Author: Muindi

Nairobi Business Ventures will delay the release of their 2020 full-year results until 31st August. The retailer says the delay has been occasioned by its ongoing acquisition process by Delta International FZE. “This extension will allow NBV to comply with the Capital Markets Authority (CMA) Code of Corporate Governance Practices for Issuers of Securities to the Public (2015),” the firm said. In July, NBV announced plans to purchase 100 per cent ownership in Delta Automobile, Air Direct, and Aviation Management Solution Limited.  It also intends to purchase an 11.33 hectares parcel of land in Machakos County to be used to…

Bharti Airtel’s Africa business on Friday said Qatar Investment Authority (QIA), will pay $200 million for a minority stake in its telco’s mobile-money unit, AMC.  AMC BV is the holding company for several of Airtel Africa’s mobile money operations. The transaction will close in two stages. USD150m will be invested at the first close, subject to regulatory filings, with USD50m to be invested at the second close. The Transaction first close is expected in August. That’s on top of the $300 million Airtel Africa received from selling stakes in the business to private equity firm TPG and Mastercard in April.…

Uganda Securities Exchange has suspended trading in shares of Uchumi Supermarkets for failure to observe listing obligations. Through a public notice, the Uganda bourse said trading in the Kenyan-based cross-listed retailer would remain suspended until it fulfils the requirements of a listed public company under USE Rules of 2021. “The problem of Uchumi has been its failure on disclosures of the company information and reporting obligations. We have found it prudent to suspend Uchumi in the interest of transparency and protecting investors in the market because they have a right to know how the company is performing,” Ms Salma N…

Caracal Gold Plc plans for a Ksh 2 billion dual listing on London Stock Exchange Plc and on Nairobi Securities Exchange (NSE). It has appointed Faida Investment Bank Limited (‘Faida’), as its financial adviser and joint broker, in relation to the proposed listing. Caracal Gold Plc, CEO Charles Tatnall, Papillon CEO says the proposed listing at the Nairobi bourse was set out in the prospectus published on 20 July 2021. “It is very pleasing to have now appointed Faida Investment Bank Limited as our financial adviser and joint broker to complete this listing in September, as well as the appointment…

WhatsApp says it will make it easier for users to archive chats and remain muted even as new messages come in. The new archive feature dubbed ‘Archived Chats’ will be available for both Android and iOS users giving them more control over their inbox and more ways to organise the Archived Chats folder. “We have heard that users want their archived messages to stay tucked away in the Archived Chats folder, instead of moving back into your main chat list when a new message arrives,” WhatsApp said in a statement. This means that any message thread that is archived will…

Kenyan manufacturers will have to brace for fresh challenges from soaring operational cost and cash flow amid the coronavirus outbreak.  According to the manufacturer’s a year after the pandemic, most of the challenges they faced continue to persist. “One year down the line, improving cash flow remains a top priority among manufacturers (67%). This is followed by increasing domestic market share (65%) while cost reduction was the third top priority,” according to a report on the impact Covid-19 on the manufacturing sector conducted by Kenya Association of Manufacturers and KPMG between May 2020 and June 2021. The survey titled, Impact…