Author: David Indeje

Shareholders of listed utility company Kenya Power & Lighting Company Plc (KPLC) have approved the government’s proposal to appoint five directors to its board. The proposal, which was voted on during the company’s Extraordinary General Meeting (EGM) allows the minority shareholders to elect four more directors to the Board.  “Currently, the Government holds 50.09% of the Company’s shares. The approved amendments give the Government, as the Majority Shareholder, the right to appoint five directors while the remaining shareholders will elect four directors,” the power company said in a statement. The proposed changes are aimed at enhancing good governance practices, in the…

Safaricom has revealed the impressive performance of its M-PESA apps, which offer convenient and secure mobile money services to consumers and businesses. The M-PESA Super App, which targets individual customers, has been downloaded 8.5 million times and has 1.6 million active revenue-generating customers. The app allows users to send and receive money, pay bills, buy airtime, and access other financial services. According to the telco’s six-month September 2023 financial results, the value of transactions made through the app reached KShs 897 billion, with the volume of transactions totalling 902.9 million. The app also generated revenue of KShs 5.2 billion, indicating…

British International Investment (BII), a UK development finance institution, has agreed to sell its 10.13 per cent stake in I&M Group to East Africa Growth Holding, an investment vehicle established by Africinvest Fund IV and its affiliates. The transaction is subject to customary conditions, including regulatory approvals in Kenya and other countries where I&M Group operates, the bank said in a statement. “Completion of the proposed transaction is subject to certain conditions that are customary to transactions of this nature including receipt of all regulatory approvals in Kenya and in other countries where the company has operating subsidiaries,” I&M said…

Safaricom, Kenya’s biggest telecoms operator, reported strong growth in profitability for the first half of the financial year 2023-2024 on Thursday.  The net income of the Kenyan business increased by 10.9% to KES 41.6 billion, while the group net income, excluding minority interest, rose by 2.1% to KES 34.2 billion.  The group service revenue also grew by 10% compared to the same period last year. The improved performance was mainly driven by the reduction of prices in the Kenyan market, which enabled customers to access more services at lower costs.  Since 2020, Safaricom has reduced the prices of data by…

Agricultural firm Sasini Tea and Coffee has issued a profit warning for the fiscal year ending September 2023, projecting net earnings to be 25% lower than in 2022. The firm cites high production costs and a severe drought in the first six months of the fiscal year that impacted its bottom line. “The major challenges during the year were occasioned by the very high cost of production due to unplanned escalation of input costs, the severe drought witnessed in the first six months of the financial year which affected production volumes negatively, lower than expected coffee prices and the effects…

Kenya says it will not default on its debt obligations, especially the $2 billion Eurobond that matures in June 2024. Deputy Central Bank of Kenya Governor Susan Koech said the government has a plan to manage the Eurobond through a liability management exercise before the end of this year. She said the government is committed to fiscal consolidation and debt sustainability and has budgeted for the Eurobond repayment. “If you look at the government’s plan, especially on fiscal consolidation, you will see a deliberate effort from the government to ensure that the public debt remains sustainable. I think what has…