Author: Muindi

Kenyan Premier League side AFC Leopards have unveiled Thomas Trucha as the head coach on a two-year deal. Trucha is a Czech national and Leopards’ chairman Dan Shikanda says, “He is someone who comes with huge football knowledge and experience. We will support him so that he can lead us to where we want to be. Trucha was formerly an assistant coach at the top-Czech side Viktoria Plzen. He has also coached Orapa United and Township Rollers in Botswana. Leopards former captain Anthony Kimani will resume his role as an assistant coach with Tom Juma. https://twitter.com/AFCLeopards/status/1323177109309804544?s=20

I&M Bank Rwanda’s trading of its Rights Issue shares recorded an oversubscription of 12 percent translating to KSh887.4 million. In a statement, Faida Securities Rwanda and I&M Burbidge Capital, the Joint Lead Transaction Advisors, the Rights Issue was undertaken to secure long-term funding to accelerate investment in technological platforms and bolster the Bank’s Tier 1 Capital Adequacy Ratio. Ms. Rina Hicks, Chief Operations Officer at Faida Securities Rwanda an associate company of Faida Investment Bank said, “We believe that going forward, growth will be driven by the Bank’s current strategy which largely focuses on increasing their MSME offering and leveraging…

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…