Author: David Indeje

BOC Kenya has published the Offeror’s Statement acknowledging the intention by Carbacid Investments Limited (CIL)  in collaboration with Aksaya Investments LLP to acquire up to 100% of its ordinary shares. This is in compliance with the Capital Markets Regulations governing takeovers and mergers for listed firms. In the statement, BOC Kenya indicates that the offerors are confident of Its business prospects and the acquisition is part of the firm’s long-term investment strategy. “The Offerors are aware that between the fiscal year 2015 and the fiscal year 2019, the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) of BOC has dropped…

Kenya will not cut its ties with Somalia and instead, will set up a team to resolve their diplomatic squabbles, Spokesman Cyrus Oguna said Tuesday. “We are a higher nation, we cannot do the same thing Somalia has done. If we do so it will look like revenge hence, we will let the IGAD and Comesa take control of it,” Oguna said. The Intergovernmental Authority on Development (IGAD) will hold a summit on December 20 in Djibouti. https://twitter.com/MofaSomalia/status/1338822204201574400?s=20 https://twitter.com/MofaSomalia/status/1338219770005630976?s=20 According to Col. Cyrus Oguna, “As a country, we have been very kind and accommodating because you know even in Daadab…

The year 2019 will go down for the Kenyan online community as a year that was ‘relatively good’ in comparison to global decline on the internet freedoms, said the Bloggers Association. Globally, digital authoritarianism continued to rise with more countries adopting tools and measures for censorship and surveillance of internet users within their borders. “Even with these events taking place on the global stage, 2019 was a relatively good year for the online space in Kenya,” said Kennedy Kachwanya, Bloggers Association of Kenya, Chairman during the launch of the State of the Internet in Kenya Report 2019 on Tuesday. “This…

Kenya’s foreign exchange reserves fell by $7.95 billion to $7.85 billion in the week to December 11, mainly on account of a depreciating currency, Central Bank data showed on Saturday. CBK Weekly Bulletin data showed that the shilling weakened against major international and regional currencies during the week.  Against the dollar, the shilling fell to an average of KSh111.29, down from KSh110.17 in the previous week. As a result, during the week, the central bank mopped up Ksh 39.0 billion in excess liquidity, albeit lower than the targeted Ksh 75 billion. “Liquidity conditions are expected to remain thin, potentially sustaining…

Fuel prices are set to rise sharply December after staying stable for a month as international rates have jumped and the Kenyan shilling weakened. According to the latest review from the Energy and Petroleum Regulatory Authority (EPRA), Super Petrol, Diesel and Kerosene prices increase by Ksh0.97, KSh1.12 and KSh1.93 per litre respectively. As a result, Super Petrol, Diesel and Kerosene will retail at Ksh106.82, Ksh91.82 and Ksh83.56 respectively in Nairobi between December 15, 2020 and January 14, 2021. “The changes in this month’s prices are as a consequence of the average landed cost of imported Super Petrol increasing by 0.65%…

The Kenyan government has granted citizenship to nearly 1,700 people of Shona origin. The Shona people settled in the country from Zimbabwe in the 1930s as missionaries. They carried British passports and were registered as British subjects. However, after independence in 1963, they had a two-year window to register as Kenyans, which many missed. UNHCR, the UN Refugee Agency in a statement said it welcomed Kenya’s decision to grant citizenship to 1,670 stateless Shona and 1,300 stateless persons of Rwandan descent who qualify under the law as Kenyan citizens. “This is a life-changing development for thousands of people,” said Fathiaa…