Author: Korir Issa

BK General Insurance Ltd., a subsidiary of BK Group Plc, along with Sonarwa General Insurance Ltd and Sonarwa Life Assurance Company Ltd., subsidiaries of the Rwanda Social Security Board (RSSB), have announced their intention to merge and establish a new insurance group. The announcement, issued on April 17, states that the proposed merger aims to combine the strengths of these existing insurance providers to enhance their market offerings and generate long-term value for shareholders, customers, and employees. “This move represents BK General Insurance’s strategic entry into the life insurance sector, underscoring its commitment to offering a broader range of financial…

Tullow Oil will sell its entire working interests in Kenya, held through its subsidiary Tullow Kenya BV, to Gulf Energy, a Kenyan energy and infrastructure group, for a total consideration of $120 million.  The transaction is structured to provide Tullow, the London-listed exploration firm, with near-term cash receipts of $80 million and a back-in right for a 30 per cent stake in potential future developments at no cost.  According to Tullow’s statement on its website, the consideration will be paid in installments: $40 million upon completion of the sale. $40 million payable by the earlier Field Development Plan (FDP) approval…

Kenya’s current account deficit for the 12 months ending February 2025 narrowed slightly to 3.1% of gross domestic product (GDP), an improvement from the 3.3% recorded during the same period in 2024. This contraction is attributed to the stronger relative performance of goods exports, which demonstrated a notable expansion of 13.1% fueled by increased agricultural commodity exports and re-exports, the consistent and significant inflows of diaspora remittances, and a moderation in the total value of oil imports, potentially influenced by more favourable average global oil prices and strategic adjustments in import volumes under government-to-government (G-to-G) arrangements. Revised balance of payments…

Kenya Power is set to expand rural electrification by connecting 150,000 customers to the grid under the sixth phase of its Last Mile Connectivity Project (LMCP). This expansion, financed by the African Development Bank (AfDB), will focus on 45 counties across Kenya, excluding Nairobi and Mombasa. This latest phase marks the third instance of AfDB funding for the LMCP, which has already connected over half a million Kenyans in its initial phases. To facilitate this rollout, Kenya Power has initiated a bidding process for consultancy services. The company is seeking firms to conduct technical designs, environmental and social performance audits,…

The Monetary Policy Committee (MPC) of the Central Bank of Kenya (CBK) on Tuesday eased its monetary policy stance, lowering the benchmark Central Bank Rate (CBR) by 75 basis points to 10.00 per cent from 10.75 per cent. In a move aimed at enhancing the effectiveness of its policy implementation, the MPC also approved a substantial narrowing of the interest rate corridor around the CBR, from ±150 basis points to ±75 basis points. The MPC cited several factors influencing its decision, including the expectation of overall inflation remaining below the midpoint of the 5±2.5 percent target range in the near…

Diageo Plc has entered an agreement to sell its 54.4% shareholding in Seychelles Breweries Ltd. to Phoenix Beverages Ltd., a subsidiary of IBL Ltd. This divestment marks Diageo’s third sale of African assets within the past year. Phoenix Beverages Ltd. (PBL), the largest brewer and soft drink bottler in Mauritius, will acquire the stake from Diageo Holdings Netherlands B.V. and Guinness Overseas Limited, both members of the Diageo Group, for approximately $80 million. Seychelles Breweries, operating since 1972 and known as Seybrew, produces and distributes a portfolio of beers, premium spirits, and soft drinks. “This acquisition is a key milestone…