Olympia in yet another subsidiary shut down

Investment company Olympia Capital has announced plans to close two of its loss-making subsidiaries, indicating yet another financial blow to shareholders of the NSE-listed firm. Olympia Capital is shutting down Dunlop Industries, a Nairobi-based manufacturer of vinyl floor tiles, and Cape Town-based Tiespro Trading, which makes bathroom and kitchen fittings.The money-losing subsidiaries have relied on loans from the parent company and its directors to stay afloat [...]

Chinese firm drops suit against Centum Lamu coal plant award

A Chinese company that had gone to court disputing award of the Sh164 billion Lamu- based coal power plant to a consortium that includes NSE-listed Centum Investments has withdrawn its case.HCIG was seeking to overturn the Public Procurement Oversight Authority (PPOA) decision awarding the lucrative project to the Centum and Gulf Energy consortium [...]

DTB lending book ranked the best as National Bank trails

Diamond Trust Bank (DTB) has the healthiest loan book with National Bank of Kenya ranked the worst among listed lenders, a report by investment management firm Cytonn shows.Diamond Trust Bank has managed to keep share of non-performing loans at 1.43 per cent of its total loan book compared to National Bank of Kenya’s (NBK) 9.95 per cent [...]

CBK reserves drop Sh6bn as shilling slides

The forex reserves at Central Bank of Kenya (CBK) fell by Sh6.7 billion ($68 million) last week to stand at Sh659 billion ($6.72 billion) as the monetary authority battled to shore up a weak shilling.Although it was unclear how much of the Sh6.7 billion was used in intervening in the forex market, a report of the CBK’s Monetary Policy Committee (MPC) recently revealed that foreign currency was being used to prop up the local unit [...]

Naivas cuts milk price on rise in market supply

Naivas Supermarket has lowered the price of milk dispensed through vending machines, putting pressure on milk processors to follow suit[...]

Weetabix to source 50 per cent of its wheat from local farmers

Weetabix East Africa has been working with a local wheat farmer in Narok who is expected to supply 26,000 bags of 90 kilogrammes, which is slightly higher than half of its requirement.The firm has in the past opted for imports because of the high market prices local farmers demand for their produce [...]

Sugar imports from TZ, Rwanda face stiff duties

Tanzania and Rwanda sugar exports to the region will attract full duty after they were allowed to import from outside the bloc at a lower rate to cover for production shortfalls.The council also imposed other conditions aimed at protecting the sugar industries of other EAC economies including Kenya, Uganda and Burundi [...]

CA issues 6 more broadcast licences

The Communications Authority of Kenya (CA) has awarded six firms broadcasting licences, stepping up competition in local content delivery.In 2014, CA set June as the deadline for broadcasters to air 40 per cent local content under a new regulatory regime. The regulator has also compelled new broadcasters to commit to the rule as they seek licences[...]