Author: David Indeje

SafeBoda, a community of entrepreneurs and motorcycle drivers Monday said that it will halt the company’s operations in Kenya. In a statement, the company says it will pause rides & send services from the 27th of November 2020 citing the difficult operating environment. “While Nairobi is seeing some economic recovery from Covid-19, Boda transportation has been hit hard. This has meant our business cannot sustainably operate in this environment and unfortunately, the timeline for a full recovery is not certain,” read part of the statement. SafeBoda launched in Nairobi in August 2018. “In Nairobi, we set out to professionalize and…

Kenya’s Ministry of Education has said all schools will reopen on January 4. According to the Education Cabinet Secretary George Magoha, the first term will end on March 19.  “In compliance with the directive, the Ministry of Education has met with all stakeholders to deliberate on the current preparedness for full resumption of learning of all learners in all basic education learning institutions on January 4,” said Magoha.  “Pre-Primary 1 & 2; Grade 1, 2 & 3; Class 5, 6 & 7; and Form 1, 2 & 3 learners will start their Term 2 on 4th January 2021 and end…

Quick Mart supermarket expects to lure new customers with its fresh food concept at its newly opened 35th store in Nanyuki. The Kenyan homegrown retailer riding on its strategic investor Adenia Partners, a private equity fund management company based in Mauritius, will be the anchor tenant at Nanyuki Mall taking up space left behind by the Tuskys. Adenia Partners bought a controlling stake in Tumaini Self Service Limited through its special purpose vehicle Sokoni Retail Kenya Limited in 2018 for an undisclosed amount. https://twitter.com/QuickmartKenya/status/1324697596061954050?s=20 Market analysts state that the investment is supported by positive demographics with Nanyuki having a population of…

I&M Holdings PLC has sought shareholder approval to acquire a 90 percent stake in Orient Bank Uganda. Shareholders will consider the proposed USD 33.6 million (KSh3.6 billion) transaction during an Extraordinary General Meeting (EGM) scheduled for  2 December 2020. If approved, the lender will buy the shares from Hemlata Karia, Jay Karia, Morka Holdings Limited, Zhong Shuang Quan, Cornerstone M8 Limited, and the bank’s founder Ketan Morjaria. Dr. Morjaria holds a 7.91 percent stake, will only sell part of his shares, and will retain a 5.5 percent equity in what will become I&M’s subsidiary. Mr. Alemayehu Fisseha will retain a…

SBM Bank Kenya Ltd is rationalizing its branch network in Nairobi and Mombasa cities. The rationalization will see 5 branches that are co-located or in close proximity closed effective 12 December. “This review is necessary to rationalize our presence in different locations in line with current and potential client activity on one hand, and on the other hand the related services required,” the Bank said in an emailed statement Thursday. Branches to be affected include Ngara Branch, Dagoretti Express, Lunga Lunga Branch, Jomvu Express, and Moi Avenue Branch – Mombasa. However, the closure will not affect the availability of the…

French oil company Total has acquired an entire stake in Tullow Oil Plc for $500 million (KSh54.5 billion) in Uganda. The transaction involves the transfer of Tullow’s entire interests in Blocks 1, 1A, 2, and 3A in Uganda and the proposed East African Crude Oil Pipeline (EACOP) System to Total Uganda. Tullow will receive an additional $75 million (KSh8.2 billion) when a Final Investment Decision (FID) is taken on the development project. “The closing of this transaction follows the satisfaction of all deal conditions, announced on 21 October 2020, which included the execution of the binding Tax Agreement, the approval…