Cytonn Investments Management Plc has signed a Ksh 650 million loan deal with mid-tier SBM Bank Kenya. This is a three-year facility that will be used to complete The Alma project, a Kshs. 4.0 billion mixed development featuring 477 residences and commercial blocks, in the upmarket Ruaka area in Kiambu. Edwin H. Dande, Chief Executive Officer at Cytonn Investments, noted, “This signals the beginning of a long-term partnership with SBM. This is the first bank loan for Cytonn Investments, which has been raising capital from institutional investors such as Taaleri of Finland, who have invested Kshs. 5 billion with us,…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Koko Networks, an international technology company, based in East Africa and India, has created the world’s first Smart Fuel ATM network in Nairobi. KOKO in partnership with Vivo Energy is mainstreaming bioethanol cooking fuel in Kenya, starting in Nairobi, through its network of KOKO Agent shopkeepers. The firm is building its first fuel distribution network by deploying hundreds of “KOKOpoint” fuel ATMs across Nairobi and its environs, from Thika to Athi River, and from Kiserian to Limuru. Betty Maina, Principal Secretary in the Ministry of Industrialization, said “The future is bright for affordable energy in Kenya. We have been seeking…
Safaricom (NSE: SCOM) has handed over Ks 4.7 million worths of secondary school scholarships, to 100 students in need across Kenya. The Safaricom Foundation Academy collaborated with the Ministry of Education for this initiative following Cabinet Secretary Amb. Amina Mohamed’s request on behalf of the ministry in line with government commitment to achieve 100% transition of students from primary to secondary schools. “Access to quality education is hampered by financial constraints facing most parents countrywide. In an effort to remedy this, we are seeking support from various partners to ensure that all students who sat for their KCPE 2018 exams…
The Energy Regulatory Commission data showed rising global oil prices since January has led to revising the domestic prices upwards for petrol, diesel, and kerosene. “Changes in this month’s prices have been as a consequence of the average landed cost of imported super petrol increasing by 3.71 to $568.85 per tonne in February, diesel increasing by 2.79 to $561.64 per tonne and kerosene by 9.16 percent to $650.29 per tonne,” said ERC on Thursday. Year-to-date, oil prices have risen by 13.8%. According to data published by the ERC on Thursday, the price of Super Petrol, Diesel and Kerosene increased by…
NIC Group PLC shareholders overwhelmingly accepted the company’s plan to merge with Commercial Bank of Africa Limited. According to a statement issued by the directors of CBA group, 29 out of 34 investors in CBA now own 98% of the bank as of 11th March 2019 through a share swap. “As a result of the Share Exchange Transaction, it is proposed that NIC Group will acquire sole control of CBA and its subsidiaries,” said CBA in a cautionary announcement. In January, the respective Boards of Directors agreed to the merger of NIC and CBA. “The proposed merger will create a…
Mumias Sugar Company is seeking a strategic investor to enable full business recovery after posting KSh15.1 billion loss in the year ending June 2018. “The board is seeking to enlist the support of the lenders to identify a suitable and competent strategic partner to enhance the financial capabilities to enable full business recovery,” said Kennedy Ngumbau, the board chairman. In the period under review, the firm posted Ksh.15.1 billion net loss, double the previous year’s Ksh.6.7 billion loss. It attributed the loss to Ksh.4.9 billion impairment of its plant and machinery and low production following its plant shut down in…