Ponzi scheme fells top Britam owner’s Mauritius bank
A Mauritian bank, Bramer Banking Corporation (BBCL), associated with Britam’s director and top shareholder Dawood Rawat has lost its licence after it was found to have been running a Ponzi scheme. Mr Rawat is the single largest investor in Britam, which is listed on the Nairobi Securities Exchange (NSE) […]
China firm buys Sh6.4bn stake in Centum project
Centum Investment’s Two Rivers Development has attracted $155 million (Sh14.3 billion) in new funding, including one of the biggest equity investments in a local company by a Chinese firm, Aviation Industry Corporation of China (Avic). The listed firm has received the money for the mixed property development in the form of debt and equity […]
Dubai oil explorer offers Lamu Basin stake for Sh2.3bn
A Dubai-based company exploring for oil and gas in the Lamu Basin is seeking new partners to take up stakes in blocks estimated to contain over two billion barrels of oil. The firm has appointed a consultant on upstream oil and gas industry, to advice on the sourcing of the partnership for the Kenyan subsidiary, Milio E&P Kenya. Milio has up to May next year to drill a well in L6, giving it time to raise cash and do the actual work […]
Investor demand for EABL’s bond surpasses target with Sh9bn bids
The first tranche of East African Breweries Ltd (EABL) bond has attracted over Sh9 billion to far exceed the Sh5 billion target. Due to the oversubscription, an investor will not get the full amount asked for, but will be allocated 55.285 per cent of the bid amount. The cash is part of a restructuring of EABL balance sheet in addition to capital expenditure and general use […]
Microlender sets aside Sh300m for SMEs in Nairobi estate
Microfinancier Speed Capital has set aside Sh300 million for its newest branch in the populous Kawangware area in Nairobi. The microfinacier targets small businesses that need to buy equipment such as food warmers, tea urns and handcarts. Speed Capital has an asset base of Sh400 million, but it expects this to grow to Sh1 billion by the end of this year and add another three branches over the period […]
East Africa’s natural resources management skills up, says IMF
Eastern African countries are improving ability to manage natural resources, thanks to technical assistance from a group affiliated to the International Monetary Fund. IMF and other donors said they would increase their contributions in the upcoming programme though they did not disclose how much they paid in the past financial year […]
Telcom firms cut investments in data, voice infrastructure
Mobile operators have scaled back their investment in voice and data infrastructure despite a major increase in subscriber numbers, according to a latest sector report by the Communications Authority of Kenya (CA). The move could lead to congestion of the firms’ networks and further worsen their quality of service record. The Communications Authority of Kenya last year found Safaricom, Airtel and Telkom Kenya, which operates the Orange brand, to have substandard service […]
Smart tech to power Konza services, says CEO
Konza City Technopolis is betting on the use of smart technology solutions to enhance the city’s efficiency and integrate infrastructure and services. Upon completion of Phase 1, Konza City is expected to create over 20,000 direct and indirect jobs […]
Keroche seeks distributors in counties after plant upgrade
Keroche Breweries is seeking 15 super distributors (depot owners) and 45 distributors in Western, Nyanza, and Rift Valley regions where the firm lacks a sales network. The brewer last week commissioned the new factory that will see its annual capacity grow from 10 million liters to 100 million liters, hence the need to revamp its sales and distributor network […]