Author: David Indeje

The Central Bank of Kenya (CBK) has invited bids for a 21-year amortized infrastructure bond worth KSh 75 Billion in September 2021. Proceeds will be used to fund infrastructure projects in the 2021/2022 National Budget Estimates. This infrastructure bond will be sold between 20th August 2021 and 7th September 2021, with a payment date of 13th September 2021. It will be tax-free as provided for under the tax laws. The redemption structure is 1st September 2031-50 per cent of unencumbered outstanding principal amount and 18th August 2042 for 100 per cent – Final redemption of all outstanding amounts. Bids must…

Carrefour, owned and operated by Majid Al Futtaim is expanding its footprint across Kenya and is now present at 12 locations in Nairobi. The retailer is now the new anchor tenant at the Southfield Mall in Embakasi, formerly occupied by Choppies. Southfield Mall becomes the 12th Carrefour store in Nairobi and the 16th countrywide. It projects that by the end of the year, it will be occupying a total space of 3,000 square meters on two floors – a full hypermarket model. “In our efforts to provide our customers with unbeatable prices and value, our latest expansion will provide even…

Kenya received over USD 60 billion more in remittances in July to USD 336.7 million from the previous year’s 277.0 despite a pandemic that continues to devastate the economy. According to the latest data from the Central Bank, this represents a 21.6 per cent increase. “The cumulative inflows in the 12 months to July 2021 totalled USD 3,442 million compared to USD 2,862 million in the same period in 2020, a 20.3 per cent increase,” the CBK said in its weekly bulletin. During the period, the United States remained the largest source of remittances accounting for 58.3 per cent of…

Phoenix Publishers Ltd, a wholly Kenyan-owned publishing company says it has appointed Owen N. Koimburi as its administrator. Koimburi is a managing partner at Mazars Kenya with over 30 years of experience in audit, accounting, financial management, and capacity building to Government, Public, and Private sectors. Phoenix Publishers was placed under administration on June 25 and will run for 12 months. During the period, creditors of Phoenix are barred from liquidating it to recover their money. Phoenix was founded in 1988 and specialises in publishing textbooks and creative works for children and teenage fiction. “In relation to the Company, there…

The Kenyan government on Wednesday extended all existing Covid restrictions for another 60 days. The government has imposed extensive curbs, in addition to measures like 10 p.m. and 4 a.m. night curfew to check the spread of the infection. All public gatherings, including political meetings, remain suspended, while attendance at weddings and funerals is still limited to 100 people. “These interventions have been escalated, and de-escalated, based on feedback reports on infection rates, analysis of health system capacities, economic impact reports,” Kenya’s President Uhuru Kenyatta said. “The recently evaluated reports have pointed to an exponential rise in infection rates across…

Kenya’s biggest bank group KCB on Thursday reported a rise in consolidated net profit at Ksh 15.3 billion for the first six months to June 30. The lender had posted a net profit of Ksh 7.6 billion in the corresponding previous fiscal year. Revenues increased by 14 per cent to KSh 51.2 billion on account of higher interest income driven by an increase in earning assets and lower cost of funding.  “We saw a strong first half of the year for the business with improved economic activity. The resilient and diversified nature of our business has helped us navigate the…