Stockbrokers now take tax case to the Court of Appeal

Stockbrokers are set to move their fight against the capital gains tax (CGT) to the Court of Appeal following a High Court ruling allowing the taxman to implement the new levy. Although the Treasury secretary Henry Rotich announced last month that he and the taxman had resolved to pass the remittance burden to investors, stockbrokers still want the tax scrapped, as they fear it will ward off potential investors from the Nairobi Securities Exchange [...]

Stockbroker AIB Capital profit up tenfold to Sh56m

Brokerage house AIB Capital has grown its net earnings tenfold to Sh56.44 million for the financial year ended December 2014, buoyed by realised gains on investments. The company expects to draw more revenue this year from its online and mobile trading platforms, which have now been expanded to act also as customer service portals [...]

Unaitas boosts its share capital ahead of change to bank

Financial services firm Unaitas doubled its share capital in 2014 following strong demand for its shares by investors who are racing to be in the lender’s register before its conversion into a fully-fledged bank by mid next year. Unaitas' revenue reserves stood at Sh461.8 million in 2014 from Sh316.9 million a year earlier, a 32 per cent increase [...]

Acquisition of Real Insurance lifts Britam earnings 23pc

Financial services provider Britam has seen its net profit for the full year to December grow 23 per cent, boosted by the acquisition of Real Insurance in mid-2014. Real Insurance’s five-month contribution to the business helped Britam post an improved full-year net profit of Sh2.84 billion compared to the previous year’s Sh2.32 billion [...]

General Motors, Pewin ink Chevrolet brand deal

General Motors East Africa has signed a new deal with Pewin Motors Ltd to market and service Chevrolet brand of vehicles in Kenya. As part of the auto-maker's plan to grow and expand the Chevrolet brand in Kenya, Pewin Motors will sell and service all new Chevrolet models [...]

Market faces tighter liquidity as investors focus on Sh25bn bond

The Kenyan financial markets have been swamped with cash in the past one month with most of the offers for government securities oversubscribed by huge margins. The high liquidity in the money markets is expected to tighten as investors buy the infrastructure bond worth Sh25 billion and the 12-year amortised bond that has gone into auction this week [...]

Karuturi new managers risk contempt suit

Karuturi Limited’s managers risk being jailed for contempt of court after the High Court established that they may have demolished a house used by the company’s managing director Sai Karuturi valued at Sh273 million. The managers were appointed by CfC Stanbic in January last year, a move that sparked a vicious court battle against the flower firm. Karuturi has accused the receivers of mismanaging the business [...]

Diplomatic row looms as Kenya's access to Tanzanian airspace cut
A diplomatic row is looming between Kenya and Tanzania after the latter slapped restrictions on flights entering its airspace. The Tanzania Civil Aviation Authority (TCAA) has cut the frequency of flights from Kenya by as much as 30 per cent [...]

Canadian firm raises Sh27m for Migori gold exploration

Gold mining in Migori county by a Canadian company, Stockport, has received a boost after the firm raised Sh27.1 million to carry out work in the area. Part of its local capital raising efforts also resulted in TransCentury chairman Zeph Mbugua joining the miner’s board. Mayfox Mining, a gold prospector in Turkana, raised Sh42 million through a slightly oversubscribed private placement and intends to list on the Growth Market Enterprise Segment (GEMS) of the Nairobi Securities Exchange (NSE) in the second half of this year or 2016 [...]