NAIROBI, Oct 2 (Reuters) – Kenya has written off 39.7
billion shillings ($381 million) owed by state-owned sugar
companies, aiming to ease their planned privatisations,
President Uhuru Kenyatta said on Friday.
The government in May approved the sale of the government’s
holdings in five sugar companies and said it expected to sell 75
percent stakes, in transactions to be completed in the following
nine to 12 months.
NAIROBI, Sept 16 (Reuters) – Kenya’s Uchumi Supermarkets
, which fired its top managers in June, will shift to
renting outlets instead of owning them and expects to return to
profit growth within the next year, its chief executive said.
Uchumi, which operates 37 stores in Kenya, Uganda and
Tanzania, slumped to a pretax loss of 262 million shillings for
the half year to Dec. 31 and said in late August its full-year
earnings were expected to fall by at least 25 percent from the
NAIROBI, Sept 14 (Reuters) – A plan to start building
Kenya’s first coal-fired power plant in October has been delayed
as the consortium involved awaits a government plan to resettle
people on the coastal site, the group’s chief executive said on
The Kenyan and Chinese venture plans to build the 1,000
megawatt (MW) plant in the east African nation that now relies
heavily on renewable energy. It is part of a plan to boost
Kenya’s installed capacity to about 6,700 MW by 2017 from about
NAIROBI, Aug 27 (Reuters) – Power lines connecting the east
African states of Tanzania, Uganda, Rwanda, Kenya and Ethiopia
are expected to be completed within the next three years,
helping improve supplies and power trading, a senior Kenyan
official said on Thursday.
Power shortages are common across Africa and businesses
often complain that poor or erratic supplies deter more
investors and push up prices of local products, as many firms
rely on costly generators.
NAIROBI, Aug 20 (Reuters) – Kenya’s telecoms regulator said
on Thursday that new regulations to prevent large firms abusing
their dominant position in the sector are not targeted at
Safaricom, the country’s biggest operator, or any
Amendments to the sector’s competition law, due to come into
effect any time, will give the regulator more powers to declare
a firm to be dominant, a step that could lead to penalties.
NAIROBI, July 31 (Reuters) – Kenya’s East African Breweries
Ltd (EABL) said on Friday it would try to convince
Tanzanian authorities not to revoke its acquisition of a
controlling stake in Tanzania’s second-largest brewery.
Tanzania’s Fair Competition Commission (FCC) said early this
month that it wants to revoke EABL’s 51 percent stake in
Serengeti Breweries, acquired five years ago, accusing the
Kenyan company of not meeting some unspecified conditions.
NAIROBI, July 30 (Reuters) – Kenya Commercial Bank (KCB)
, the country’s largest bank by assets, said on Thursday
its first-half pretax profit rose 13 percent to 13.20 billion
shillings ($130 million), driven by growth in fees, commissions
and interest income.
The bank reported pretax profit of 11.67 billion shillings
in the first half last year.
NAIROBI, July 20 (Reuters) – Kenya’s Equity Bank
said it would press ahead with offering mobile phone transfer
services, stepping up competition to telecoms firm Safaricom’s
money transfer product.
Equity Bank, the biggest in the east African country by
depositors, will run its service through its telecoms unit
Equitel and use the network infrastructure of Kenyan telecoms
firm Airtel, the local arm of Bharti Airtel.
NAIROBI, July 17 (Reuters) – Kenya’s move to raise interest
rates on some short-term debt to support the battered shilling
has made lower-yielding longer-term bonds less
attractive, potentially deterring foreign investors from buying
Kenyan debt has attracted more foreign funds since the 2008
global crisis, as ultra-low interest rates in mature economies
sent investors in search of higher yields in frontier markets.
NAIROBI, July 15 (Reuters) – Kenya signed a $350 million
loan with six commercial banks on Wednesday to help finance a
refined products pipeline between Mombasa and Nairobi, one of
the lenders said on Wednesday.
State-run Kenya Pipeline Co (KPC) had awarded construction
of the 450-km pipeline to Lebanon’s Zakhem International, which
started work in July 2014.