Author: Muindi

Pemba, a stateless ethnic group living in parts of Kwale, Mombasa and Kilifi counties, has now been recognized by the Kenyan Government. In a Gazette notice dated January 30, President William Ruto formally recognized the Pemba as an ethnic community in Kenya. “Kenyans of Pemba heritage constitute a community that is one of the ethnic communities of Kenya, and all persons, Bodies, and Authorities within the Republic of Kenya shall recognize the Pemba Community as an ethnic community of Kenya,” he said. In 2020, the National Assembly considered a petition to have the Pemba community recognized as citizens of Kenya.…

RUBiS Energy Kenya has launched a 4-week challenge dubbed ‘Fanikiwa na Ultra Tec’, rallying motorists to use Ultra Tec fuel to gauge their fuel consumption and how much they can save using the product. UltraTec advanced fuel technology is an additive-infused fuel with high-performance additives that increase power and fuel economy at no extra cost. In addition, it is designed to improve the vehicle’s engine cleanliness, fuel economy, provide a superior engine, better vehicle acceleration, optimum engine performance, and reduce vehicle emissions. Ultra Tec is available in two fuel types: Ultra Tec Petrol and Ultra Tec Diesel. How to participate…

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,…