Author: David Indeje

TransCentury PLC  has received its shareholder’s approval to increase the share capital of the Company from KSh 600 Million into one billion two hundred million (1,200,000,000) ordinary shares of KSh 0.50 each. This will be through the creation of an additional two billion ordinary shares of a par value of KSh 0.50 each. The shareholders gave the approval in its Annual General Meeting held on 10th June 2021. The proposed rights issue will be on the basis of 5 new shares for every one ordinary share held, subject to provisions of the Company Act 2015, the firm’s Articles of Association…

Kenya’s hospitality sector has been one of the worst-affected sectors amid the Covid-19 pandemic due to reduced demand for hospitality facilities and services. The latest data from the Central Bank of Kenya shows that local guests continue to help the tourism sector rebound from the blow by the pandemic. The Monetary Policy Committee Hotel Survey-May 2021, a survey that was intended to assess the extent of the recovery of the hospitality industry as a result of the COVID-19 pandemic found out that local guests accounted for 84.0 per cent and 85.0 per cent of accommodation and restaurant services, respectively in…

Following the lifting of the partial restrictions that had been imposed in March 2021, Kenya’s private sector returned to growth in May and registered the fastest rate in seven months, said a monthly survey. Stanbic Bank Kenya Purchasing Managers’ Index (PMI) for the month of May 2021 increased to 52.5 from the 41.5 recorded in April 2021. Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration. During the month, there was a reported improvement in the new order demand, output and stock purchases, which consequently led to an increase…

Regional transport company Multiple Hauliers (EA) Limited has been put under administration over Ksh 14 billion debt owed to several creditors. Mr Anthony Makenzi Muthusi and Julius Mumo Ngonga of the Consultancy Ernst & Young have been appointed as the joint administrators with effect from June 7, 2021. “The powers of the Administrators extend to all assets and undertakings of the Company. By virtue of the Administration, the powers of the directors in terms of dealing with the Company assets have ceased. The Administrators have total control over the business assets and management affairs of the Company with personal liability,”…

Glovo Introduced its Micro Fulfilment Center in Nairobi On-demand delivery platform Glovo, on Tuesday, said it will make Kenya its regional hub for countries in Sub-Saharan Africa as a customer service centre. Oscar Pierre, CEO and Co-founder of Glovo announced as part of Glovo’s strategic expansion in Africa and Eastern Europe in the next two years. In Africa, the Spanish delivery start-up firm says it will be eyeing North Africa – Morocco, Tunisia and Algeria. In Sub-Saharan Africa, it will launch in Nigeria, Tanzania and Senegal. “We like Nairobi a lot,” He said, adding that from Nairobi we are going…

The World Bank has approved a $750 million loan to help Kenya recover from the effects of Covid-19 and budget support. The Washington-based lender said the disbursement is part of World Bank’s Development Policy Operations (DPO), which lends cash for budget support instead of financing specific projects. “The operation prioritizes reforms in hard-hit sectors, such as healthcare, education, and energy, which have been made urgent by the impacts of the COVID-19 crisis,” said World Bank Kenya Country Director Keith Hansen. “In recognition of the severity of the crisis and need for a comprehensive response, we are supporting the government’s post-COVID-19…