Safaricom value jumps ahead of next top 5 NSE firms Safaricom’s capital gain in the midst of a general price decline at the Nairobi Securities Exchange (NSE) has pushed its capitalisation ahead of the five next largest companies in the bourse. Safaricom is currently valued at…

Electricity leakages and theft cost Kenya Power Sh17bn in sales Kenya Power is losing Sh17.5 billion annually through electricity thefts and leakages from an ageing transmission network, translating to lost earnings to shareholders of the listed utility. Kenya Power managing director Ben Chumo on Thursday said the firm had channeled…

Express Kenya CEO Hector Diniz edges closer to owning 71 per cent of its shares Hector Diniz is set to control 70.9 per cent of listed firm Express Kenya, where he is CEO, if a plan to convert a Sh60 million debt owed to his companies…

Imperial Bank owners and CBK feud over reopening delays Imperial Bank shareholders have blamed Central Bank of Kenya (CBK) over the delayed reopening of the closed bank, days after the regulator accused them of inaction. The owners also accused KDIC of failing to appoint a team…

CA imposes stiffer penalty for poor telecom services The Communications Authority of Kenya (CA) board has set 0.2 per cent of the annual gross turnover as the penalty for telecommunication firms that offer substandard services, setting the companies up for heavier fines […]…

Safaricom hands over CCTV system to police this week Safaricom is set to hand over the national surveillance system to the government this week after the completion of the project in Nairobi and Mombasa. The telecoms operator said the government would use the infrastructure at no…

CBK suspends licensing of commercial banks Central Bank of Kenya (CBK) has in a shock move slapped a moratorium on licensing new commercial banks throwing off balance the entry of Dubai Islamic Bank and the planned conversion of Unaitas Sacco. The moratorium is likely to force…

KRA, Unilever Tea in Sh1.8bn tax battle The Kenya Revenue Authority (KRA) is locked in a multibillion-shilling tax battle with Unilever Tea Kenya where it is seeking unpaid taxes dating back to the start the millennium. Unilever has however countered the KRA’s claims that the tea…

Tuskys set to open 75 shops at Shell stations Tuskys Supermarket has moved to open convenience stores at 75 Shell-branded fuel stations, operated by Vivo Energy Kenya, as part of its expansion strategy. The supermarket has already opened two such shops along Thika Road in a…

Family Bank to sell PE funds Sh15bn stake Family Bank plans to raise as much as Sh15 billion through sale of stake to private equity (PE) firms. Family Bank shareholders will now have to create more shares to accommodate potential investors. Family Bank intends to use…