Author: David Indeje

Athi River Mining Cement PLC is now under liquidation after two years of being in administration. This follows the appointment of the company’s administrators as liquidators. ARM Cement was placed under administration in August 2018. Also, its shares are currently suspended from the Nairobi Securities Exchange (NSE). They last traded at KSh5.5 (82.8%) below the lowest stock option exercise price of KSh32. However, with the liquidation process set to commence, the company will be delisted from the Nairobi bourse.  “Following the successful completion of the sale of the business and assets of ARM Cement Plc and sale of its significant…

Kenyans in the diaspora sent home Ksh.36.1 billion ($320.1 million) in November, a 24.2 per cent higher than the same month in 2020. Cumulatively, the diaspora remittances in the 11 months stand at Ksh 380.1 billion ($3.367 billion) compared to Ksh 349.3 billion ($3.094 billion) across 2020. The United States remains the largest source of remittances in the country accounting for 67.3 per cent of the dollar flows last month. Year over year, the dollar inflows have surpassed last year’s record by Ksh 30.8 billion ($273 million) with December flows yet to be booked. The Central Bank of Kenya conducts…

Kenya Airways (KQ) said on Friday that it has commenced new flights between Juba and Khartoum strengthening its Africa network. The airline, which commenced flight service between Juba and Khartoum three times a week from Nairobi from December 12. “The new service between Juba and Khartoum is timely and gives us an opportunity to serve a range of travellers and grow our customer base in both Sudan and South Sudan,”  said Julius Thairu, KQ acting chief commercial officer. https://twitter.com/KenyaAirways/status/1469200243585601548?s=20 Flights via Juba, on Wednesdays and Sundays, depart Nairobi at 7.40 am to arrive in the South Sudanese capital at 9.25…

Kenya’s National Treasury raised KSh37.8 billion in its re-opened two bonds, FXD4/2019/10 and FXD1/2018/20 for budgetary support. The Central Bank of Kenya on behalf of the treasury had sought  Ksh 40  billion, with investors offering KSh41.2 billion a 102.9 per cent subscription rate with the CBK accepting bids worth Ksh.37.8 billion. KSh20.3 billion came from the reopened 10-year paper first sold in 2019, while the 20-year, 2018 reopening accounted for KSh17.5 billion. “The auction results signal an upward shift in the yield curve, particularly on the medium-term tenor which stood at 12.3988 per cent as of 3rd December 2021. For…

Kenya has launched an emergency relief cash transfer program through M-Pesa, a mobile money transfer platform, to cushion and improve the livelihoods of drought victims in 23 Arid and Semi-Arid Land (ASAL) counties. The Ministry of Public Service, Gender, Senior Citizens Affairs and Special Programmes says the first cohort of 360,696 households will each receive Ksh 3,000 totalling 9.5 million dollars on a monthly basis. “The shift from food distribution to cash transfer will enhance the efficiency of the humanitarian efforts,” Prof. Margaret Kobia, Cabinet Secretary for Public Service, Gender, Senior Citizens Affairs and Special Programmes.  “The use of digital…

Kenya Deposit Insurance Corporation (KDIC) and the central bank on Thursday said the remainder of Imperial Bank will be liquidated. According to the KDIC’s Receivership Report to CBK, recommended that  IBLIR be liquidated.  “The report indicates that considering the weak status of IBLIR’s financial position, liquidation is the only feasible option.” Consequently, the CBK says from its assessment of the report, it “considered that liquidation would facilitate the orderly resolution of IBLIR…, to protect the interest of IBLIR depositors, its creditors, and the wider public interest.” “KDIC (Kenya Deposit Insurance Corporation) will release information about the liquidation … and payment…