Author: David Indeje

KenGen, Kenya’s biggest electricity producer, has decided to pay a final dividend of Ksh 0.25 per share to its shareholders after the auditing of its FY19 results. The Board recommended a final dividend of KSh 0.25 for the year for every ordinary share of KSh 2.50 which amounts to KSh 1.65 billion for the year. According to the audited financial results, KenGen recorded an increase in revenue from KSh 45.3 Billion to KSh 46 Billion. Its pre-tax profit declined to KSh 11.65 Billion from KSh 11.75 Billion, while Net earnings also fell marginally from KSh 7.89 Billion to KSh 7.88…

Tuskys Supermarket’s suppliers trading portal has been termed as the future of retail trading after roping Ksh 1 billion turnover. According to the retailer who has embarked on a recovery strategy, the platform, which provides a supply and prompt payment platform suppliers, accounts for more than 70 percent of the firm’s key suppliers. “We have no doubt that this portal is the future of retail trading and we are doing all we can to secure its entrenchment as our anchor platform for all our supplier engagements,” the Group’s CEO Dan Githua Githua said. Sales registered via the new suppliers’ portal…

GTBank Kenya, a subsidiary of the Nigerian Guaranty Trust Bank Plc opened a new branch in Nakuru. The new branch, located at Polo Center, Kenyatta Avenue, raised its network to 9 in addition to those in Nairobi, Nanyuki, Mombasa, and Thika. GTBank Kenya’s Managing Director, Mr. Olabayo Veracruzsaid the opening the branch was a strategic move that will act as a gateway to tap into the vast investment opportunities found in the region. “Opening of the new branch epitomizes the Bank’s growth strategy of spreading its footprint to various regions in the country, bringing accessibility of the Bank’s niche products…

Regional lender KCB Bank has commenced payment of funds to remaining eligible depositors of Imperial Bank Limited (in receivership) (IBLIR) in the current tranche of disbursements. In a statement, KCB said the exercise will see IBLIR depositors get partial access to their bank balances estimated at Ksh.3.2 billion to be paid over a period of four years.  This is equivalent to the total assets acquired by KCB over the period. Currently, 93 percent of eligible depositors have been fully paid. On May 22, 2020, the Central Bank of Kenya (CBK) announced the acquisition of assets valued at KSh3.2 billion and…

This year’s admission is the largest single-year cohort 633 scholars have so far gained admission to global universities under the ELP Equity bank through its Equity Leadership Program (ELP) is offering USD 18,856,327 (Ksh 2 billion) scholarships to 92 scholars to global universities. Making the announcement, Equity says they comprise Wings to Fly alumni beneficiaries as well as those who topped the 2019 Kenya Certificate of Secondary Education. They will join forty-three (43) institutions across five continents in different countries including the United States, Canada, Germany, Hungary, Turkey, Costa Rica, the United Kingdom, United Arab Emirates, Ghana, Mauritius, Rwanda and…

The Kenyan High Court High Court on Thursday allowed Brookhouse School to charge 100 percent of full virtual learning fees for children. The matter relates to a petition from parents seeking to have a 30 percent waiver from the fee schedule issued to them. According to Justice Weldon Korir, it is the market that dictates the cost of a product or service. “It is noted that the studies offered by the school are pegged on an international system of education which had not been suspended at the time the Kenyan schools were closed. The school had a contractual obligation to…