Author: David Indeje

Carbacid Investments PLC on Friday received 90.3% shareholders’ approvals to acquire BOC Kenya at its 49th annual general meeting of the shareholders (AGM). With the approval, together with Aksaya Investments LLP they are set to acquire all 19,525,446 shares in listed manufacturer BOC Kenya at a cost of KSh 1.24 Billion, equivalent to KSh 63.50 per share. As they ratified the Offer, shareholders tasked the Board of Directors of CIL to all use reasonable efforts to complete the acquisition as soon as is possible. “This acquisition is part of our diversification strategy and the combination of BOC’s product portfolio and…

Deputy Chief Justice Philomena Mwilu has been barred from holding her office or acting as Chief Justice until a case filed by Isaiah Mbiti Mwongela, a Nairobi lawyer is heard and determined. Deputy Chief Justice Philomena Mwilu has been barred from holding her office or acting as Chief Justice until a case filed by Isaiah Mbiti Mwongela, a Nairobi lawyer is heard and determined. Meru High Court Judge, Justice Patrick Jeremy Otieno further restrained Justice Mwilu from sitting in the Judicial Service Commission (JSC) until February 12. According to Mwongela’s petition, he alleges that Justice Mwilu used her office to…

Kenya’s economy dipped by 1.1 % in the third quarter, its first recession in nearly two decades due to pandemic-related shocks, according to figures released Wednesday.   The contraction in growth was preceded by the first contraction since September 2008 with GDP slumping by 5.5 per cent between April and June.   “The contraction was much lower than that recorded during the previous quarter largely against a backdrop of partial easing of COVID-19 containment measures that facilitated gradual resumption of a number of economic activities,” Kenya National Bureau of Statistics said in its quarter 3 GDP report.   In the review period, the agriculture sector remained resilient growing…

Kenya obtained a score of 31 out of 100 having scored 28 points in 2019.  Kenya is ranked 124th among 180 countries in the Corruption Perceptions index 2020 released by the Transparency International.  The rank was shared alongside Bolivia, Kyrgyzstan, Mexico and Pakistan.  According to the index, this was a decline of 4 places since 2012.  Kenya obtained a score of 31 out of 100 having scored 28 points in 2019.  “Kenya’s score still falls below the Sub-Saharan average of 32 and global average of 43 – a score below 50 indicates serious levels of public sector corruption,” Transparency International Kenya said.  The…

Virus Cost Global Tourism $1.3 Trillion  2020 Worst Year in Tourism History The United Nations has described 2020 as “the worst year in tourism history” in revenue as the number of people travelling plunged.  According to the World Tourism Organization (UNWTO), the collapse in international travel represents an estimated loss of USD 1.3 trillion in export revenues  This is more than 11 times the loss recorded in the 2009 global economic crisis.   “While much has been made in making safe international travel a possibility, we are aware that the crisis is far from over,” WTO head Zurab Pololikashvili said in the statement released Thursday.  Asia…

Hong Kong-listed apparel brand Giordano has expanded its footprints in Kenyan with a third outlet at Two Rivers Mall. Its other outlets are located at the Garden City Mall along Thika Road and at the Junction Mall along Ngong Road. “We are grateful to our franchise partner for their dedication, support and belief in Giordano. We are confident in the Kenyan market, and look forward to further developing our business there,” said Ms Hoying Lee, Giordano’s Overseas Market Development Manager. Established in 1981, Giordano now operates over 2,100 stores and counters in Greater China, South Korea, Southeast Asia, Australia, India…