Author: Muindi

Tax collections for the first quarter of the 2020/21 fiscal year fell almost 15% to Ksh.317.7 billion against the previous year’s Ksh.151 billion. This largely attributed to the COVID-19 pandemic which hit on various tax heads including excise duty and income taxes according to the National Treasury statement on actual revenues and net exchequer issues as of September 30, 2020. From the data, Kenya Revenue Authority (KRA) in September collections declined 14.2 percent equivalent to Ksh.129.6 billion from Ksh.151 billion in September 2019. Non-tax revenue collections doubled in the period to Ksh.24.9 billion from Ksh.12 billion last year. Cumulatively, ordinary…

Shanta Gold Ltd (LON: SHG) says its West Kenya project has an average annual production of 105,000 ounces forecast over nine-years according to an independent Scoping Study. The West Kenya Project is made up of two greenfield deposits, the Isulu and Bushiangala Prospects and the company says the study which is still at an early stage estimation of the project, will still require a pre-feasibility and bankable feasibility study before construction approval, a process that could take up to three years, according to Shanta Gold CEO, Eric Zurrin. “The board is committed to making the investment to confirm the viability…

KCB Group has received KSh16.2billion ($150 million), from the International Finance Corporation (IFC) to support the growth of the Bank’s sustainable climate finance portfolio and scale-up lending to micro, small and medium enterprises. “The facility is aligned with our green financing goals, will enable us to expand our financing to SME and special market segments like women and youth-owned enterprises that are critical to the growth of the economy, but are facing acute financing gap,” KCB Group Chief Executive Officer and Managing Director Joshua Oigara said. “It complements Government’s effort, through the MSME guarantee scheme, to avail funding to this…

Kenya Airways (KQ) and Delta Air Lines have expanded their current codeshare agreement further strengthening their existing interline partnership enabling frequent fliers of both airlines to earn points when travelling on each other’s networks and other benefits. This adds 3 more points in the USA ahead of the resumption of its flights to New York on 31 st October 2020.  “The one-stop service via New York into North America is critical especially in the current environment as Kenya Airways continues to focus on offering safe travel by reducing the amount of connections needed by passengers connecting to and from Africa,”…

Paint manufacturer Crown Paints Plc plans a pre-emptive rights issue that will see its shareholders participate in the acquisition of 71,181,000 out of the 92,526,000 newly created shares to bring the Group’s indebtedness to a more sustainable level. In addition, to take advantage of its long-term growth opportunities and gain market share in the East African region. “While the Company’s business outlook in Kenya is secure, its subsidiaries (Crown Paints Tanzania Limited, Regal Paints Uganda Limited and Crown Paints Rwanda Limited) performance for over the last few years has remained depressed due to the adverse competitive environment which has led…

The Capital Markets Authority (CMA) has granted a ‘No Objection’ to Pezesha Africa Limited, a secure Peer to Peer marketplace platform to operate its debt-based crowdfunding platform in the Kenyan capital markets. This follows a successful one-year testing period in the Regulatory Sandbox, which was launched in March 2019. A Crowdfunding Platform is a website that allows firms and entrepreneurs to raise and collect funds from investors, contributors and donors. The No Objection has been issued subject to Pezesha’s maintenance of existing compliance requirements including; an appropriate financial risk management framework, adequate local capital market transaction control procedures and efficient,…