George's Feed
Jul 31, 2015

Kenya’s East African Breweries to defend Tanzania investment, FY profit jumps

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.

Jul 30, 2015

Kenya Commercial Bank Group H1 2015 pretax profit up 13 pct

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.

Jul 20, 2015

Kenya’s Equity Bank starts mobile pay service to challenge Safaricom

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.

Jul 17, 2015

Kenya’s battle to support shilling hits bond trade

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
them.

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.

Jul 15, 2015

Kenya signs $350 mln loan for refined products pipeline -bank

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.

May 26, 2015

Kenya’s Equity bank to expand to Congo via acquisition

NAIROBI, May 26 (Reuters) – Kenya’s Equity Bank Group
plans to expand its operations into the Democratic
Republic of Congo by acquiring a 79 percent stake in ProCredit
Bank Congo, its chief executive officer said on Tuesday.

James Mwangi, the CEO of Equity Bank, which focuses on the
lower-income part of the market and also operates in Uganda,
South Sudan, Tanzania and Rwanda, told a news conference the
move was subject to regulatory approval but did not give a time
frame for its entry, nor the cost of the investment.

May 26, 2015

Somali militants attack Kenyan police, at least one dead

NAIROBI (Reuters) – Islamist militants from Somalia attacked two police patrols in neighboring Kenya on Tuesday, triggering a gun battle in a rural area hit by a string of cross-border raids, both sides said.

Somalia’s al Shabaab fighters said they had killed 25 Kenyan officers, an account contradicted by the police force that said one of its men had died and four had been wounded.

May 15, 2015

Kenya plans to privatise sugar companies within 12 months

NAIROBI, May 15 (Reuters) – Kenya has approved the sale of
the government’s stakes in five sugar companies and expects to
sell 75 percent stakes in transactions that will be completed in
the next nine to 12 months, the Privatization Commission said on
Friday.

The five companies are in urgent need of modernisation to
survive competition from the entry of other sugar producers and
an impending end to sugar import limits from the Common Market
for Eastern and Southern Africa (COMESA) trade bloc after the
end of a one-year extension given early this year.

May 7, 2015

Kenya’s Safaricom plans network expansion after earnings rise

NAIROBI, May 7 (Reuters) – Kenya’s Safaricom Ltd
plans to expand its mobile and fibre optic network and will
launch a home broadband service to boost growth after posting a
17 percent rise in annual earnings.

Earnings before interest, tax, depreciation and amortisation
(EBITDA) rose to 71.2 billion shillings ($748.7 million) in the
year ended March, lifted by a 13 percent rise in revenue to
163.4 billion shillings.

May 6, 2015

Kenya’s KCB group says sees more growth from diversified services

NAIROBI, May 6 (Reuters) – Kenya Commercial Bank Group
expects growth in services like insurance, Islamic
banking and mobile money transfer services to further boost its
income, after posting a 12 percent rise in first quarter pretax
profit.

A mobile loan service, which KCB runs in partnership with
telecoms firm Safaricom, had already attracted 1
million customers since launching in March, the bank said.