The Nairobi Securities Exchange (NSE) has suspended trading in the shares of debt-ridden sugar miller, Mumias Sugar Company on Wednesday. On Tuesday, KCB Group placed the sugar miller under administration and appointed Mr. PVR Rao (Tact Consultancy Services) as the sugar company’s receiver-manager to protect its assets and maintain its operations. As a result, shareholders of Mumias Sugar Shares will not be able to liquidate their holdings.
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Over 600,000 Neon smartphones have been sold this year by Safaricom as the most affordable 4G smartphone in the country in 2019. According to Michael Joseph, CEO, Safaricom, “We introduced the Neon Smartphone range to cater to customers seeking quality and reliable smartphones at an affordable price. The devices are specially designed to appeal to first-time smartphone users and have been received quite well, emerging as our most preferred smartphone range.” The listed telco at the Nairobi bourse introduced the Neon Kicka 4 in 2018. It retails at Ksh.3,499. Other brands within the category include Neon Ray, Neon Nova and…
Barclays Bank of Kenya has signed an agreement with the real estate arm of Centum Investment Company to finance buyers of properties being developed in Kilifi and Nairobi. The agreement will see Barclays financing residential units – both off-plan and established – developed by Centum Real Estate that currently covers Palm Ridge Estate and Awali Estate in Kilifi County, The Riverbank Apartments and Cascadia Apartments (Nairobi). Barclays will provide up to 100% financing for properties below KSh 10 million and up to 90% financing for properties above Ksh 10 million. The loans will be priced at a range of between…
Mumias Sugar Company has been placed under receivership and PVR Rao (Tact Consultancy Services) appointed as the sugar miller’s receiver-manager. KCB Group announced on Tuesday. “KCB Bank Kenya Limited can confirm that Mumias Sugar Limited has been placed under receivership to protect its assets and to the best extent maintain its operations,” KCB said in a statement on Tuesday. The Receiver manager was conferred to oversee KCB Group debentures after an agreement by other lenders through Inter Lender Agreement on September 2010. The Kenyan Government is the biggest shareholder owning 20%. KCB Group has 1.72% shares, Jubilee Insurance 1.46 %…
Ken Njoroge, Co-founder of Cellulant Africa, won the 2019 Schwab Foundation Social Entrepreneur of the Year Award. The Schwab Foundation award is in recognition of Cellulant’s work in building digital payments and financial services that enable businesses and consumers in critical sectors such as Agriculture, Retail Distribution, Transport, Logistics and E-commerce to access services at the very point where they need them. “This award is a recognition of the innovative spirit of the communities that we serve, as they are the ones who constantly push us to find the best possible solutions to their everyday challenges. It is also a…
Nairobi’s Villa Rosa Kempiski has introduced an African first pure gold cappuccino. At a price of KSh 5,500 per cup, the cappuccino contains 24-carat edible gold flakes, edible rose petals from Italy and foam milk. Director of Food and Beverage Mohammed Mohammed said the gold cappuccino is 100 percent edible, non-toxic and passes through the human digestive system after about 24 hours unchanged without bad causing harm. “Unlike anything you’ve ever tasted in Nairobi, this cappuccino will make you feel like real royalty. It is served in a gold cup and adorned with edible rose petals,” Mohammed said. Flavorless, odorless,…