Author: Khusoko

Kenya’s annual consumer price inflation fell off to 5.0% year-on-year in August from 6.27% July attributed to declining food prices. According to the Kenya National Bureau of Statistics on Friday, on a monthly basis, inflation was -0.90% from -0.36% in July, with the Food and Non-Alcoholic Drinks Index falling 1.89% compared with July. “The prices of significant food items including sukuma wiki (kales), potatoes, cabbages, carrots, tomatoes and maize grain loose decreased by 8.01, 7.81, 6.78, 6.01, 4.89 and 2.80 percent, respectively. Decrease in prices of these commodities outweighed observed increase in the cost of other foodstuffs, thereby causing a…

Safaricom’s interim Chief executive Michael Joseph and Esther Koimett, a Non-Executive Member of the Board, sold-off their shares in the company according to the Safaricom Annual Report 2019. In the annual report, both sold all the shares held in the company in the course of the Telco’s financial year to March 2019. Joseph sold 1,178,600 shares and Koimett 517,600 that were held in 2018. As a result, both will miss out on the total dividend of KSh1.87 per share announced at the 11th Annual General Meeting.  Koimett, who until recently was the Investment Secretary at the National Treasury, was the…

Quick Mart, a Kenyan homegrown supermarket has opted for a fresh food concept for its stores to grow its revenues. The retailer has adopted this model at its 11th store, Quickmart Waiyaki way. The store leaves more space to fresh produce and household and personal care products “We are laying focus on the fresh food concept since it has high gross profit margins compared with other dry groceries,” said Quickmart Marketing Manager, Betty Wamaitha.

Egyptian bus-hailing service Swvl plans to inject $15 million (Ksh 1.5 billion) into its Kenyan operations to improving its current operations. Swvl founded by three young Egyptian entrepreneurs: Mostafa Kandil, the CEO, Mahmoud Nouh, the COO and Ahmed Sabbah, the CTO. Kandil made the announcement in Nairobi stating that they are excited to provide a solution that makes the lives of Kenyans easier. “Kenya is a market with a need for a stable solution for the perennial traffic snarl-ups and SWVL believes that we can be of great benefit to the local consumer and the transport sector as a whole,”…

Britam General Insurance (K) Ltd has launched an insurance policy aimed at protecting businesses from cyber risk. The product -Cyber Insurance – covers physical property damage, product liability, business interruption or supply chain disruption from cyber-attacks; as well as data losses caused by damage, theft, disruption or corruption of electronic data. Britam Holdings Plc Group Managing Director, Dr. Benson Wairegi said: “Cybercrime will continue to become more advanced not just in the financial sector, but also in many industries across the region. It, therefore, behooves all corporates to strengthen their core security hygiene, adopt modern platforms and comprehensive identity, security…

KCB Group has resolved not to delist National Bank of Kenya (NBK) from the Nairobi Securities Exchange, however, the stock will remain suspended from 2nd September 2019. In a public announcement by KCB on the proposed acquisition of 100 percent of the issued ordinary shares of NB, said that its decision to waive the delisting condition was due to the fact that the NBK Board did not present a resolution to shareholders to have it delisted during the 14 June 2019 Annual General Meeting. “Having considered the foregoing and noting that the conditions relating to delisting and acceptances are legally…