Author: Muindi

Chandarana Foodplus Supermarket has announced the expansion of its retail sales network by adding its store as the anchor tenant at the prestigious ultra-modern Golden Life Mall in Nakuru, taking its total count to 23 in the country. Golden Life Mall Nakuru is situated along the main Nakuru-Eldoret Road within Nakuru Town, a project of the Egerton University Retirement Benefits Scheme. Chandarana Foodplus will occupy the mall’s retail centre which has three levels -Lower Ground floor (39,954 sq.ft), Upper Ground floor (40,891 sq.ft) and First Floor (38,681 sq.ft). Chandarana Foodplus is an independent chain of supermarkets locally owned, located in…

African digital music platform Mdundo says its platform recorded 16.4 Million unique users for the quarter ending September 2021, a 10 per cent growth, from the previous quarter. The platform attributes this to a significant increase in Tanzania, Kenya and South Africa.  Tanzania had the platform’s biggest user base in the quarter, recording 4.1 Million unique users, with Nigeria and Kenya recording 3.1 Million and 2.6 Million users respectively. In Kenya, Mdundo grew by 13 per cent to 2.6 Million unique users contributing 15 per cent of the platform’s total audience in the period. “The rapid growth across the region…

The governments of Kenya and the Democratic Republic of Congo in partnership with Equity Group to lead a 15-day trade mission to DRC in an effort to deepen trade relations between the two nations. The Kenya-DRC Trade Mission is targeting over 200 investors and business participants from Kenya, and a similar number from DRC will be held between 29th November and 13th December 2021. The Trade Mission will highlight trade and investment opportunities in DRC and in line with both governments’ agenda of fostering regional trade and driving business growth by unlocking investment opportunities in East and Central Africa. “DRC…

Kenya’s foreign exchange reserves declined by KSh38.4billion in October, the Central Bank data shows. The country’s dollar reserves currently stand at $9.175billion ( KSh1.02trillion), according to the CBK latest weekly bulletin. This is equivalent to 5.6-months of import cover. In the months of June and July, the reserves were boosted by USD 407.0 million IMF disbursement and USD 130.0 million World Bank loan financing received in June 2021 and the USD 1.0 billion proceeds from the Eurobond issued in July 2021 respectively. In addition, improved diaspora remittances evidenced by an 18.8 per cent y/y increase to USD 309.8 million in…

Listed utility company Kenya Power & Lighting Company Plc (KPLC) posted  KSh 1.5 billion profit after tax for the financial year ended June 30, 2021. Kenya Power says its profit before tax of Kshs.8.2 billion for the period represented a 216 per cent YoY growth compared to a loss before tax of Kshs 7.04 billion the previous year. Vivienne Yeda, the Boards Chair attributed the strong performance to the company’s 2020 turn-around strategy that focused on improving customer experience, growing sales, enhancing revenue collection, enhancing system efficiency, and prudent cost management. Unit sales for the year under review recorded a…

Proparco has granted Equity Bank two guarantee facilities, ARIZ and EURIZ totalling €39 million (Ksh 5 billion) for onward lending to Kenyan MSMEs. Proparco also granted a Ksh. 71 million (€550,000) technical assistance facility to support Equity Group Foundation’s health projects. The EURIZ guarantee and the technical assistance grant were supported by the European Union and the Organization of African, Caribbean and Pacific States. Equity Bank has over the years supported high-impact development programs through the Equity Group Foundation. These include programs in Education and Leadership Development, Energy and Environment, Food and Agriculture, Health, Financial Inclusion and Enterprise Development and…