TransCentury to embark on fundraising

NSE-listed Investment firm TransCentury plans to raise funds to finance its projects in the next six months, the company’s board has announced. The firm wants cash to refinance the Sh5.8billion (USD 56.8m) convertible bonds that are due on March 25 next year and boost growth capital for existing power and engineering businesses and financing of infrastructure projects across sub-Saharan Africa [...]

Aviation regulator denies Fastjet claim on operating licence

The civil aviation sector regulator has denied claims by UK budget airline Fastjet that the carrier has received one of the two licences required to make its comeback into the country. Fastjet on Monday said that it had received an Air Service Licence (ASL) from the Kenya Civil Aviation Authority (KCAA), a first step towards getting full approval for operating local flights. The KCAA, however, says it has not yet issued the licence to Fastjet, adding that the earliest the carrier could get a response to its application is early next month through a gazette notice [...]

Weetabix opens Sh253m Nairobi plant on fortieth anniversary

Weetabix East Africa has opened a Sh253 million plant in Nairobi that is set to increase its production capacity by 60 per cent. The new plant, which is located in Nairobi’s Industrial Area, is expected to boost efficiency. Last year, the company said demand for cereals in the region had jumped to 8.5 million kilogrammes a day, informing the expansion [...]

Dubai Bank founder loses bid to bar liquidator’s lawyer from case

Dubai Bank founder Hassan Zubeidi has lost a bid to disqualify Nairobi lawyer Ochieng Oduol from appearing in cases against the collapsed lender. Justice Eric Ogola on Thursday ruled that Mr Zubeidi had not furnished any evidence to show that Mr Oduol is biased against the collapsed lender, and that he has confidential information on Dubai Bank that could be used selectively to win the case [...]

Zambia prepares for national prayer day to save currency

Zambia will hold a day of prayer and fasting on Sunday, with bars shut and football matches cancelled, to seek divine help over the country's currency collapse and dire economic woes. President Edgar Lungu last month ordered the national prayer session after the kwacha fell 45 percent against the dollar since the start of the year due to a sharp drop in the price of copper, the country's main export [...]

Dubai Chamber of Commerce plans to open Nairobi office

The giant Dubai Chamber of Commerce and Industry, with a membership of 175,000 companies, plans to open a liaison office in Nairobi early next year as investors in the gulf region step up forays for business opportunities in Africa. The chamber’s president and chief executive Hamad Buamim said the Nairobi office would be the third such facility in Africa after Accra in Ghana and Addis Ababa, Ethiopia. The chamber also plans to open offices in Uganda and Mozambique [...]

Google digitises 13m National Archive documents

Global technology firm Google has digitised 1,200 artifacts and 13 million documents at the Kenya National Archives in Nairobi. The private-public partnership between the two institutions makes the documents accessible on the Internet and through a Kenya National Archives mobile application [...]