Author: Korir Issa

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…

Kenya’s inflation rate rose to 3.6% in March, marking a fifth consecutive monthly increase from 2.7% in October, according to the Kenya National Bureau of Statistics (KNBS). This increase from 3.5% in February was primarily driven by rising food and non-alcoholic beverage prices. Key Inflation Drivers In the period, the food index increased to 6.6% year-on-year, with significant price increases in sukuma wiki (6.2%), potatoes (4.5%), and maize (3.3%). The housing, water, electricity, gas, and other fuels index marginally increased, with 50 kWh and 200 kWh electricity prices rising by 1.0% and 0.9%, respectively. The transport index rose by 1.5%…

Lipa Later, a Kenyan digital consumer credit provider, has been placed under administration, with Joy Vipinchandra Bhatt of Moore JVB Consulting appointed as administrator effective March 24, 2025. This move transferred control of the company’s operations and assets to Bhatt, effectively ousting the previous management. This development follows a period of financial instability for Lipa Later, despite a recent KSh 1.36 billion ($9.88 million) funding round intended for African expansion. Reports indicate months of unpaid employee salaries, outstanding supplier invoices, and escalating legal disputes. Key legal challenges include a lawsuit filed by Africa Foresight Group (AFG) for unpaid consultancy fees,…

NCBA Group has completed the rebranding of AIG Kenya Insurance Company to NCBA Insurance Company following its acquisition of a controlling stake in 2024. The insurer now operates as the seventh subsidiary within the NCBA Group’s portfolio. “This rebranding to NCBA Insurance Company will enhance our market competitiveness and solidify our position as a trusted insurance solutions partner, aligning with the Group’s 2025 customer obsession mission,” stated John Gachora, NCBA Group Managing Director. In July 2023, NCBA Group acquired a 66.67 per cent controlling stake in AIG Kenya Insurance Company. At the time of the acquisition, AIG Kenya Insurance Company,…

The Co-operative Bank of Kenya reported its highest-ever profit, closing the 2024 financial year with KSh 34.8 billion, a 7.5% increase from the KSh 32.4 billion recorded in 2023. After-tax, this translates to a profit of KSh 25.5 billion in 2024, compared to KSh 23.2 billion in 2023, representing a 9.8% growth. Group Managing Director and CEO, Gideon Muriuki, attributed this consistent growth to the bank’s adherence to the “Soaring Eagle” transformation agenda, emphasizing the bank’s “strategic focus on sustainable growth, resilience, and agility.” This robust performance has enhanced shareholder value, reflected in a competitive Return on Equity of 19.7%.…

The Kenyan government has partnered with RUBiS Energy Kenya to rescue the struggling National Oil Corporation (NOC), transferring the management of over 99 NOC fuel stations. This partnership is a key component of a broader restructuring plan that aims to prevent the collapse of the state-owned entity, which currently faces debts of KSh8.3 billion and a negative balance sheet. The restructuring plan, approved by the Cabinet, involves transforming NOC into a group holding company with three distinct subsidiaries: NOC Upstream Limited: focused on exploration and upstream production activities. NOC Trading Limited: Specializing in holding strategic stocks of petroleum products for import…