Author: David Indeje

Centum Real Estate Limited on Tuesday said it has signed an agreement with private alternative asset group, GEM Global Yield LLC, to provide a common share subscription facility of up to KShs 17 billion for a 36-month term The wholly-owned subsidiary of Centum Investment company also said it plans to list at the Nairobi Securities Exchange (NSE) and the agreement with GEM underwrites the listing process.  According to Centum Real Estate, if the Ksh 17 billion will be utilised efficiently, it will equal the purchase of significant minority shares. “The share subscription facility will allow Centum Re to draw down…

Popular image and video sharing platform Instagram says its users will start seeing a chronological feed that is making a comeback but is currently being tested. Available in the app it includes Home, Favorites, and a chronological Following feed. Head of Instagram Adam Mosseri says the company has already started testing the tri-feed format, with a view to launching the full experience “within the first half of this year.” https://twitter.com/mosseri/status/1478767105444966401?s=20 What does this mean?  Home: the feed will be similar to the “experience you know today.”   Favourites: It will consist of content from a curated list of accounts. “you don’t…

Equity Group has expanded its revenue stream with the launch of its subsidiary Equity Life Assurance Kenya  Limited (ELAK). The license from the Insurance Regulatory Authority (IRA Kenya) will enable ELAK to provide life insurance solutions to an underserved market and contribute towards the vision of Equity Group to transform lives and expand opportunities for wealth creation. Equity Life Assurance Limited is a fully-fledged business with separate structures and commercial arrangements in line with the IRA regulations. “We felt the need to make our contribution to the Insurance industry and we believe we can make Insurance be understood better by…

Samsung Electronics Co’s quarterly profit surged more than 50 per cent for the three months ended December. This was attributed to chip prices stabilisation and sales of smartphones. South Korea’s biggest company posted an operating income of 13.8 trillion won ($16 billion) during the financial reporting period. Its revenue jumped 23 per cent higher to 76 trillion won.  Samsung will release detailed earnings on Jan. 27.  Samsung Electronics retained the top spot in the global smartphone market within the quarter of the year at 20 per cent in the July-September period, followed by Apple with 14 per cent and Xiaomi…

Tumaz and Tumaz Enterprises has filed a contempt of court case in court against Ugandan firm Sarrai Group and Mumias Sugar Company receiver-manager Ponangipalli Venkata Ramana Rao for disobeying a court order that had suspended the lease award. Tumaz and Tumaz Enterprises, a joint bidder for the assets of Mumias, placed the highest bid of Kshs 27.6 billion vs Sarrai’s Ksh.11.5 billion for Mumias lease.  Tumaz argues that Sarrai Group had started work at the sugar miller despite a court order suspending the lease on December 29th, 2021, and which was served to both Sarrai and Rao on December 30th…

Airtel Africa says it has closed the first transaction sell of its tower assets in Tanzania for $176.1 million to a joint venture company. The JV is majority-owned by a subsidiary of SBA Communications Corporation and UK-based Paradigm Infrastructure Limited which owns the minority shares. Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa. It said around $60m from the proceeds will be used to invest in network and sales infrastructure in Tanzania and for distribution to the Government. “The…