Nairobi stock market valuation falls below the Sh2 trillion mark

Shareholder wealth at the Nairobi Securities Exchange slipped below the Sh2 trillion mark Thursday as large counters recorded price drops. The drop in share prices has created good bargains for investors looking to enter the market. Foreign investors, viewed to be more technical than local ones, have returned to the market as net buyers in the hope of raking in capital gains when the market recovers [...]

Old Mutual injects Sh6.4bn in Centum Two Rivers Mall

UK-based multinational Old Mutual has invested Sh6.4 billion in the holding company of Centum’s Two Rivers Mall, giving it an equivalent 50 per cent stake in the firm. The multinational has taken a 10 per cent stake in Two Rivers Lifestyle Centre Limited (TRLC) in exchange for cash and has also made a convertible loan to the company that could later be turned into an extra 40 per cent equity ownership [...]

GM the biggest gainer as sales of new cars hit record

New motor vehicle dealers set a new sales record last year, moving 19,996 units in the period powered by increased economic activity. New motor vehicle dealers sold 19,996 units last year compared to the 17,616 units sold in 2014. This represented a 13.3 per cent growth. Industry players expect relatively sluggish growth this year [...]

Shilling seen stabilising at above Sh100

Kenya shilling is set to remain stable this year at above the Sh100 mark to the dollar riding on support from Central Bank of Kenya. Analysts at Cytonn Investments however expect the shilling to come under pressure from a strengthening dollar and widening current account deficit [...]

France Telecom goes on Africa buying spree after exit from Kenya

France Telecom, the majority owner of Telkom Kenya, has gone on an acquisition spree of African telcos barely three months after announcing its exit from the Kenyan market. France Telecom has signed an agreement with Bharti Airtel to acquire Airtel’s operations in Burkina Faso and Sierra Leone. The firm has also entered into an agreement with Cellcom Telecommunications to acquire its subsidiary in Liberia [...]

Tata India executives set for Kenya visit to open two new dealerships

Top executives of Indian conglomerate Tata International are expected to jet into the country later this month to open two new Kenyan dealerships in an ongoing local expansion drive for the multinational. Tata Kenya has put up a multimillion-shilling dealership office in Narok that will sell tractors to farmers in the region. Tata is also set to open a franchised dealership in Ruiru to sell heavy commercial vehicles such as tippers and prime movers [...]

Titanium miner Base braces for Sh1bn revenue hit

Kwale-based titanium miner Base Resources has hinted it will lose at least Sh1 billion in revenue after the cancellation of a key contract. Firm says in regulatory filings that a major customer has been forced to cancel a contract for supply of 100,000 tonnes of ilmenite due to delays in the commissioning of its furnace [...]