Author: David Indeje

Equity Bank has been ordered to stay away by the High Court after it placed Transcentury and the East African Cables under receivership and administration for defaulting on KSh3.01 billion. In a statement issued Monday, TransCentury PLC said the injunction is on the basis that Equity Bank ” illegally appointed a receiver while parties were engaged in negotiations in addition to the brazen breach of procedures set out in the law.” The injunction puts a stop to the appointment of the receivers and restrains them or their agents from performing any actions in the capacity of receivers of the company.…

Investment firm, TransCentury PLC has been placed under administration over a KSh4.8 billion loan owed to Equity Bank Group. PricewaterhouseCoopers (PwC) has taken over the management of the firm and its subsidiary, East African Cables. “The placement of TransCentury into receivership was occasioned by the company’s continued failure to meet its financial obligations to Equity Bank after advancement of certain loan facilities to the company in 2013,” said PwC in the statement. “The company’s obligations to the bank currently stand at circa $34.3 million. The bank, therefore, exercised its powers under its securities by appointing the receivers to take control…

Kenya’s National Treasury has cut the 2022–2023 fiscal year budget deficit to 4.4 per cent from an estimated 5.8 per cent in the current financial year. “The fiscal consolidation plan targets to gradually reducing the fiscal deficit including grant from 6.2% of GDP in financial year 2021/22 to 5.8% (Ksh 824 billion) of GDP in financial year 2022/23 and 4.4% ( Ksh 718 billion) of GDP in 2023/24 and further reducing fiscal gap to 3.6% in financial year 2025/26,” Treasury Cabinet secretary Njuguna Ndung’u said on Thursday in his Budget speech. This means that the Kenya Revenue Authority (KRA) will…

AGRA Kenya has announced its 5-year plan to enhance the resilience of smallholder farmers by strengthening market systems and facilitating an enabling policy environment. This is in recognition that many Kenyans depend on agriculture for their livelihood, yet sector inefficiency is widespread across most regions and the rest of the country. Farmers cannot access reliable markets; buyers cannot access reliable markets; they cannot source adequate quantities of produce; and intermediaries cannot cost-effectively provide services. For instance, maize and sugarcane are the most important crops in Western and North Rift Kenya, with maize being the main food crop. Farmers are not…

Africa is tipped to be the next engine of growth for the hotel industry, as global hospitality brands, Radisson and Marriot embark on aggressive expansion. Radisson Hotel Group and Marriott International are rushing to capture a share of the growing African market. Radisson Hotel Group has announced the signing of seven new hotels across the continent, adding over 1,400 rooms to its African portfolio. Marriott International, meanwhile, aims to sign five new deals in Africa under its Protea Hotels brand. According to The Kenyan Wall Street, Marriott plans to expand its presence in Botswana (Marriott Serowe), Ethiopia (Marriott Bahir Dar),…

Aga Khan University Hospital, Nairobi (AKUH, N) is making a strategic move to tap into the growing market of inbound medical tourism, according to Rashid Khalani, the CEO. Rashid says they have recognised the potential for attracting international patients seeking high-quality healthcare services, and the hospital aims to position itself as a premier destination for medical tourists. “Three years ago, we began implementing a new strategy of running specialist clinics at our outreach centres which previously only offered primary care. The clinics are run by our specialists from the main hospital, ensuring that the same quality of care offered at…