Total Kenya 2014 pre-tax profit rises 9.2 percent

Fuel marketer Total Kenya said on Wednesday its pre-tax profit rose 9.2 percent in 2014, helped by stronger sales and a stable macroeconomic environment in Kenya. The group, a unit of French oil major Total, said it expects Kenya's macroeconomic conditions to remain stable and "has guarded confidence that the company will continue to perform well in line with the growth strategy put in place." [...]

Equity Bank’s Mwangi set to serve for 10 more years

Equity Bank’s chief executive James Mwangi has said he will lead the institution for another decade before retiring, making his one of the longest tenures among publicly traded firms. Mr Mwangi oversaw the lender’s conversion to a bank in 2004 and its listing at the Nairobi Securities Exchange in 2006 [...]

Foreign investor outflows at NSE hit over Sh3 billion in quarter one

Foreign investors moved a net of Sh3.16 billion from the NSE in the first quarter of the year, according to data from Standard Investment Bank (SIB), largely on profit taking. Foreign investors may also be trading cautiously in the Kenyan market given that there is still some conflict concerning the levying and mode of collection of capital gains tax [...]

Kenyan diaspora sends home Sh11bn in March

Kenyans working abroad sent home Sh11 billion ($123.2 million) last month even as the government said nearly half of the amount remitted is not captured in the official figures. Diaspora remittances has been key in supporting the shilling following rise into Kenya’s fourth largest foreign currency earner. The Treasury estimates that Kenyans in the diaspora sent Sh108 billion ($1.2 billion) through unofficial channels [...]

Kisumu explorer receives offers for part of oil stake

Australian Swala Energy, exploring for oil in Kisumu in partnership with Tullow Oil, has received offers to buy part of its stake. Swala Energy, listed on the Australian Stock Exchange (ASX), decided to consider new partners after contracting Canadian FirstEnergy Capital LLP to advise it on a strategic review of the company’s business [...]

Goldplat plans acquisition to revive Kenya mine

Africa-focused miner Goldplat said it is targeting an acquisition to help expand its Kenyan operations near Lolgorien in Trans Mara. The company said it had signed a non-binding letter of intent for the acquisition of an undisclosed private gold exploration company. The company said in May last year said that it had identified three investors for a joint venture which would help develop its mine in Western Kenya through capital injection for expansion [...]

Fly540 expands payment platforms

Customers of low cost carrier Fly540 can now make payments using credit and debit cards, PayPal, and mobile money platforms following a partnership with E-commerce payments solution provider 3G Direct Pay (3GDP). The platform will also enable Fly540’s business partners like hotels, travel agents, and tour operators to make real-time payments [...]

African low-cost airline Fastjet raises Sh6.9b to fund expansion

African budget airline Fastjet Plc said it raised gross proceeds of about Sh6.9 billion ($75 million) through a share issue to fund its expansion and acquire aircraft. The funds from the offering, representing about 75 per cent of Fastjet’s enlarged share capital, will help the firm add new international routes and expand in Kenya, South Africa, Uganda, Zambia and Zimbabwe, it said [...]

Government procurement deals finally moves online

All ministries will now be required to publish tenders online in a move aimed at streamlining the tendering processes among all government owned entities. The ministries, departments and agencies (MDAs) will be required to upload tenders on the Integrated Financial Management Information System (IFMIS) Tender Portal. The move will enable private sector firms seeking easily access tenders by MDAs [...]