Author: Muindi

Kenyans working across the globe sent home Ksh 28.4 billion ($263.1 million) in October, a 17.3% increase compared to Ksh 22.4 billion ($224.3 million) same period last year. Data from the Central Bank of Kenya further indicate that cumulative inflows in 12 months ending October 2020 totaled Ksh 324.6 billion outpacing last year’s performance when remittances amounted to Ksh 292.7 billion. Diaspora remittances are part of Kenya’s largest foreign exchange earner, largely contributing to the country’s forex reserves aimed at stabilizing the shilling. The Central Bank of Kenya conducts a survey on remittance inflows every month through formal channels that…

Carbacid Investments plc posted a 23% jump in net profit for the financial year ended 31st July 2020 to KSh324.7 million from KSh264.6 million in the previous year. The investment holding company that has invested in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid (CO2) Limited, revenue grew by 8.3% to KSh 682.9 million from KSh 630.5 million compared to the same period in 2019. In its half-year results, it recorded a 70% increase in net profit driven by a reevaluation of its equity investments. However, the firm said it was negatively impacted by an…

Pan-African communications service provider Liquid Telecom has successfully connected 152 schools to website domains as part of a broader effort to enhance schools’ abilities to deliver online learning and services across the country in partnership with Kenya Network Information Centre (KENIC). The programme, launched in May 2020, features schools from across 19 counties including Bungoma, Trans Nzoia, Migori, Homabay, Kakamega, Narok, Busia, Kisii, Nandi, Kiambu, West Pokot, Nyamira, Siaya, Uasin Gishu, Turkana, Vihiga, Elgeyo Marakwet, and Kilifi with the target to register 2000 sc.ke domains. KeNIC Chief Executive Officer Joel Karubiu said, “The Pandemic has heightened the need for digital…

Manufacturers have launched standards aimed at enhancing efficiency and accountability at the ports and border points in the country. The Standard Operating Procedures (SOPs) developed by the Kenya Association of Manufacturers (KAM) seek to ensure better and more efficient entry operations to facilitate trade and enhance the fight against illicit trade. The SOPs will provide a one-stop reference for all Government agencies tasked with ensuring efficiency and accountability in the inspection, verification, and clearance of imported cargo at the port and points of entry in Kenya. KAM chairman Mucai Kunyiha said enhanced public and private sector partnerships will go a…

Acorn Investment Management Limited has been licensed as a Real Estate Investment Trust (REIT) by the Capital Markets Regulator. The Capital Markets Authority said Acorn had met the requirements for REIT Managers as provided in the Capital Markets (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations, 2013; the Capital Markets (Corporate Governance) (Market Intermediaries) Regulations, 2011; and any other applicable Regulations. A REIT Manager, according to the (Real Estate Investment Trusts) (Collective Investment Schemes) Regulations 2013, is a company incorporated in Kenya and licensed by the Capital Markets Authority to provide real estate management services in respect of a Real…

Nairobi Securities Exchange has extended the suspension of Nairobi Business Ventures (NBV) from trading on the bourse to allow for completion of the company’s restructuring process. The Kenya-based company shoe, and leather accessories retail chain operates under the brand name KShoe, will remain suspended until 30th November 2020. The company’s restructuring process includes a share split, allotment, and issuance of shares to Delta International FZE. NBV shareholders approved the sale of 84% of the firm to Delta International FZE for Kshs 83 million. Other firms suspended at the exchange for a variety of reasons, include Deacons, Athi River Mining, Kenya…