ILAM Fahari Real Estate Investment Trust (ILAM Fahari I-REIT) has received the approval of its unitholders to undergo a major operational restructuring and delisting. The unitholders passed all the resolutions recommended by the REIT Manager and the Trustee during an Extraordinary General Meeting (EGM) held on Friday, November 24th. The resolutions include: Converting ILAM Fahari I-REIT from an unrestricted to a restricted I-REIT will allow it to pursue a more focused investment strategy (93% approval). Delisting ILAM Fahari I-REIT from the NSE will provide greater flexibility in managing the REIT’s portfolio (92% approval). Quoting ILAM Fahari I-REIT units on the…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The East African Community (EAC) welcomed Somalia as its eighth member on Friday, expanding the regional free trade bloc to more than 300 million people. Somalia, with a population of 17 million, applied to join the EAC in 2012 and was admitted at a summit in Tanzania. The outgoing EAC chair, Burundian President Evariste Ndayishimiye, announced the decision to admit Somalia under the treaty of accession. 🔺23rd Ordinary Summit of the EAC Heads of State. 📌 The EAC Summit of Heads of State admits the Federal Republic of Somalia as the 8th Member of the EAC in accordance with Article…
Orange, a telco group, has launched a super app’ called Max It in the Middle East and Africa region. The app aims to provide a range of services, including telecommunications, financial services, and e-commerce, on one platform. Max It is open to anyone, regardless of their operator, and will be available in Cameroon, Senegal, Mali, Burkina Faso, and Botswana first. It will then expand to 12 other countries in the region in the next few months. The app allows users to manage their mobile and fixed-line accounts, access Orange Money’s financial services, and shop online for digital content and tickets…
The National Bank of Kenya (NBK) posted a Sh2.97 billion loss for the nine months ending September 30, 2023, compared to a profit of Sh0.8 billion in the same period in 2022. The performance represents a 436% decline in profitability year on year. NBK attributed the loss to one-off costs related to legal matters, staff voluntary early retirement program, and an increase in loan loss provisions. Growth in operating costs driven by exceptional cost items from the consolidation of TMB, provision for NBK court ruling and staff rationalization program.#KCBGroupQ32023Results #ForPeopleForBetter pic.twitter.com/iU3vrSbMne — KCB Group (@KCBGroup) November 22, 2023 Its total…
NCBA Group PLC announced a 14 per cent increase in its net profit for the third quarter of 2023, driven by strong growth in customer deposits, digital lending, and lower loan loss provisions. The group posted a profit after tax of KES 14.6 billion for the period ending September 30th, 2023, compared to KES 12.8 billion in the same period last year. The lender’s profit before tax was KES 18.6 billion, a 2 per cent increase from KES 18.2 billion in Q3 2022. The group’s operating income rose by 2 per cent to KES 46.7 billion, from KES 45.9 billion in Q3 2022, despite the challenging economic environment caused…
Family Bank Kenya has announced the appointment of Nancy Njau as its new Chief Executive Officer, effective January 1, 2024. She succeeds Rebecca Mbithi, who has resigned to pursue personal interests after serving the bank for five years. Njau has been with Family Bank since 2002 when she joined as a graduate clerk. She has risen through the ranks, holding various positions such as Branch Manager, Regional Manager, Head of Retail Banking, and Chief Commercial Officer. She has been instrumental in driving the bank’s growth, innovation, and customer service. Nancy Njau holds a Bachelor of Commerce degree from the University…