South African retailer Shoprite is downsizing its operations in Kenya and plans to close or dispose off its remaining stores as the business has slowed down in the wake of the coronavirus pandemic. According to its financial results for the year ended June 28, the retailer says, “Kenya, with three stores at year-end, has continued to underperform relative to our return requirements. Post-year-end, one store has been closed.” “Given the ensuing economic impact of COVID-19 and our experience to date, we expect to close or dispose of our remaining two stores in the region in the year ahead,” the company…
Author: David Indeje
David Indeje
David Indeje is the Community Engagement Editor at Khusoko, East Africa’s leading digital business news platform. He shapes editorial content, drives audience engagement, and amplifies diverse voices. Beyond journalism, he consults on digital strategy across agriculture, governance, technology, and health, while examining AI’s role in the future of media. He also serves as Communications Officer at KICTANet, advancing digital inclusion and policy dialogue.
Listed utility company Kenya Power & Lighting Company Plc (KPLC) profit plunged 91% for the financial year ended June 30, 2019. According to its audited results, Kenya Power reported a net profit of KSh262 million compared to KSh3.3 billion the previous year. The company said it attributed the loss to increased non-fuel power purchase costs which rose by KSh18.1 billion to KSh70.9 billion, from KSh52.8 billion in a similar period in 2018. In addition to the commissioning of two power plants with a combined generation capacity of 360MW. “In addition, finance costs rose by KSh3.2 billion due to increased levels…
In a bid to tap into the highly competitive market, Safaricom has enabled its subscribers to make international calls at no additional cost using the no-expiry PostPay plan. Some of the countries Kenyans can connect with their family and friends include the US, India, China, and Canada. In addition, this applies to users subscribed to other local networks. According to the new value proposition, Safaricom aims to onboard its prepay customers on to the plan. There are about 30 million PrePay customers, in comparison to the 250 thousand PostPay customers. “Who are more discerning and prefer to have one bill…
The award-winning fashion blogger has collaborated with Itikadi, a contemporary fashion brand inspired by art and culture, to debut the fashion line.
CIC Insurance Group will hold its annual shareholders meeting virtually on September 29. The company, which comprises of CIC Life Assurance Limited, CIC General Insurance Limited, CIC Asset Management Limited, and Takaful Insurance Limited, initially canceled the AGM citing ‘new developments’ that required shareholder’s approvals. The AGM was to be held on 30 June 2020. In a notice the shareholders, the Group says registration for the AGM opens on 7 Sept. and closes 27Sept 2020 at 5.00 pm. The Nairobi Securities Exchange-listed firm in its full-year 2019 financial results saw it post Ksh 386 million profit before tax, a decline…
Struggling fashion retailer Deacons East Africa (East Africa) PLC would likely be liquidated efforts seeking a strategic investor and sell off part of its assets failed. Mr. Peter Kahi from PKF Kenya, one of the Company’s joint administrators, confirmed to Bloomberg that the retailer failed to raise KSh 450 Million (US$ 4.15 Million) in its turnaround strategy. As a result, they will be filing their report in Court recommending its sale. Deacons Plc operates all the 11 Mr. Price Home and Mr. Price apparel stores in Kenya. Deacons have franchises for a number of South African brands, including Truworths, Woolworths,…