TransCentury stock value drops by 67pc since listing in 2011

TransCentury Limited shareholders have seen the value of their holdings in the company plummet by two-thirds over the past four years, a sign that the share may have been too optimistically priced during its listing by introduction. TransCentury was valued at Sh13.35 billion upon entering the stock market in July 2011 when it listed by introduction some 267 million shares at Sh50 each. The share price has since dropped to Sh16.10, meaning the company is now valued at Sh4.51 billion [...]

Base Resources denies Senate’s tax underpaying claim

Base Resources has denied accusations that it has been underpaying tax. Lands and Natural Resources Committee chairman said the Sh2.4 billion tax refund from the Treasury that the firm is claiming is unjustifiably large when compared with the royalties that the company has paid since it began exporting from the mine in 2014 [...]

British PR firm opens Nairobi office after bagging tender

Grayling, a global public relations firm based in the UK, has opened a Nairobi office after bagging a contract with the Ministry of East African Affairs, Commerce and Tourism. Grayling said the Nairobi office would also serve its UK-based clients seeking to penetrate the regional market. The UK-based company has already begun operations and plans to expand its workforce [...]

Equity Bank posts Sh4.2bn net profit in Q1

Equity Group posted a 10.7 per cent net profit growth in the first quarter, helped by increased lending and higher income from transactions. Equity Bank's net profit in the period stood at Sh4.2 billion compared to Sh3.8 billion a year earlier. This came as total interest income rose 12.5 per cent to Sh9.4 billion, largely driven by a 25.3 per cent jump in the loan book to Sh224.7 billion [...]

Express Kenya to build 224 houses in Industrial Area

Express Kenya says it will construct a shopping mall and 224 residential houses on 15 acres of land it owns in Nairobi's Industrial Area. The logistics firm plans to implement similar projects in other counties where it has land as it seeks turnaround. Express Kenya reported a Sh77.4 million loss for the full year ended December [...]

Dubai firm sues Mumias for Sh415m

A Dubai-based firm has sued Mumias Sugar Company over an outstanding debt of $4.4 million (Sh415 million) due to it for constructing the miller’s ethanol distillery. Peeraj General Trading and Construction Company says Mumias had undertaken to settle the debt in two equal instalments between November and December last year. The Dubai firm joins a long list of creditors that have come calling on the struggling miller [...]

KRA’s new drive identifies over 1,000 tax evaders

The Kenya Revenue Authority (KRA) has identified over 1,000 cases of tax evasion among government suppliers as the authority links up with the devolved entities in a drive meant to increase compliance. The tax evaders were detected following the recent introduction of withholding valued added tax (VAT) for suppliers to the national government [...]

Liquid Telecom connects KCB S.Sudan branches to network

Liquid Telecom Kenya has connected KCB bank’s 24 branches in South Sudan with a wide area network satellite technology, allowing faster and more efficient banking services for its customers. The move marks the ICT firm’s race to grow its market share among large corporate customers in the region [...]