Rea Vipingo plans diversification into power generation Agricultural firm Rea Vipingo will invest Sh1.3 billion in power generation and expansion of vegetables production after delisting from the Nairobi Securities Exchange. Rea Vipingo is expected to use the electricity generated to power its factory, potentially reducing its operating expenses. The surplus…

PSC shortlists five to battle out for Central Bank governor position Veterans with long experience in public finance management dominate the race to replace retired Central Bank of Kenya governor even as the Public Service Commission (PSC) targeted to fill the influential slot by May. The position of CBK…

Centum signs deal with UK brothers for Rea Vipingo Investment firm Centum has reached a multi-billion shilling  deal with two British brothers that will see it withdraw its hostile takeover bid for Rea Vipingo, an NSE-listed agricultural firm majority owned by the UK citizens. The deal will see Centum acquire 10,546…

Mumias seeks arbitration over Sh1bn Kenya Power bill Troubled Mumias Sugar Company now wants the High Court to refer a Sh1.1 billion dispute with Kenya Power over an unpaid bill to arbitration. Kenya Power has sued the struggling miller for the unpaid Sh1.1 billion electricity bill and wants the court to freeze…

Family Bank earnings hit Sh1.8 billion Strong lending to SMEs helped boost Family Bank’s interest income leading to a 46 per cent growth in net profit for the year ended December 2014. The interest income growth was from SMEs. The bank expects to spend Sh1 billion to upgrade its IT…

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…

Chase Bank plans to boost capital base as profit hits Sh2.3bn Chase Bank is set to undertake another capital raising venture following rapid growth, straining the ratios set by the regulator. Its total capital as a ratio to its loan book stood at 15.3 per cent in December compared to…

Ministry proposes VAT waiver to spur tea earnings The Ministry of Agriculture has proposed to waive value added tax (VAT) and reduce ad valorem levy charged on Kenyan tea in order to make the beverage competitive in the wake of a slump in world prices. Agriculture PS Sicily Kariuki indicated…

IFC report reveals Vimal and Shah family stakes in Bidco Billionaire businessman Vimal Shah has equal shareholding as his father Bhimji Shah and brother Tarun Shah in cooking oils multinational Bidco as shown in documents filed with the World Bank’s private lending arm IFC. Vimal Shah controls 33.3 per…

Equity takes top banking spot with Sh17bn profit Equity Group Holdings, the parent company of Equity Bank, posted a Sh17bn profit in the year ended December 2014. The record profit enabled Equity to topple rival KCB from its long-held position as Kenya’s most profitable bank. Equity Group rode on increased lending…