Author: Muindi

The Central Bank of Kenya and the National Treasury have approved the acquisition of certain assets and liabilities of Spire Bank Limited by Equity Bank Kenya. Equity Bank (Kenya) Limited, a subsidiary of Equity Group Holdings, will acquire Spire Bank’s 20,000 existing depositors, whose deposit is approximately KSh1.3 billion and 3,700 loan customers with a loan book of approximately KSh945 million. The acquisition becomes effective on January 31, 2023. Shareholders of Spire bank approved the acquisition on September 8 last year. Spire, formerly known as Equatorial Commercial Bank Limited (ECB), started operations in 1984 as a non-bank financial institution and…

Kenya Airways has issued a profit warning for the current fiscal year ending December 2022, attributing it to foreign exchange (Forex) losses resulting from the novation of guaranteed USD loans as part of the company’s ongoing financial restructuring program. In a notice to the public, the company’s Board of Directors announced that earnings for the year are expected to be lower by at least 25% compared to the previous year. “This means that the exchange rate difference, reported below the operating result and previously accumulated in the balance sheet reserves under hedge accounting treatment, will be released to the statement…

Kenya Breweries Ltd. (KBL) has announced the appointment of Mark Ocitti as the new managing director, effective March 1, 2023. Ociti replaces John Musunga, who left KBL in October 2021 to join Guinness Nigeria. According to Ocitti, he has a proven track record of delivering consistent growth and solid market-leading positions across emerging African markets in multiple sectors, most recently in fast-moving consumer goods and telecoms, with a passion for cultivating brands for present and future generations. He previously served as Managing Director of Serengeti Breweries, EABL International and Uganda Breweries Limited. Mr Ocitti has previously worked with Shell International…

KenGen, Kenya’s biggest electricity producer, will pay Ksh 1.32 Billion in dividends to shareholders for the fiscal year ending June 30, 2022. The company posted a Ksh.4.7 billion profit after tax. Shareholders approved the Board’s recommendation for a first and final dividend payment of Ksh 0.20 for the year for every ordinary share of Ksh 2.50 at the company’s 70th Annual General Meeting (AGM). https://youtu.be/VnUYn-mrzf4 The government, which owns 70% of the shares in the company, will receive approximately Ksh 924 million from the payout, with the remaining going to private individuals and institutional shareholders. The company’s CEO, Abraham Serem,…

East African Breweries PLC (EABL) posted a flat growth in earnings for the half year ended December 31, 2022, as high inflation and excise taxes affected sales growth. The Group posted an Sh8.7 billion net profit under review, a marginal decline from the Sh8.73 billion posted in the same period in 2021. Group volumes declined by 4 percent year-on-year as price increases impacted consumer purchasing patterns, mainly in mainstream and value segments. Net sales grew at a slow 4 per cent to Sh57.3 billion from Sh54.8billion in HY 2021. “EABL faced an exceptionally challenging time related to macro-economic volatility and…

The United Kingdom has announced changes to the visa application process for Kenyans planning to visit the country. Kenyans will now wait three weeks, down from six months. Jane Marriott, the United Kingdom’s High Commissioner to Kenya, said the three weeks waiting duration also includes persons applying for a visa to travel through the UK on their way to another country. This applies to Kenyans applying for visas to visit the UK for a holiday or to see family or friends, to make a business trip or meeting, to get married or to study for six months or less will…