Uchumi clears Sh500 million debt to suppliers
Retail chain Uchumi Supermarkets says it has so far cleared Sh500 million debts owed to its suppliers as part of its turnaround plan that involves restocking its shelves. The retailer has in recent months suffered low supply of commodities in most of its branches after traders stopped deliveries due to unpaid debts…[…]
Actis quits thermal power sector after sale of 30pc stake
UK private equity firm Actis has exited its Kenyan thermal power interests by selling its stake in Mombasa-based plant Tsavo Power, commonly referred to as Kipevu II, to two foreign investors. Actis has sold its 30 per cent stake in Globeleq Africa, the energy company that owns the 75 megawatt (MW) Tsavo, to the CDC Group and Norwegian development financier Norfund…[…]
CIC hires managing director to revive ailing medical business
CIC Group has hired an executive of rival insurer Gateway to head its general underwriting business, whose main brief will be to revive the firm’s ailing medical unit. The NSE-listed insurer has hired Elijah Wachira, who served as Gateway’s acting CEO, as the managing director in charge of general insurance business…[…]
South Africa’s Spur to open Naivasha, Karen restaurants
South Africa’s Spur Corporation plans to open three new restaurants in Kenya over the next few months as part of its international expansion. Spur will open two steak houses and a pizza place between October and May next year through the franchising model. “The total investment by our franchisees into Kenya will be $1.5 million (Sh155 million),” …[…]
CA says Airtel and Safaricom are on level play ground
The telecommunications sector regulator has defended itself against claims made by Airtel accusing it of favouring Safaricom on issuance of 4G frequency spectrum. The Communications Authority of Kenya (CA) director general Francis Wangusi on Monday said he was not aware of any difficulties that Airtel had faced with the frequency spectrum (800Mhz) that it was allocated to test-pilot its 4G network…[…]
Diesel, kerosene prices drop as petrol stays unchanged
Diesel and Kerosene prices for September-October period drops by Sh3.36 and Sh5.46 a litre respectively but petrol remains unchanged on lower crude prices. The prices dropped despite a weak currencies indicating a significant downside in the global crude prices…[…]
Oil firms prefer Tanga pipeline route to Lamu
Oil companies in Uganda are in discussions with Tanzania for an alternative pipeline route through Tanga despite a recent agreement between Presidents Yoweri Museveni and Uhuru Kenyatta. Whereas President Museveni of Uganda and his Kenyan counterpart President Kenyatta sealed a deal that if implemented with see Ugandan oil exported through Kenyan port of Lamu, oil companies believe the Tanga route is cost effective…[…]
Fairmont hotel sold for Sh1.8bn
An undisclosed local investor has formally acquired the Fairmont Mount Kenya Safari Club at Sh1.8 billion. Kingdom Hotel Investments, a wholly owned subsidiary of the Saudi Arabian conglomerate, Kingdom Holding Company, has sold its 75 per cent stake in the famous hotel in a transaction that was closed on the first day of this month…[…]