Author: David Indeje

Kenya’s listed retailer, Uchumi Supermarket Ltd (NSE: UCHM) has agreed with its Board of Directors the restructuring of its debt by way of company voluntary arrangement. The Board approved a company voluntary arrangement in a meeting held on 20 March 2019 with John Karani, the Chairman in a public announcement saying the retailer needed to “De-leverage the business to reduce financial strain, improve liquidity and achieve operational normalcy.” The Board said the arrangement is subject to the approval at a meeting with the creditors to be convened in April – within 30 days from March 20 March 2019. “The creditors’…

The Government has formed a Task Force on National Risk Assessment on Money Laundering and Terrorism Financing (Task Force) to facilitate the conduct of Kenya’s National Risk Assessment on Money Laundering and Terrorism Financing. Henry Rotich, Treasury Cabinet Secretary said in a gazette notice dated 22nd March 2019. “The Financial Reporting Centre and the Bank Supervision Department of the Central Bank of Kenya shall be joint Secretaries of the Taskforce and the Secretariat will be based at the Financial Reporting Centre,” said Rotich. The team will be comprised of 30 institutions and departments, including the Capital Markets Authority, Kenya Bankers…

Afrobarometer, a pan-African research network that conducts public attitude surveys on democracy, governance, economic conditions in Africa, will release its report on the most popular destinations among potential migrants in Africa on Tuesday. The report will be based on data from 34 countries. “The most popular destination among potential migrants in Africa is neither Europe nor America,” said Afrobarometer on its Tweeter feed ahead of the report launch. https://twitter.com/afrobarometer/status/1105706077860085760 Data from the United Nations project that by 2050, it is projected that one in every four humans will be African as the continent doubles its population, accounting for more than…

The Kenya Urban Roads Authority (KURA) is planning Ngong Road Phase 1 maintenance between China Centre and Prestige plaza this week running through April. KURA says during the process, city motorists will expect traffic disruption along the Ngong Road lasting approximately 10 days from March 25 to April 5. “This is occasioned by some minor works to rectify defects and improve the section. Diversion lanes will be provided for traffic use,” explained Kura. “Diversion lanes will be provided for use,” the notice said. https://twitter.com/KURAroads/status/1109064876885008384 Currently, Japanese construction firm, World Kaihatsu Kogyo (WKK) is continuing with the expansion of Ngong Road Phase…

Women in manufacturing can now leverage on a partnership between Kenya Association of Manufacturers and SBM Bank Kenya to access finance. In a meeting held on Friday, SBM Bank Kenya CEO, Moezz Mir noted that the partnership will play a critical role in facilitating access to finance to enable women-owned and lead businesses take up opportunities within the manufacturing sector. “Access to capital remains a hindrance to entrepreneurship, business growth and expansion. This is especially true for women-owned and run businesses due to the reliance on traditional modes of finance that are heavily reliant on collateralization of assets,” Mir said.…

The Kenya Court of Appeal on Friday recognised that LGBT+ people have a right to associate. In a 3-2 decision, Justices Philip Waki, Asike Makhandia and Martha Koome agreed with an earlier High Court ruling that stated LGBT+ people have a right to form an NGO and blocking them was a denial of their fundamental rights. The NGO Coordination Board had sought to deny LGBT+ Kenyans the right to associate through an appeal. Justice Philip Waki told the court: “The issue of LGBT is rarely discussed in public. But it cannot be doubted that it is an emotive issue. “The…