Author: Muindi

Kenyan retailer Naivas opened its 64th store in Syokimau to serve the burgeoning population of residents and businesses in the Western side of Machakos County. It is the third store to open since March after Mountain View and Kilimani branches. The new store occupies 21,000 square feet of retail space, is the second in Syokimau, and is intended to complement the first one located at Gateway Mall.   READ World Bank’s  IFC Acquires KSh1.5bn Minority Stake in Naivas Supermarket Quick Mart Supermarket Expands to Kilimani, a High Purchasing Power Neigbourhood Naivas Chief Commercial Officer Willy Kimani on Tuesday stated that the…

TransCentury PLC Board of Directors has postponed indefinitely the shareholder’s Extraordinary General Meeting (EGM) that was to be held Thursday. “This is due to circumstances beyond the control of TC and in view of this the Board has found it necessary to reschedule the EGM and will be issuing a new notice after consulting with all relevant stakeholders,” Virginia Ndunge, Company Secretary said. The EGM was meant to discuss and vote on the proposed delisting of the firm from the Nairobi Securities Exchange(NSE). Mr. Shaka Kariuki, TransCentury Chairman in a circular had informed investors that delisting from the NSE was “…a…

The Central Bank of Kenya (CBK) is likely to retain the base lending rate at seven percent, analysts say. The Monetary Policy Committee of the CBK meets Wednesday to take stock of the developments in the pandemic-hit economy since its last meeting in June and chart a way forward, against the backdrop of stable inflation and exchange rate. In June, the headline and core inflation eased sharply to 4.59 percent and 1.6 percent respectively in June reflecting reduced demand and food price pressures. In the previous MPC meeting held on June 25, the regulator maintained the Central Bank Rate (CBR)…

Equity Group has been named Africa’s best bank in this year’s Euromoney Awards for Excellence and for the second time the continent’s Best Digital Bank. According to Euromoney, the regional lender managed a rare feat for banks in the continent, to become a domestic champion and substantial regional player in East Africa.  This year, Euromoney introduced The Excellence in Leadership award category that recognized the efforts made by banks in responding to the COVID-19 pandemic for its employees, clients, own business, societies and economies.  Equity was recognized for its proactive involvement in initiatives that have benefited the community in which…

CIC Asset Managers’ market share rose to 39.01 percent from the 35.1 percent it held in March last year according to the Capital Markets Authority (CMA) latest data. Assets under CIC Unit Trust surged to KSh29.78 billion in comparison with KSh22.39 billion held in a similar period last year making it the largest overall Unit Trust Fund Manager with an Assets Under Management (AUM). “CIC Unit Trust scheme managed the highest assets under management of Sh29.78 billion which represents 39.01 percent of the total assets under management,” the CMA said in its June 2020 statistical bulletin.  In the report, Britam’s…

TPS Eastern Africa (Serena) says it registered a Net loss of KSh 640.9 Million for the half-year period ended 30th June 2020. In the six months ended 30th June 2020, its revenue fell to KSh 1.1 Billion from KSh 2.7 Billion at the end of the first half of 2019.  The listed hospitality chain which operates upscale hotels and resorts in East Africa, Southern Africa, and South Asia suffered an exchange loss on its foreign currency loans of KSh 149.5 Million from a loss of KSh 18.4 Million. Subsidiary companies include TPS (Kenya) Limited which owns Nairobi Serena Hotel, Amboseli…