Author: Muindi

The Kenya Revenue Authority (KRA) has dismissed a message circulating on social media that claims the authority is taxing till numbers. The message is fake and has no basis, the authority said on the X platform. “Till numbers are NOT subject to taxation, and KRA does not collect any such taxes,” the post said. The authority has also warned Kenyans to be wary of fraudsters who are posing as KRA and demanding taxes on till numbers and other Lipa na M-PESA services.  Not true. Till numbers are NOT subject to taxation, and KRA does not collect any such taxes. Beware…

The High Court has temporarily suspended its earlier judgement that declared the Housing Levy unconstitutional, allowing the Kenyan government to appeal the decision.  The court granted the stay until January 10, 2024, after the Kenya Revenue Authority, Attorney General, and Speaker of the National Assembly, Moses Wetang’ula, requested 45 days to file their appeal. Justice David Majanja said the court had the power to grant the stay even after finding the law unconstitutional.  “The respondents are also entitled to exercise the right of appeal to the Court of Appeal and even the Supreme Court. We are inclined to grant the…

Browns Investments PLC has completed its acquisition of James Finlay Kenya from Finlays. The deal, announced in May 2023, excludes the Saosa tea extraction facility, which remains under Finlays’ ownership. Browns Investments PLC, a Sri Lankan company with a long history of operating plantation businesses, owns three tea-producing companies in Sri Lanka, with a total area of over 30,000 hectares and more than 10,000 employees. James Finlay Kenya covers a self-contained area of 10,300 hectares, including 5,200 hectares of tea fields over nine tea estates. As part of the sale agreement, Browns and Finlays have agreed to offer 15% of…

Monica Chege, Head of Marketing at Jubilee Health Insurance, has been named Marketer of the Year 2023 at the Marketing Society of Kenya (MSK) Awards 2023.  The award recognizes an outstanding individual who demonstrates a comprehensive mastery of marketing planning, from the inception of strategic concepts to successful execution. The award also celebrates professionals who have shown exceptional expertise in various facets of marketing, contributing to the growth and success of their organization. Jubilee Health Insurance also received the Best PR Campaign Award 2023 for its AFYA MASHINANI initiative, which aims to revolutionize healthcare accessibility for underserved communities across Kenya.…

Two listed companies, Crown Paints Kenya PLC and WPP Scangroup, have issued profit warnings for the financial year ending 31st December 2023. Crown Paints, a leading paint manufacturer, expects its full-year earnings to drop by more than 25% compared to the previous year.  The company attributed the decline to “The increased cost of raw materials, increase in transportation costs, volatility in foreign exchange rates and the slowdown in economic activities during the year. WPP Scangroup, a marketing and communication group, expects its full-year earnings to be lower than the previous year as well. The group said that the subdued economic…

ILAM Fahari Real Estate Investment Trust (ILAM Fahari I-REIT) has received the approval of its unitholders to undergo a major operational restructuring and delisting.  The unitholders passed all the resolutions recommended by the REIT Manager and the Trustee during an Extraordinary General Meeting (EGM) held on Friday, November 24th. The resolutions include: Converting ILAM Fahari I-REIT from an unrestricted to a restricted I-REIT will allow it to pursue a more focused investment strategy (93% approval). Delisting ILAM Fahari I-REIT from the NSE will provide greater flexibility in managing the REIT’s portfolio (92% approval). Quoting ILAM Fahari I-REIT units on the…