Author: David Indeje

The National Treasury raised Ksh 55.9 billion as new proceeds from its 2-year bond (FXD1/2021/2) against a Ksh 25 billion target. The bond attracted bids worth Ksh.61.2 billion equivalent to 244.6% subscription rate. “We attribute the oversubscription to the bonds short tenor, as well as high demand from banks looking for short term liquidity investments,” said Sterling Capital Research. Central Bank of Kenya auctioned the bond at 9.486%. On the other hand, NCBA Market Research said the bond issue coincides with about Ksh 75 billion in T-bill maturities.  They note it bodes well for the government’s public debt maturity lengthening…

Local airline Fly540 has hit back at the International Association of Travel Agents (IATA) after being suspended from participating in its automated ticketing system. IATA did not disclose the reason for suspending the carrier but cited guidelines relating to failure to honour payments owed to agents through the billing and settlement plan. Fly540 through its official Tweeter feed said IATA’s issues revolve around the bank settlement Plan used by agents to pay. According to IATA’s December 30 letter, all accredited travel agents were directed to suspend all Fly540 ticketing activities. The airline noted that it has been out of this…

Kenya Union of Journalists (KUJ)  on Wednesday sharply criticized a directive from the ministry of education on access to public schools by journalists. The union called the directive as “regrettable”. On Tuesday,  Chief Administrative Secretary (CAS) for Education Zack Kinuthia said journalists will only be allowed in schools with permission from the Ministry of Education. In its statement, Mr Eric Oduor, KUJ Secretary-General said that the directive was prompted by the expose by various media houses on the dire and pitiful state of public schools as children resume learning amidst the ravaging pandemic of COVID-19. The Union called upon the…

Employment in the Kenyan private sector increased for the third consecutive month in December but remained low compared to October, according to Stanbic Bank Kenya Purchasing Managers’ Index (PMI). The index noted that firms that hired more workers generally linked this to rising workloads. “Stronger sales led to a renewed increase in backlogs of work at the end of the year, which supported a third successive monthly rise in employment. The rate of job creation was marginal though,” reads part of the index released Wednesday. The index noted that Kenya’s private sector strengthened slightly at the end of 2020 with…

Realty developer Cytonn Real Estate has decided to sell a 4-acre land parcel in Kilimani. Cytonn had planned to construct a KSh20 billion (US$199 million) Mixed-Use Development dubbed Cytonn Towers, however, Nairobi City County’s (NCC) 2018 resolution that cancelled its construction. “Cytonn Real Estate has been retained to dispose of prime property in Kilimani; a 4-acre corner plot with access to Argwings Kodhek and Elegeyo Marakwet Roads on two sides,” it said in a notice via its social feeds. The realtor says the property ‘remains one of the largest corner plot parcels in Kilimani today.” https://twitter.com/ehdande/status/1346691551251099653?s=20 Cytonn Towers was designed…

Carbacid Investments plc, leading producer and supplier of industrial Carbon Dioxide gas in East Africa, said it will seek shareholder approval to acquire all 19,525,446 shares in listed manufacturer BOC Kenya. This is at a cost of KSh 1.24 Billion, equivalent to KSh 63.50 per share. In a statement to shareholders, the firm says the ordinary resolution of its intention to acquire 100% of BOC Kenya Plc shares together with Aksaya Investments LLP, “…be approved and ratified and the directors of the company b authorised to perform the company’s obligations in relation to completing the offer.” BOC Kenya is a…