Nairobi Business Ventures (NBV), a local shoe and leather accessories retail chain operating under the K-Shoe brand, has listed an additional 415 million shares at the Nairobi bourse. This follows the completion of its restructuring process and the subsequent onboarding of Delta International (FZE) strategic investors. Delta International FZE, an infrastructural and industrial conglomerate acquired an 84 percent majority stake at Nairobi Business Ventures (NBV) for KSh83 million. NBV will now focus on manufacturing, importing, and selling raw materials used by cement and steel processors and other companies in the infrastructure sector. “Africa is the future of economic opportunities and…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Ethiopian Defense Force, a remarkable achievement from a defensive position to controlling atrocities directed at itself, and the state’s territorial integrity and rule of law in a matter of a couple of weeks. On November 4, 2020, the Ethiopian Prime Minister Abiy Ahmed Ali, the reformist, and the 100th Nobel Peace Prize winner in 2019 announced the heinous crime perpetrated by the in-combat Tigray regional state special force against the Northern Defense Force Command. On the national television, Ethiopian Broadcasting Corporation announcement, Abiy said “The northern command Defense force was attacked by Tigray regional special force in many parts of…
The Central Bank of Kenya (CBK) projects a 1.3 percent economic growth for 2020 from the 3.1 percent estimate disclosed in September. Governor Patrick Njoroge on Friday during the post MPC meeting said their analysis is anchored on the first and second quarter of the year. “If you use quarter one and quarter two, then you will have 0.6 percent,” Njoroge noted. The Governor said the country’s resilience in the second half of 2020 continues to be supported by agriculture, a recovery in manufacturing, exports, and services following the easing of COVID-19 restrictions.
Stanbic Holdings bank reported Friday that its Q3 profits declined by 29.4% to Ksh 3.6 billion from Ksh 5.1 billion. The lender said this was largely contributed by lower operating income which dropped to Ksh 16.1 billion from Ksh 18.4 billion last year and higher loan loss provisions which hit Ksh 2.9 billion from Ksh 1.7 billion in 2019.
African ICT students emerged among the world’s best at the Huawei ICT Competition Global Final, taking top prizes at an online awards ceremony held last weekend. Two teams from Nigeria won grand prizes, while teams from Kenya, Uganda, Tanzania, and Mauritius earned the highest level of achievement for the first time in what is seen as one of the biggest ICT events globally. Despite being the newest contestants of the Huawei ICT Competition since 2017, African students have made stunning progress this year. In 2019, only five African teams made it to the global final and reaped only one-third prize,…
Diamond Trust Bank Kenya reported a 28 percent decline in its net profit after tax to Kshs 4.3 billion in the third quarter ended on 30th September. The drop was largely driven by a 232 percent increase in loan loss provisions which moved to KSh2.9 billion from KSh870 million in the third quarter of 2019. The lender’s loan book expanded to KSh205.6 billion, a 7% increase from KSh192 billion in the same period in 2019. Customer deposits grew by 1.8% to KSh288 billion. Total assets increased by 3% to KSh394.0 billion from KSh382.5 billion in September 2019 while total liabilities…