Acorn Holdings, a real estate developer listed on the Nairobi Securities Exchange (NSE), is set to delist from the bourse. The company has opted for early redemption of its KSh5.7 billion green bond, issued in 2019. The bond, held by Acorn Student Accommodation (ASA) Development Reit, has been paying an annual interest rate of 12.5%. The ASA D-REIT develops student accommodation properties and sells them to the ASA I-REIT upon achieving stable occupancy, generating capital gains for D-REIT investors. The 5-year medium-term note, originally scheduled to mature on November 8, 2024, will be redeemed on October 4, 2024. Investors will…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Kakuzi Plc’s shareholders have expressed support for the company’s sustainability-focused diversification and expansion plans, which include investments in Ag-Tech, water stewardship, and new commercial produce. Kakuzi Plc shareholders have supported the company’s diversification and expansion plans. As part of its sustainability strategy, Kakuzi plans to invest Ksh100 million next year in agricultural technology (Ag-Tech), water stewardship, carbon emissions reduction, waste reduction, and the introduction of new commercial produce like blueberries and expanded livestock. Kakuzi Board Chairman Nicholas Ng’ang’a says the company’s growth beyond a traditional farm enterprise and its commitment to deepening investor relations. Managing Director Chris Flowers highlighted the…
Kenyans living and working abroad sent a record-breaking US$427.2 million in remittances to Kenya in August 2024, surpassing previous highs. The increase was driven by higher inflows from America and Australia. Kenyans living and working abroad sent a record-breaking US$427.2 million (KSh55.2 billion) in remittances to Kenya in August 2024. This marks a 3.1% increase from July 2024 and a 20.6% increase from August 2023, driven by higher inflows from America and Australia. Remittances from the United States and Australia drove the surge, offsetting declines from Europe, Asia, and Africa. Since 2015, diaspora remittances have been Kenya’s primary source of…
Safaricom, Kenya’s leading telecommunications provider, has significantly upgraded internet speeds for home and business customers. This move addresses the growing demand for faster data transfer and processing. According to the upgrade, the telco offers a new “Platinum Package” with speeds of up to 1 Gbps (1000 Mbps) for KSh 20,000 per month. This caters to users with high-bandwidth needs like 4K/8K streaming, online gaming, large file transfers, and virtual reality. OLD SPEEDS NEW SPEEDS PRICE (KES) BRONZE 10 Mbps 15 Mbps 2,999 SILVER 20 Mbps 30 Mbps 4,100 GOLD 40 Mbps 80 Mbps 6,299 DIAMOND 100 Mbps 500 Mbps…
Kenya is steadily moving towards a greener, more sustainable future, and the electric vehicle (EV) industry is playing a crucial role in this transformation. On September 22, 2024, the nation’s largest electric bike manufacturer, Spiro Kenya, showcased its prowess at the largest electric vehicle parade held at the Kenyatta International Conference Center (KICC) in Nairobi. The parade featured an impressive lineup of electric four-wheelers, three-wheelers, and two-wheelers, all gathered to celebrate Kenya’s progress in embracing EVs and positioning itself as a leader in the transition to a green economy. Among the diverse fleet of vehicles, Spiro Kenya stood out by…
Kenya has released a performance benchmarking study aimed at reducing greenhouse emissions in energy-intensive industries. The study, conducted by the Energy and Petroleum Regulatory Authority (EPRA), focused on the cement, sugar, tea, dairy, flower, fast-moving consumer goods, and hospitality sectors. The study revealed variations in energy efficiency performance among these industries. While some sectors outperformed international benchmarks, others, such as tea and sugar, lagged. EPRA recommends adopting electricity efficiency utilization ratio benchmarks as a cost-effective way to mitigate emissions and reduce production costs. The study will inform the establishment of energy performance benchmarks and metrics for the targeted industries. Daniel…