Uchumi gets Sh500m KCB loan to stock up ahead of Christmas
The new loan will raise the total amount that Uchumi Supermarkets owes the KCB Group to Sh1 billion. The retailer is relying on borrowings as a temporary measure before completing the sale of non-core assets whose proceeds will be used to settle its debts. Uchumi is also selling some of its assets including land to repay its debts including to suppliers whom it owes Sh1.7 billion […]
Flower firm Karuturi survives property seizure
Naivasha-based flower firm Karuturi Limited Monday got a reprieve when the High Court in Nakuru stopped auctioneers from seizing its property over a Sh500 million debt […]
Garden City Mall Sh606m row with contractor sucks in Equity
Garden City has accused Equity Bank of colluding with Sinohydro to block payment of a Sh606 million performance bond. The performance bond was to be cashed by the mall owners in the event they were not satisfied with Sinohydro’s work. Garden City has slapped the Chinese contractor with a Sh1.2 billion counterclaim it says arose from clauses of the construction deal which provided for penalties in the event Sinohydro failed to complete the mega project in the agreed one-year period […]
Cytonn ranks HF least attractive banking counter at stock market
Housing Finance has been ranked the least attractive banking counter at the Nairobi Securities Exchange (NSE) based on low liquidity position and low returns on equity. National Bank was rated to have the best returns to shareholders’ capital of 30.1 per cent. Cytonn expects the sector to record lower earnings growth this year owing to the high interest regime […]
Ngumi says Nairobi was not involved in Dar debt process
Standard Bank has pleaded guilty to charges brought against it by the UK’s Serious Fraud Office (SFO) on claims that the lender paid a bribe of $6 million (Sh613m) to government officials through its Tanzanian unit in order to clinch the private placement deal. Mr John Ngumi, who was then head of the East Africa unit told the Business Daily that Standard Bank chose to partner solely with its Tanzanian subsidiary — Stanbic Tanzania— in the deal […]
Treasury locks in Sh104bn of expensive domestic borrowing
The Treasury increased its debt position by Sh104 billion during the six weeks of high interest rates which allowed it to catch up with its debt plan. The State plans to lower its Sh222 billion domestic borrowing target if it succeeds in cutting public expenditure after the recently announced austerity measures. But analysts are not as optimistic indicating they do not expect the government to lower its borrowing appetite which may result in another round of interest rate hikes […]
CFOs of listed firms summoned over rising cases of accounting fraud
Financial markets regulators have summoned the chief financial officers of listed firms as mounting cases of accounting fraud test the effectiveness of market watchdogs. The Capital Markets Authority (CMA) and the Institute of Certified Public Accountants will Tuesday discuss issues relating to the accountancy profession, the auditors’ and ICPAK’s role in protecting public interest in relation to recent allegations of companies faking accounts […]