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…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
The United Nations has asked its staff not to fly in Boeing 737-8 MAX planes following Sunday’s crash that claimed 21 lives of of its workers. “The horrific loss of Ethiopian ET302 on 0 March 2019 took the lives of 21 United Nations staff members. This is the second aircraft, on the same aircraft type, the Boeing 737 Max 8, in less than 6 months,” said the UN in an advisory communique to its Designated Officials. “UNDSS recommends that official UN staff travel not be conducted using Boeing 737 Max series aircraft (Max 7, Max 8, and Max 9). UN…
Safaricom (NSE: SCOM) has opened its Ksh 900 million call centre in Eldoret town to ensure that the bar on customer experience is continuously raised. The new hub has also created job opportunities for over 800 people. “Today, we celebrate yet another milestone in line with our strategic business objective of putting the customer first. We want to ensure that, as we continue growing and investing in technology and in our network, we do not lose sight of our customers and their needs”, said Sylvia Mulinge, Chief Customer Officer Safaricom The Call Centre will further enhance Safaricom’s efficiency in handling…
The British government suffered another significant defeat as MPs voted by 321 to 278 votes to reject a ‘no-deal’ Brexit’. https://twitter.com/HouseofCommons/status/1105919887015374850 French President Emmanuel Macron who is in Nairobi, Kenya on a two days’ visit, said: “The withdrawal agreement is not negotiable.” If the British ask for a delay it could perhaps be a technical delay to allow more time to put their departure in place. But if an additional delay is requested, they need to explain why,” he added. “It cannot be to allow more negotiations over something we’ve already negotiated for many months and said cannot be further…
Jumia, Africa’s largest e-commerce platform, filed with the SEC for an initial public offering on the New York Stock Exchange which could value the firm at $1.6 billion. “This is our initial public offering, and no public market currently exists for our ordinary shares or ADSs. We anticipate that the initial public offering price of the ADSs will be between $ and $ per ADS. We intend to apply to list our ADSs on the New York Stock Exchange, or NYSE, under the symbol “JMIA.” Jumia said in the filing. The e-commerce platform that was set up by French entrepreneurs…
Oppo has unveiled Reno, a new sub-brand in China and is looking to launch a new phone under this new brand on April 10. https://twitter.com/oppo/status/1104934322191052800