Author: David Indeje

Regional retailer Tuskys Supermarket shareholders on Tuesday agreed to sell a majority stake of the company in an effort to recapitalise it. In a statement, Tuskys Chairman Bernard Kahianyu said shareholders of Orakam Holdings Ltd, gave a nod to the acquisition of a majority stake by any equity investor, paving the way for new leadership in the retailer. “The Orakam shareholders provided their nod to the acquisition of a majority stake in Tuskys by an equity investor who will further provide strategic leadership for the long term growth of the business and for the benefit of all stakeholders,” said Kahianyu.…

Standard Chartered ( StanChart ) Bank Kenya Limited is set to list additional shares on the Nairobi Securities Exchange (NSE) following shareholders’ approval during its Annual General Meeting.  The lender in a special resolution said it will list Kshs 171,755,285, “being part of the money now standing to the credit of the retained earnings account of the Company be capitalized…,” reads part of the resolution. However, the resolution requires the approval of the Capital Markets Authority (CMA) and the NSE. Bonus Share Issue Shareholders approved the payment of a final dividend of Ksh 7.50 half of what had been initially…

Kenya will sell an 11-year, amortised infrastructure bond to raise 70 billion shillings in August. The Central Bank said the money received will go to the funding of infrastructure projects in the FY2020/21 budget estimates. In a statement, it would receive bids for the bond until Aug.18, and auction it a day later at 10.900 percent. The Bond will be tax-free as provided for under the Income Tax Act. Investors will be able to redeem 50 percent of the outstanding principal amounts on 17th August 2026 with final redemption on all outstanding amounts on 11th August 2031. Only investors with…

Safaricom has said it will discontinue its pre-paid platinum, a life-style driven monthly service that is accessible from mySafaricom app. In an alert to their customers, the telco said, “Platinum Plans will not be available from Aug 30th 2020.” The Safaricom Platinum Plans were introduced in 2018 offering all value-for-money mobile packages to allow customers to enjoy affordable and convenient integrated with data, voice and SMS packages. As an alternate, subscribers will now opt for Postpay and All-in-one service packages. The All-in-one monthly package consists of data, talk minutes and SMS under its revamped offerings on Postpay. The revamped plans…

Safaricom is empowering its customers currently on 2G devices to upgrade and enjoy high-speed internet connectivity on its 4G network through a flexible smartphone purchase scheme in partnership with the tech giant, Google.   Dubbed Lipa Mdogo Mdogo, the telco’s customers will own 4G enabled smartphone by paying as low as KSh20 daily for almost a year. “Together with our key partner Google, and specifically Android, we are aiming for an additional one million customers who will be able to access and leverage the power of the internet,” Safaricom Chief Executive Officer Peter Ndegwa said. Currently, 4G smartphone penetration on Safaricom’s…

Kenya reported on Monday its total number of coronavirus cases had hit 17,975 with President Uhuru Kenyatta raising concerns over “the aggressive surge of infections” among young Kenyans. The health ministry reported 440 new cases and 5 deaths on Monday, taking the total number of infections and fatalities to  17,975 and 285, respectively.  The country’s Case Fatality Rate, stands at 1.6 percent, much lower than the global average according to the state. “The upsurge in the COVID-19 cases has mounted speculation of stricter containment measures during Monday’s meeting between the President and the Governors. That said, COVID-19 fallout has been…