Author: David Indeje

I&M Holdings PLC, Kenya’s ninth bank by assets has announced plans to acquire a 90 percent stake in  in Orient Bank Uganda. In a cautionary announcement issued on Monday, the lender said: “Shareholders of I&M Holdings Plc are advised that the company has on the 17th July 2020 entered into an agreement with the shareholders of Orient Bank Limited for the sale and purchase of incorporated shares comprising 90 percent of the issued share capital of Orient Bank Limited.” Although the terms of the transaction were not disclosed, the deal requires approval from the Central Banks of Kenya and Uganda,…

Fast food restaurants are expected to recover faster from the coronavirus pandemic, according to Knight Frank Africa Market Pulse Survey. Tilda Mwai, Researcher – Africa at Knight Frank says in their latest findings, 64 percent of the restaurants are expected to recover first in the retail sector followed by healthcare-related retail tenants at 14 percent. The survey looks at ‘Responses and Strategies for the COVID-19 Pandemic’ further found out that 31 percent of retail tenants reported to have requested for rent holidays were requested while 31 percent reported that a renegotiation of lease terms was requested. In addition to the…

Banks opt for short term gains Kenya’s total Public Debt rose to KSh 6.6 Trillion at the end of May The demand for shorter assets amid abundant liquidity in the market continues to drive yields lower due to the uncertainty regarding Kenya’s economic outlook. “The Treasury bills auction of July 16 received bids totaling KSh 65.2 billion against an advertised amount of KSh 24.0 billion, representing a performance of 271.5 percent. Interest rates on all the Treasury bills tenors decreased,” says the Central Bank of Kenya. During the week, 91-day paper registered the highest subscription at 746.9 percent, down from 948.1…

Artcaffé Group, a vibrant chain of Kenyan restaurants and bakeries opened its third location in Nairobi Central Business District. The lifestyle and a social hub new restaurant will be in Chester House, along Kimathi Street which has emerged as one of the busiest within the capital. The restaurant serves freshly baked artisanal bread and pastries. It also brews real Kenyan coffee, craft signature cocktails and leads the way in ‘modern casual dining in Kenya’. “Each part of the city has its own unique demographic and our restaurants reflect this through their own style, premium offers, and events calendars,” reads its…

The Central Bank should maintain the government’s inflation target range of 5.0 percent with a 2.5 percent margin on either side for the ninth straight year says Kenya’s National Treasury. Treasury serves as an advisory to the Central Bank of Kenya on Price Stability Target and Economic Policy, requires the regulator to achieve the target in the 2020/21 fiscal year to preserve macro-economic stability and reduce undesirable fluctuations in economic performance. “The flexible margin of 2.5 percent on either side is to cater for effects of external shocks such as adverse effects of the COVID-19 pandemic and oil price variations.…

Agricultural company Kapchorua Tea Kenya reported a profit of KSh19.4 million for the financial year ended 31st March 2020. This is compared to a loss of KSh125.7 million during the previous financial year. Kapchorua Tea declared a final Dividend Per Share of Ksh 10.00 (11.3% dividend yield), with book closure slated for 30 July 2020. It grows tea in Kenya and manufactures and sells tea products under the brand name Williamson Tea. Kapchorua and Williamson Tea are scheduled to hold a joint AGM on 20th August 2020. The company also has interests in forestry. Formerly known as Kapchorua Tea Company…