Rea Vipingo set to delist this month
Rea Vipingo is expected to delist at the Nairobi Securities Exchange (NSE) by the end of the month if the industry regulator approves the move. Chairman Richard Robinow says the sisal firm is now awaiting for the go ahead from the Capital Markets Authority (CMA) after it completed the delisting process that saw it pay shareholders from July…[…]
Power prices drop amid regulator’s criticism
The cost of electricity will drop this month on reduced use of thermal power amid concerns from the energy regulator that Kenya was not doing enough to cut reliance on expensive diesel generators. Data from the Energy Regulatory Commission shows fuel cost adjustment, which is linked to amount of power generated from expensive fuel-driven generators, dropped…[…]
Banks avert strike after pay raise agreement with union
Unionisable bank workers are set to get a pay raise after their employers agreed to a new collective bargaining agreement (CBA), averting a strike that would have disrupted operations in most of the country’s 43 lenders. The Banking Insurance and Finance Union of Kenya (Bifu) on Thursday reached an agreement with banks on minimum salary increases and changes in working terms backdated to March and lasting up to February 2017…[…]
Mauritius targets 77pc premium on tycoon’s Britam stake
The Government of Mauritius has set a target to sell the Britam stake previously owned by disgraced billionaire investor Dawood Rawat at a premium of 77.2 per cent over the NSE-listed company’s current price. The island nation’s Finance minister Seetanah Lutchmeenaraidoo last week announced the plan to sell the 425.5 million shares for $128 million (about Sh13.3 billion) according to a Reuters report…[…]
Family Bank in tussle with firm over loan charges
Family Bank is embroiled in a legal battle with a private firm over interest charges accrued on a bank loan taken in 2010. Olive Farm accuses the lender of shifting the interest rate charged on the loan contrary to the Banking Act. “The defendant is currently charging the plaintiff an interest rate of 24.5 per cent, which is totally unreasonable and illegal,” the court heard…[…]
Dairy firm to tap into regional market
Githunguri Dairy, manufacturers of the Fresha brand of products, is expanding its foothold within the East African Community (EAC) by growing its presence in Tanzania, South Sudan and Uganda. The milk processor said it has been consolidating its presence in Kenya and was now ready to expand to neighbouring countries. Speaking in Mombasa, Githunguri Dairy Co-operative Society Chairman Charles Mukora, said that buoyed by their growing presence in major towns outside Nairobi, they are confident of a complete roll over to cover the entire EAC region…[…]