Author: David Indeje

Quickmart Supermarket on Friday opened its first 48th store in Kitengela at OBC Kitengela Mall. The Kitengela outlet is the retailer’s first store to be opened in 2022, and also the first store to be opened in the town. It will now compete with Naivas and Eastmatt who are already established. “The store will feature prominently our fresh sections; deli, bakery, butchery, fresh fruits, vegetables, foods, personal care, homecare, textiles, electronics and household goods,” Quickmart’s marketing director Betty Wamaitha disclosed. Kitengela town is attractive to business because of its positive demographics, with Kajiado County where Kitengela lies currently having a…

Kenya Airways will receive a Ksh 26.6 billion ($176 million) bailout according to supplementary budget for the fiscal year 2021 estimates by the National Treasury presented to Parliament. “The financial support will help Kenya Airways to strengthen its cash flow and speed up the much-needed reforms in the airline, including in its fleet and operations. After successfully implementing these reforms, the airline will be in a better financial position t achieve long term success,” Transport Cabinet Secretary James Macharia said in a circular. “The government’s financial support is contingent on Kenya Airways adhering to agreed reforms, including permanent cost reduction…

Administrators of Cytonn High Yield Solutions and Cytonn Projects Note have called a first meeting of creditors for March 2, 2022, to decide on the way forward. Through a public notice issued via Gazette Notice, the administrator, Kereto Mirima, said the Cytonn real estate project notes investors will receive an update on the administration of the CHYS fund and vote to appoint a committee of inspection. The investors will also “Receive the Administrator’s proposal and make a decision on the said Administrator’s proposal.” Investors in CHYS and CPN meeting will be held on March 4 and March 2022 respectively. The…

The National Treasury of Kenya has exempted Branch International Inc from section 19(1) of the Microfinance Act, 2006, paving the way for the fintech company to acquire an 84.89% stake in Century Microfinance Bank Limited. Through a Gazette Notice No.17 dated Jan 24, 2022, Ukur Yatani, Cabinet Secretary National Treasury and Planning however said Branch is exempted: “…from the provisions of section 19 (1) of the Act for a period of four years from the 1st January 2020 until the 31 December 2025 in connection with the acquisition and direct or indirect holding of ordinary shares in Century Microfinance Bank…

Kenyan private sector activity rose sharply in January, the seventh consecutive month of growth since the COVID-19 outbreak, a survey showed on Thursday. The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) reading was at 53.2 in January, up from 51.4 in December to the highest reading for three months. “Output and new orders both rose sharply in the new year, with the growth of each quickening to the fastest since last October. Firms highlighted that the reopening of businesses and improved cash flow in the economy helped to generate higher customer spending. Export sales also continued to rise, although…

Kenya Mortgage Refinance Company (KMRC) has commenced the sale of its Kshs 10.5 billion medium-term bond programme. The cash raised will be disbursed to participating primary mortgage lenders (PMLs), for onward lending to mortgagers.  The note will have a tenor of seven years, with amortization and a fixed rate of 12.5%, KMRC said in a statement. The first KSh1.4 billion tranche will be on sale until Feb. 18. The note’s allotment will be announced on Feb. 22 before being listed for trading on the Nairobi Securities Exchange on March 14. “Through this issuance, KMRC seeks to build its profile as…