Author: David Indeje

KCB Group Plc Thursday said it has signed a definitive agreement with Atlas Mara to acquire Banque Populaire du Rwanda Plc (BPR) and African Banking Corporation Tanzania (BancABC).  The proposed transaction will increase the bank’s regional footprint, as the bank group explores new group opportunities.  In the agreement, KCB will acquire a 62.06% stake in Banque Populaire du Rwanda Plc (BPR) and a 100% stake in African Banking Corporation Tanzania Limited (BancABC) from ATMA in Rwanda and Tanzania, respectively. “Once the transaction is completed, the Group’s Rwanda and Tanzania businesses are expected to have stronger financial credentials to support business…

Carbacid Investments Plc and Aksaya Investments Plc are set to acquire 100% of BOC Kenya at a price of Ksh 63.50 per share.  In a statement issued Thursday, BOC Holdings said it holds 65.38 percent of the ordinary shares of BOC Kenya has issued an irrevocable undertaking to the offers to accept the offer on certain terms and conditions including a long stop date of 31 July 2021. “The offer is also subject to there being no reduction of more than 15 percent in the net asset value of the Company as at 31 December 2019,” BOC Kenya said.  The…

The COVID-19 pandemic has exacerbated the pre-existing inequities in Kenya with an estimated 2 million being pushed into poverty, says World Bank Report. According to the Economic Update, Navigating the Pandemic report says this has been through serious impacts on livelihoods, by sharp decreases in incomes and employment following the coronavirus-induced lockdown. “Kenya’s poor population was predominantly rural and less well education pre- Covid-19. However, the shock of Covid-19 created a new group of ‘newly’ poor Kenyans with demographic characteristics,” said the World Bank. “They tend to be urban with household heads who are younger and more educated. Newly poor…

Country’s economic growth to rebound next year The World Bank expects Kenya’s economy to contract between 1.0 percent and 1.5 percent in 2020 FY21 according to its new country Economic Update, Navigating the Pandemic. Under baseline assumptions, the economy is projected to rebound quickly in 2021, lifting real GDP by 6.9 percent year on year. “A major factor in this strong rebound is the impact on the national accounts of measured education sector output normalizing, which is projected to add 2.2 percentage points to real GDP growth next year.” In contrast, Treasury projects the economy to grow at 0.6 percent…

Kenya’s largest retailer by branches, Naivas, is expanding in Thika, taking up space at Ananas mall in Thika vacated by cash strapped Tuskys. The retailer will start the operations Friday as the new anchor tenant in the space that was previously operated by Tuskys situated on Garissa Road. https://twitter.com/naivas_kenya/status/1331479122825064448?s=20 In the week, the retailer took up the space that was initially occupied by Nakumatt Holdings at Hazina Towers. Other former Nakumatt outlets that have been taken up by Naivas include Prestige Plaza on Ngong road, Moi Avenue branch, Mega-City mall in Kisumu as well as Likoni and Bamburi branches in…

East African Cables Plc has cut its earnings forecast for the financial year ending 31 December 2020. “This is primarily due to the one-off writeback that was recorded as other income in the financial year ended 31st December 2019,” said the Board through Virginia Ndunge, the Company Secretary. The Group projects its revenues to grow by 10 per cent yearly.  However, “The impact of Covid-19 on the economy reduced the chances for a more aggressive top-line growth to match prior year performance.” From its audited financial results for the year ended December 31, 2019, EAC posted KSh630.9 million in net…