Stanlib extends debut Reit sale by week after investors seek clarity

The sale of Stanlib Investments debut Real Estate Investment Trust (Reit) has been extended by one week after the issuer asked for more time in response to investor queries. The investment firm said fund, pension managers and other institutional investors have asked for additional time to understand the new securities [...]

Union asks Ukwala to conclude pay deal before acquisition

The Kenya Union of Commercial, Food and Allied Workers (Kucfaw) has written to Ukwala owners asking them not to transfer the business to Choppies until they have signed a fresh collective bargaining agreement. The mid-tier retailer in January allowed its 777 employees to join Kucfaw and was already in talks for a new salary deal before Choppies’ bid to acquire the supermarket chain. Kucfaw is jittery after Choppies said that it would not automatically inherit liabilities and contracts held by Ukwala [...]

New KCC inks Lipa na M-Pesa deal with Safaricom

Dairy processor New KCC has partnered with Safaricom to roll out a cashless solution that will enable its 200 sales and distribution agents to place and process orders, create invoices as well as make real time payments through their mobile phones [...]

Jubilee Insurance rated best firm at COYA

Jubilee Insurance has been feted as the best firm in the country, one of the four accolades the underwriter won at the recently held Company of the Year Awards (COYA). The insurer, which has operations in Uganda, Tanzania, Rwanda, Burundi and Mauritius, was feted for enacting and implementing efficient management processes which enhance productivity [...]

High cost of funds slashes banks Q3 profit by 5.8pc

Commercial banks’ profit in the third quarter fell by 5.8 per cent compared to the previous quarter, underlining the industry’s difficult operating conditions in the past few months. Analysts said the tight liquidity conditions and higher non-performing loans prevailing in the third quarter contributed to the lower profit registered by the industry. Past data show that the third quarter has tended to have a lower profit than the second quarter of the year [...]

CBK official downplays severity of the shilling’s depreciation

The depreciation of the shilling is moderate compared to other currencies globally, deputy Central Bank of Kenya (CBK) governor Sheila M’Mbijewe said Tuesday. Ms M’Mbijewe said the local currency’s weakening had been limited to 12-14 per cent this year. The Ugandan and Tanzanian shillings have fallen by more than 25 per cent while the Ghanaian cedi has lost more than 30 per cent in the year to date. The Turkish currency has fallen by more than 60 per cent in the same period [...]

National savings rise but will remain low in sub-Saharan Africa

The International Monetary Fund (IMF) forecasts that Kenya is edging toward the second lowest national savings ratio among the middle-income countries in sub-Saharan Africa. The International Monetary Fund (IMF) forecasts that Kenya is edging toward the second lowest national savings ratio among the middle-income countries in sub-Saharan Africa. As a result of the low savings, even the level of investments in Kenya is relatively low compared to most of its peers in the middle-income category in sub-Saharan Africa [...]

SA giant fund Growthpoint targets local property market

Growthpoint Properties, the largest listed Real Estate Investment Trust (Reit) in South Africa, has become the latest fund to announce intention to enter the Kenya market. The fund will invest 80 per cent of the proceeds in income properties and the remaining 20 per cent will go towards development properties. Growthpoint has invested $50 million (Sh5.1 billion) in the fund while the International Finance Corporation (IFC), which is investing Sh1.5 billion in Stanlib Reit, has committed $40 million (Sh4.1 billion). Investec Asset Management is also a partner in the Pan African fund [...]