Author: David Indeje

Equity Group Holdings PLC has announced the completion of its acquisition of 66.53 percent stake in the Banque Commerciale Du Congo (BCDC) USD 95 million (Ksh10.2 billion) after initially settling for USD105 million (Ksh11.3 billion). “Equity and the seller also agreed to a reduction in the consideration from $105 million (KSh11.3 billion) to $95 million (KSh10.2 billion), both parties having taken into account the events that have taken place since the entry into the agreement and particularly that the Covid-19 pandemic is having adverse effects on the economies of the world and the economy of the Democratic Republic of Congo,”…

Demand for apartments in Kenya accelerated in the second quarter as home buyers opted for cheaper houses. Kenya Bankers Association’s (KBA) Housing Price Index for the quarter showed that demand for apartments more than doubled accounting for 75.6 percent compared to 33 percent of the concluded sales in quarter one. Subsequently, bungalows and Maisonettes jointly accounted for 24.4 percent of the concluded sales compared to 12 percent and 10 percent respectively in quarter one.  “A rise in both the demand for apartments and bungalows and a decline in Maisonettes is suggestive of a market leaning more in search for affordability…

Kenya Wildlife Service (KWS) says it has contained the fire at Tsavo National Park. The fire broke out on Saturday along the Maktau-Taveta Road to the South of Murka, according to the Sheldrick Wildlife Trust (SWT). KWS said the fire “…is suspected to have been lit by arsonists”. On Monday it announced that “The fire has now been put off, thanks to efforts by an interagency team.” In a statement it clarified that the fire had been contained on Sunday night, but “strong winds in the area ignited it,” around the Murka area in Tsavo West National Park. https://twitter.com/SheldrickTrust/status/1292825816045363201?s=20 According…

Limuru Tea Company says it posted a pre-tax loss of Ksh 11 million for its unaudited results in the first half of 2020 compared to KSh 26 million last year. “This reduction in loss is attributed to Topline growth and effective cost management initiatives,” said the Board Chair in the financial statement.  Total revenues increased by 72 percent to Ksh50 million in the period compared to Ksh 29 million realized in the same period of 2019. This increase in the first half of 2020 was driven by higher sales volumes which offset the adverse impact of declining market prices. During…

School has resumed its virtual education program for the 2020-2021 academic year Brookhouse school in Kenya has announced no tuition or fees increase for the 2020-2021 academic year. The management of Brookhouse School on Monday said the institution does not require any fee for re-enrollment of its students as per the letter sent to parents on 5th August 2020. “The re-enrolment form is a standard form used around the world by schools as a means of better administrative planning for timetable delivery and how best to arrange classes for the start of a new academic year,” Brookhouse Director Rabih Saab.…

Kenya’s equities market closed bearish in the week ending August 7, 2020, with a dip in the Nairobi Securities Exchange All Share Index (NASI), NSE 20 Share Index (NSE 20) and NSE 25 Share Index (NSE 25) recording declines of 2.0 percent, 2.6 percent, and 2.3 percent, respectively.  The number of shares traded and equity turnover rose by 94.0 percent and 54.2 percent, respectively during the week,” the CBK said in its weekly bulletin. The NASI performance was driven by declines recorded by large-cap stocks, with the highest declines being recorded in ABSA, KCB, and NCBA, which lost by 4.4…