African insurer Sanlam and Germany’s Allianz have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent. The new firm will operate in 29 different African countries and is expected to have a combined total group equity value in excess of £1.7 billion. The joint venture is set to house both firms’ African business units, in all countries on the continent apart from South Africa, and Namibia which is set to be included at a later date. “Sanlam’s capabilities extend our local reach and market penetration, and the…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The Central Bank of Kenya, on behalf of the Ministry of Finance, is seeking Ksh.60 billion from the domestic debt market in May. The bonds feature FXD1/2022/10 and FXD1/2021/25, with tenors to maturity of 10.0 years and 24.1 years, respectively. The pair of bonds will be on sale from Thursday until May 10. The coupon rate for FXD1/2022/10 is market-determined while that of FXD1/2021/25 is 13.9 percent. Funds raised will be used for budgetary support in the current fiscal year. In April, the exchequer realized Ksh.60.7 billion in proceeds against a target of Ksh.70 billion for FXD1/2022/03 and FXD1/2022/15, which…
The Hilton Nairobi hotel will close its doors indefinitely on December 31. The iconic five-star hotel consisting of 287 rooms, has been in operation for 53 years in Kenya, having been launched in 1969. Owned 40.57 percent by the government and 59.4 percent by the Hilton Group of Hotels, the hotel management pointed to other factors beyond the Covid-19 pandemic for the planned closure. “Following extensive discussions with the hotel ownership, Hilton Nairobi will close its doors for the last time on 31st December 2022 and cease operations. Covid-19 created unprecedented challenges for our industry. However, the decision to cease…
East African Breweries Limited (EABL) has paid Ksh.673.8 million as its first interest payout to its Ksh.11 billion medium-term note (MTN) holders. This will apply to bondholders of the KShs 11 billion medium-term corporate bond on record as of April 13, 2022, in accordance with the terms and conditions of the company’s prospectus for the bond issue Programme. EABL Group Managing Director and Chief Executive Officer (CEO) Jane Karuku says proceeds from the bond issues in October 2021 have been instrumental to the Group’s expansion plans. “The bond proceeds have been instrumental in supporting our capacity expansion strategy and contributing…
Kenya’s consumer price index increased to 6.47 percent in April from 5.56 percent in March of 2022 driven by high food prices. The Kenya National Bureau of Statistics data also showed that a surge in fuel costs pushed the transport index by 6.88 percent while housing, water, electricity, gas, and other fuels rose by 5.47 percent between April 2021 and April 2022. The prices of commodities under the food and non-alcoholic beverages rose by 3.03 percent with the prices of potatoes rising by 10 percent, wheat flour and milk rising by 6.12 and 6.29 percent respectively. “During the same period,…
Life Yangu will provide information to Kenyans aged between 18 to 24 years. So far, 106 public clinics have been earmarked for the project’s first phase.