Category: East Africa
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Kenya’s Equity eyes Barclays Africa ‘spoils’
NAIROBI — Equity Bank, Kenya’s biggest bank by deposits, might be interested in buying parts of Barclays’s Africa business, its CEO said on Tuesday. James Mwangi said he saw potential acquisition opportunities following Barclays’s decision to reduce its stake in its Barclays Africa Group, which has businesses across Africa. “If there is anybody who is…
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Ethiopia: Textile Factory Completes 86m Br Expansion
Almeda Textile Factory has finalized its 86 million Br expansion that took place over the past six months in a bid to increase its fabric production capacity by 100pc. The expansion is the first of three stages and focused mainly on replacing machinery with the latest products. The company has imported Rieter brand C-70 carding…
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Kenya: Bill Passed By Senate Expected to Create Jobs
Thousands of jobs are expected be created in counties if a Bill passed by the Senate is enacted. The County Industrial Development Bill is seeking to ease the setting up of small industries to add value to products. County governments will be at the forefront in providing financial and material support to individuals or groups…
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Total to build pipeline from Ugandan oil fields to port off Tanzania
TOTAL has funds to build a pipeline linking oil fields in landlocked Uganda with a port on Tanzania’s Indian Ocean coast, the Tanzanian government said, after its president met an official from the French company. Total’s vice-president for East Africa, Javier Rielo, “assured President John Magufuli that the company will begin construction of the crude-oil…
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Kenya secures Sh152bn IMF loan
The executive board of the International Monetary Fund (IMF) has approved a new Sh151 billion ($1.5bn) precautionary loan for Kenya for a period of two years to help the country mitigate shocks. This follows conclusion of talks between IMF officials and government on replacing a similar stand-by credit arrangement whose tenure ended early this year.…
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Postbank eyes credit market in last quarter of 2016
Postbank is now eyeing the last quarter of 2016 to start issuing loans. Postbank acting managing director Anne Karanja said Tuesday the institution is in the process of preparing its human capital to back its lending operations planned for the last quarter of this year. “We anticipate to start giving loans before end year. We…
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Atlas changes name after raising Sh500m in UK
Atlas Development shareholders have approved a change of name for the NSE-listed firm and the issuance of 600 million shares sold in a private placement in London last month. Atlas raised $5 million (Sh501 million) in the private placement done on February 16, with the funds earmarked to finance the feasibility study and initial construction…
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KenGen woos financiers to its mega power investments
Kenya Electricity Generating Company (KenGen) has received several commitments for the financing of its various projects as it seeks to spend a total of Sh140 billion ($1.4 billion) in the period to 2019 to meet the surging power demand. Some international development and donor agencies are proposing to finance some of the projects with KenGen…
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Ethiopia: Change in Investment Culture Elicits Strategic Positioning
Back in 2011, the late Prime Minister, Meles Zenawi, made a rather notable remark in the presence of selected and influential businesspeople, gathered at his office, off Lorenzo Liezaz Street. In what could be considered an insightful analysis of wealth creation dynamics in the country, Meles argued that local businesspeople were being fooled to continue…
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Kenyan Airways to clip wings
NAIROBI — Kenya Airways, sub-Saharan Africa’s third-largest airline, is planning a 70-billion shilling ($690m) restructuring that includes reducing its fleet and cutting the number of staff, CEO Mbuvi Ngunze has said. The carrier, based in the capital Nairobi, has been working on a turnaround plan after reporting the largest loss in Kenyan corporate history last…