Uchumi to close loss-making outlets, sell assets in recovery plan

Uchumi Supermarkets has announced radical changes to its operations, which include closing down several outlets and selling a Sh2 billion plot in Kasarani in its newest plan to steer clear of financial troubles. This development comes as it became clearer that unpaid dues owed to suppliers may have been understated by up to Sh1.8 billion. Uchumi directors yesterday announced a 20-acre parcel of land along Thika Road had been placed on the market and its disposal would place the giant retailer in an ‘extremely good position’…[...]

Kenya’s cement firms protest over Chinese contractor’s SGR imports

A security officer patrols a section of the Standard Gauge Railway project in TaitaTaveta County. Manufacturers have accused the contractor, China Road and Bridge Corporation, of going against an agreement to buy cement from them that was signed in December last year. This could frustrate the anticipated benefits of the Sh370 billion Standard Gauge Railway project…[...]

EABL seeks court orders against Uhuru alcohol raids

EABL argues that the Ministry of Interior has misinterpreted Mr Kenyatta’s directive in ordering the destruction of second and third generation alcoholic drinks.The brewer says the ministry’s directive did not define second and third generation alcoholic drinks, leading to the destruction of its brands that have been mistaken to be in the illicit category. EABL wants the police compelled to protect its plants that manufacture wines and spirits…[...]

Safaricom sued by IT company over OkoaStima name

An information technology (IT) services firm has sued Safaricom over its use of the OkoaStima name to describe its mobile-based electricity soft loans facility, claiming it is a violation of its ownership right. Colour Planet says it registered the OkoaStima trademark with the Kenya Industrial Properties Institute in May…[...]

Britam raises HF shareholding to 48 per cent after cash call

Britam says its rising interest in Housing Finance is informed by the need for a strategic partner in property development that also serves to fill its investment portfolio. Insurance group Britam has acquired an extra 2.6 per cent stake in mortgage firm Housing Finance (HF), raising its total shareholding to 48.63 per cent…[...]

African Alliance buys stake in logistics firm

Atlas Development said that African Alliance Asset Management had bought close to six per cent ownership in the company.African Alliance has invested in logistics firm Atlas Development and Support Services Ltd to become the fifth largest shareholder in the cross-listed company…[...]

Kenya Airways wants pilot jailed for calling strike

KQ says the pilots’ lobby secretary-general Ronald Karauri defied the order issued by Justice Hellen Wasilwa by calling for a strike through advertisements in two newspapers on July 3. Justice Wasilwa has summoned MrKarauri to explain why he should not be committed to civil jail for contempt of court following the lobby’s newspaper advert…[...]

Sugar directorate halts new Busia miller

West Kenya Sugar Company has been denied a second milling factory in Busia County. The orders could complicate fortunes for the biggest privately-owned sugar manufacturer in the lucrative business where government-backed millers are struggling, ironically…[...]