Author: David Indeje

South Africa’s Standard Bank has received a further extension from Kenya’s Capital Markets Authority to acquire more shares in Stanbic Holdings. The acquisition will involve a maximum of an additional 10.6 million ordinary shares. “SAHL is pleased to announce that the Authority has granted a further extension of the exemption to trade on market for a period expiring on 31 December 2022,” said in a notice. “SAHL will aim to acquire a maximum of 10,588,143 additional ordinary shares (the ‘Maximum Acquisition Shares’) available for sale on the Nairobi Securities Exchange in accordance with the applicable rule.” The increase, if successful, …

The Kenya Medical Research Institute (KEMRI) on Tuesday announced the commercialisation of its COVID-19 PCR and malaria Rapid test Kits. https://twitter.com/MOH_Kenya/status/1493582504598679559?s=20&t=k0NhMiR5ou8trSlkcd9FxQ “These two kits will go a long way in improving Malaria diagnostics and COVID-19 disease detection, which remain our foremost health challenges not just in Kenya but globally,” Chief Administrative Secretary Ministry of Health Dr Rashid Aman said during the commissioning at the 12th KEMRI Annual Scientific & Health Conference at Safari Park Nairobi. The two products have been approved for use by the Pharmacy and Poisons Board and will go a long way in reducing the cost of…

The European Bank for Reconstruction and Development (EBRD) says it will invest US$ 10 million in Pivotal Holdings Corp, a wholly-owned subsidiary of Swvl Holdings Corp, an Egyptian ride-hailing startup. The funds are aimed at improving access to transport for women. Additionally, the Bank expects to work in partnership with Swvl to advance certain measures relating to its environmental, social and compliance policies. “The EBRD’s investment will close substantially concurrently with the closing of the business combination between Queen’s Gambit Growth Capital and Swvl,” EBRD said. “As a disruptive, asset light technology platform, Swvl has the potential to bring enormous…

Loss-making power distributor, Kenya Power and Lighting Company (KPLC), is set to reduce its workforce by 20 per cent as it struggles to return to profitability. In the latest cost-cutting retirement plan, it projects it will spend KSh 5.3 billion. The plan will affect 1,962 ageing workers and replace them with 830 youthful and energetic ones. “Implementation of the Voluntary Employees Retirement exercise for 1,962 employees, which account for 20 per cent of the total workforce, will cost Ksh5.298 billion. The objective of this exercise is to manage the staff costs, which in the recent past have increased to unsustainable…

Coca-Cola’s quarterly earnings and revenue beat analysts’ expectations reporting higher volume sales than in pre-pandemic 2019. The beverage giant ended 2021 with higher volume sales than in pre-pandemic 2019, At the end of 2021, its global volume sales were up 9 per cent in the final quarter and 8 per cent for the full year.  Its net revenues surged 10 per cent in the quarter to $9.5 billion and by 17 per cent to $38.7billion for the full year. “This performance was driven by ongoing, asynchronous recovery in many markets and the company’s ability to better adapt to successive waves…

Eveready East Africa reported a KSh 34.7 Million loss for the year ended September 30th 2021 compared to a net loss of KSh 69 Million over a similar period in 2020. The company said this was a 49 per cent improvement in the delayed financial results. It also disclosed that it witnessed a 33 per cent decrease in revenue due to lower sales numbers during the period principally because of the Covid-19 pandemic which impacted the firm’s customers and its supply chain and route to market in the period. “We adopted strict cost-saving measures in response to the pandemic which…