Mumias Sugar hires 8 managers to drive turnaround

Mumias SugarCompany has hired eight managers to replace those sacked last year in a corruption purge. Mumias Sugar Company is mulling extending the term of its CEO Coutts Otolo even as it hired eight managers to replace those sacked last year in a corruption purge.In a recent recruitment exercise, the cane miller failed to get a candidate who met the requirements for the position of CEO, with the management saying the applicants were not suitable to the needs of the company [...]

KenGen strikes 375MW from new geothermal wells

Electricity generating company KenGen is set to boost its geothermal output following the discovery of steam wells that can generate up to 375 megawatts at its Olkaria fields. The wells will be used to develop three power plants with total capacity of 350MW.KenGen said it would continue to drill wells to supply steam for an additional 70MW unit at the recently commissioned Olkaria I unit four and five plants [...]

CMA moves to enforce foreign caps in share sale

The Capital Markets Authority (CMA) has ordered stockbrokers not to process any further transactions for foreigners wanting to buy into companies already owned 75 per cent or more by non-residents.Stockbrokers ordered not to process any further transactions for foreigners wanting to buy into companies already owned 75 per cent or more by non-residents [...]

Manufacturers protest excise stamp demand

Beverage manufacturers have said the Kenya Revenue Authority (KRA)’s directive to have excise stickers placed on all non-alcoholic drinks by the end of next month is not realistic.The excise stamps are meant to have the twin effect of increasing tax revenues and reducing counterfeit products in the market.Anup Bid, the chairman of the beverage arm of the Kenya Association of Manufacturers (KAM) said adequate training and sufficient time must be given to stakeholders [...]

Eyes on weak shilling, inflation as Njoroge holds first MPC meeting

The policy inclination of new Central Bank of Kenya governor Patrick Njoroge will be put to test next week when he presides over his first Monetary Policy Committee (MPC) meeting following his official appointment last week.It remains to be seen whether CBK governor Patrick Njoroge will ignore weakening of the shilling and inflationary pressure as temporary movements that can be handled by market forces or resort to a raft of monetary tools at his disposal [...]

ABC to issue 17,000 sacco members with debit cards

Emo Society, a Rift Valley economic association, and ABC Bank have partnered to issue the sacco’s 17,000 members with debit MasterCard-branded cards to access the lender’s banking and insurance services.Emo Society said the EMV cards will enable its members, mostly in the Rift Valley and the diaspora to access their funds through ABC, Kenswitch ATMs, carry out online transactions and act as insurance cards [...]

Kuguru to set up Sh2bn sanitary towels plant in Nairobi

Businessman and former Mathira MP Peter Kuguru has ventured into the sanitary pads business, with plans to set up a Sh2 billion manufacturing plant in Nairobi.MrKuguru is currently importing the All Whites sanitary pads from China, having won the franchise to sell the towels locally.MrKuguru is better known for his Softa beverages company [...]