Author: David Indeje

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…

Stabex International (STABEX), an oil marketer and a fast growing petroleum company in Uganda, has invested in an disclosed amount in Liquefied Petroleum Gas (LPG) brand aiming a significant share of the market in Kenya. The company says it will be leveraging on a distribution network of more than 70 retail petrol stations. It is projected that coordinated marketing efforts by Stabex will grow LPG usage resulting in a market expansion of 6% in three years. “LPG usage has an untapped market size of about 83% and 89% in Kenya and Uganda respectively. At Stabex, we see this as a huge…

KCB Group has posted a 43% drop in net profit for the nine months that ended on 30th September 2020 to KSh 10.9 billion attributed to high loan provisions. The latest results are a decline from KSh19.2 billion posted in the same period the year before. https://twitter.com/KCBGroup/status/1326515718960058368?s=20 KCB Group’s loan provisions surged fro. KSh5.8 billion to KSh 20 billion due to the Covid-19 impact. “This has been a challenging period for the business, staff, customers, and the economy. Our focus has been on keeping our staff and customers safe while at the same time giving business support to the communities…