said it does not see any immediate threat in the Kenyan market since Facebook currently reaches less than four million users in Kenya […]
RVR increases fleet with four more locomotives
Train operator Rift Valley Railways on Thursday received four locomotives and said it expects to ship in seven more, increasing the total locomotives acquired since September last year to 13, in order to boost its capacity for cargo and passenger services. RVR, which has an exclusive contract to run railway operations in Kenya and Uganda for 25 years, says that it is refurbishing old trains and intends to buy more from South Africa with a wider plan to ship in 34 new trains […]
K-Rep posts Sh514m profit as customer savings grow
K-Rep, which lends to small and medium enterprises (SMEs), has recorded a 42.8 per cent post-tax profit having benefited from a cheaper source of funds. Customer savings with the lender grew by 30 per cent to Sh12 billion faster than the loan book expansion of 20 per cent to Sh10.6 billion from Sh8.8 billion. Centum acquired an additional 60 per cent of the bank last year at Sh2.5 billion to up its interest in the bank to 67.5 per cent […]
Longhorn to cross-list after subsidiaries make profit
The cross-listing of Longhorn Publishers in neighboring stock exchanges will take place once its subsidiaries in those countries become profitable. Longhorn plans to cross-list on Dar es Salaam Stock Exchange, Uganda Securities Exchange and the Rwanda Stock Exchange. For Zambia and Malawi, two other markets where the firm has expanded, penetration will be through an agency model. Longhorn has also begun looking for a new chief executive to replace Mr Muli who is set to retire on June 10 after 21 years of service […]
Seeds agency dismisses fears of shortage ahead of planting
The Kenya Seed Company (KSC) has dismissed fears that it does not have enough maize seed stock to meet the country’s demand amid a growing uproar over its move to increase prices by 20 per cent. KSC’s managing director last year told the parliamentary Public Investment Committee the company faces a Sh1.2 billion cash flow deficit owing to failure by the government to remit funds meant to meet its products’ subsidization program and has been operating on expensive borrowing after the government directed it to lower its seeds prices.