Author: David Indeje

The Central Bank of Kenya (CBK) says its next meeting of the Monetary Policy Committee (MPC) will be held on July 29. At its last meeting in June, the bank left its benchmark lending rate unchanged for the second time in two months at 7.0 percent. https://twitter.com/CBKKenya/status/1280407222011473921?s=20 The MPC in a bid to support the economy met five times reducing the Central Bank Rate CBR) to 7.00 percent from 8.25 percent at the beginning of the year. According to Cytonn Investments, they rate security and inflation as positive, investor sentiments (neutral) and government borrowing, exchange rate, interest rates, and GDP …

WPP Scangroup share price gained 26.29 per cent to KSh22.10 on Tuesday, a day after the marketing and communication group announced a special dividend of KSh8 per share in August. “WPP Scangroup made a surprise entry into the top movers’ list, soaring 26.3% on bullish local sentiments,” said Standard Investment Bank in its daily market brief. From Tuesday’s trade, its counter hit a high of KSh25, lifting Scangroup’s market value to KSh9.5 billion from KSh7.5 billion on Monday. The volume of traded shares surged to 2.5 million units in deals valued at KSh56.1 million.

Low-cost carrier Jambojet will resume flights to five local destinations on July 15, 2020. In a statement Tuesday, it will operate three daily flights to Mombasa, two to Kisumu, two to Eldoret, one to Malindi and four weekly flights to Diani. “Since we halted operations back in April, we have been working with the Government of Kenya and the authorities to ensure that we create a safe environment for our customers when we get back to the skies,” said Jambojet acting Managing Director, Karanja Ndegwa. https://twitter.com/FlyJambojet/status/1280044477357441024?s=20 READ Jambojet Seeks 12 New International Routes Enhanced health and safety measures “We want…

Central Bank of Kenya seeks to raise KSh 60 Billion in Treasury Bonds to support the current fiscal year ‘ambitious’ budget. According to the CBK, investors interested to bid the re-opened Five -year, Ten -year and Fifteen -year Fixed-Coupon Treasury Bonds (FXD1/2020/05, FXD2/2018/10, and  FXD1/2019/15) must submit them by 2.00 p.m on Tuesday, 21st July 2020 with auction date set for 22nd July 2020. The bonds will be rediscounted as a last resort at 3 percent above the prevailing market yield or coupon rate whichever is higher, upon written confirmation to do so from the Nairobi Securities Exchange (NSE). The…

Kenyan High Court has endorsed Uchumi Supermarkets company’s voluntary arrangement (CVA) with its creditors to settle its KSh 3.6 billion debt. Justice Mary Kasango of the Commercial and Tax Division in her ruling delivered 1 July, allowed the implementation of the CVA on condition that the Nairobi listed retailer pays all its debts within six months. The CVA was endorsed at the creditor’s meeting on March 2.   “The decision gives us a chance to implement our recovery plan,” Uchumi CEO Mohamed Mohamed said. According to the CVA, the retailer will not be liquidated. Uchumi owes Chandaria Industries Ksh 69 million,…

President Uhuru Kenyatta on Monday announced the resumption of international flights from August 1 as well as the lifting of intercounty travel restrictions. In a televised address Kenyatta said, “international air travel into and out of the territory of Kenya shall resume effective 1 August 2020.” He also announced the resumption of local air travel effective Wednesday, 15th July 2020 in strict conformity with all applicable guidelines and protocols from both the Ministry of Health and civil aviation authorities. A few ago, Kenyatta told the Corporate Council on Africa (CCA) Leaders Forum that this would be achieved through the lifting…