Author: Muindi

Troubled Tuskys Supermarket is set to commence talks Wednesday with suppliers aimed at a turnaround recovery and how it will settle its soaring debts. “As part of our turnaround strategy and following the extension of a judicial reprieve against mounting creditors action by Justice Francis Tuiyott last Tuesday, the firm has lined up meetings with its staff unions, suppliers, landlords among other stakeholders,” the retailer said in a statement. Tusker Mattresses Limited Board Chairman Bernard Kahianyu said the creditor meetings will be key in updating all stakeholders on the business recovery plan. “The court orders undoubtedly have provided much-needed relief,…

Integrated property and logistics investment company, Africa Logistics Properties (ALP) has launched its second warehousing project, ALP West for a total investment of Ksh 652.8 million.  The ALP West facility sits on an expansive 49 acres that comprise seven phases and will measure more than 1million square feet. Phase one is already 20 percent pre-leased and is targeting small to medium-sized enterprises (SMEs) seeking modern storage facilities with a minimum let of 5,300square feet. ALP completed their first facility, ALP North in 2019, measuring 540,000 square feet; this facility is already 75 percent occupied.  In under 4 years since its…

The U.S Government has formally informed Congress that it has rescinded Sudan’s designation as a state sponsor of terrorism. US President Donald Trump in a letter on Monday  to the lawmakers said, “I hereby certify, with respect to the rescission of the determination of August 12, 1993, regarding Sudan that: the Government of Sudan has not provided any support for acts of international terrorism during the preceding.” The latest developments follow Trump’s announcement that the United States was going to remove Sudan from its State Sponsors of Terrorism list after It paid $335 million to US terrorism victims and their…

Retailer, Tuskys Supermarket owes Ksh 2.8 billion as debt to Equity Bank and Diamond Trust Bank, a setback to its efforts in turning around its dwindling fortunes. In a disclosure to the court, the retailer’s financials presented as part of court filings in an ongoing suit calling for its liquidation, it owes DTB Ksh 2.5 billion, a term loan, overdraft facility, letters of credit & guarantee, higher purchase facilities, and insurance premium facilities (IPF). It further owes Equity Bank Ksh285.1 million. Consequently, It owes its creditors around Ksh 6 billion and hangs on Ksh2 billion capital injection from a Mauritius…

Online global forex and contracts for differences (CFDs) broker Pepperstone have entered the Kenyan forex trading market. Pepperstone Group’s subsidiary, Pepperstone Markets Kenya Ltd, secured a non-dealing Foreign Exchange Broker License from the Capital Markets Authority of Kenya.  “We’re extremely excited by the opportunity to bring world-class trading platforms, execution, and pricing to the vibrant retail and institutional forex market in Kenya,” Pepperstone Kenya CEO, Sahil Patel said in an official statement. “Having traded for international banks over the past decade, I am pleased to offer the same level of product sophistication, pricing, analysis, and execution to retail investors as…

Pan-African housing development financier Shelter Afrique has approved the development of  Kinyinya Park Estate project in Rwanda. This is a 10,000 integrated and sustainable housing project. The project is in partnership with Rwanda Social Security Board (RSSB), Ultimate Developers Limited (UDL), Development Funding Institution (DFI), Eastern and Southern African Trade & Development Bank (TDB), The Development Bank of Rwanda(BRD) and an internationally acclaimed large scale Engineering, procurement and construction (EPC) Contractor.  The Kinyinya Park Estate project is Shelter Afrique’s second large-scale housing development project in Rwanda after the Company commissioned 3000 affordable housing units in Rugarama Park Estate in Kigali…