Author: Muindi

Kenya Mortgage Refinance Company (KMRC) has been given the green light by the Capital Markets Authority (CMA) to roll out a Kshs 10.5 billion medium-term bond programme. KMRC targets to raise Kshs 1.4 bn during the first tranche of issuance at a 5.0 per cent rate, for onward lending to homebuyers at single-digit rates. The participating primary mortgage lenders (PMLs), which are also KMRC shareholders include KCB, Co-operative, DTB, HF Group, NCBA, Absa, Stanbic and Credit Banks. The SACCO PMLs are Kenya Police, Mwalimu National, Safaricom, Ukulima, Bingwa, Imarisha, Unaitas Imarika, Tower, Stima and Harambee. The sole MFI is Kenya…

The Kakamega High Court has restrained Sarai Group from carrying on its activities at the Mumias Sugar company for ten days. This is the second court order relating to the leasing of the miller. Justice Wilfrida Okwany issued interim orders to enable respondents to file their responses. “The subject matter involves the lease of Mumias Sugar and it’s of great concern to the public and is the subject of court litigations before the various courts including this court… I am satisfied that on the material provided before this court the applicant has made out a case for the granting of…

Coca-Cola Africa Operating Unit on Thursday unveiled JAMII, its new Africa-focused sustainability platform.  The platform was developed jointly by its bottling partners to be delivered together with bottling partners, system employees and various NGO partners. The JAMII  sustainability platform reflects Coca-Cola Africa’s mission and initiatives to empower and protect the communities and the environment in which we operate. The platform houses the Company’s existing and new sustainability initiatives through which Coca-Cola hopes to attract like-minded partners to help accelerate the on-the-ground impact of its initiatives. “We recognize the responsibility we have as market leaders to make a meaningful difference. Whether…

Equity Bank has reduced the duration it takes to settle PayPal withdrawals to one business day from three business working days. Equity Bank Kenya Managing Director Gerald Warui says the development enables customers to have quick access to their money.  “The reduction in the settlement period is of great significance as the country moves towards growing the uptake of ecommerce,” he said via an emailed statement. “Covid-19 has forced many small businesses to adopt a digital operating model including the adoption of cash lite payment models such as direct payments into their Equity accounts through PayPal.” “The reduced settlement period…

Ufundi Cooperative Plaza, a 14-story high-rise building in Nairobi Central Business District is up for sale. This was after Justices Eric Obaga, Kossy Bor and Bernand Oboso of the Environment Court resolved an 11 years dispute between Ufundi Savings and Credit Co-operative Society Limited and its 14,999 members. The building located at the junction of Moi Avenue and Moktar Daddah Street is on a commercial plot of approximately 0.0546 hectares. (L.R. No.209/2571. Its approximate lettable area is 49,000 sq. ft, the Sacco said in its notice of sale with a leasehold title of 99 years with effect March 1, 1998.…

SimpliFine, a Kenyan integrated food producer, has commissioned its Individual Quick Freezing processing line to expand the production of fresh French fries to offer frozen French fries. The company says this will reduce its reliance on imports.  “SimpliFine launched its French fry business in 2021 and has built strong relationships with local suppliers and customers. We invested in new technology to produce quality French fries that serve a broader market in Kenya and the region,” said Steven Carlyon, the SimpliFine president for Kenya. SimpliFine is leveraging BigCold’s advanced supply chain management and operational expertise to ensure locally sourced quality food…