Safaricom sues Airtel in M-Pesa trademark dispute
Safaricom has taken rival telecommunications company Airtel to court on claims that it is infringing on its M-Pesa trademark by including its symbols on its advertising billboards […]
Chase Bank 7yr note debuts on secondary market
Chase Bank’s first tranche of its Sh10 billion 7 year multi-currency bond has started trading on the secondary market at the Nairobi Securities Exchange (NSE) after a successful listing on Monday. This will be the second successful listing of a corporate paper on the NSE this year after the Sh5 billion first tranche of EABL’s 12.25 per cent, 3 year Sh11 billions note went to the secondary market in April […]
EABL taps former BAT boss to head corporate relations
East African Breweries Limited (EABL) has appointed a former BAT executive to head its corporate relations department, filling the position which has remained vacant since March. The regional brewer has appointed Julie Adell-Owino, a former head of corporate and regulatory affairs at BAT, to the position that was held by Brenda Mbathi who moved to General Electric […]
UAP Holdings, Old Mutual merger firm to list on NSE
UAP Holdings and Old Mutual Kenya will merge to form one company that will be listed on the Nairobi Securities Exchange (NSE). UAP shareholders agreed to the merger deal at last Friday’s annual general meeting that was held in Nairobi. The decision to list follows Old Mutual increasing its shareholding to 60.66 per cent from 23.3 per cent after the firm bought a combined 37.3 per cent from private equity firms Aureos, Africinvest and Swedfund for around Sh14 billion […]
Moody’s upgrades regional lender EADB rating on drop in bad loans
Global rating agency Moody’s has upgraded the regional lender East African Development Bank (EADB) after it boosted core capital and reduced non-performing loans. Growth in the profitability of the bank has also helped prop up its capital. EADB has reduced non-performing loans (NPLs) sharply to 1.4 per cent as at the end of last year compared to 32 per cent in 2010. The rating could go up, Moody’s said, if the there is a continued growth in profitability while retaining low levels of NPLs. EADB owners include Kenya, Rwanda, Tanzania and Uganda […]